The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-04-05

change of greatest consequence is the
reyivingy tendency of trade. This is.
noticeable in the iron and
steel industry, where reductions in
prices and a readjustment OF wages
have laid the basis for a fresh on
ward movement. For some time past
railroads have been quietly figuring
In the steel market for the placing OF
orders, while owners or projected
buildings have also been securing es-
Inmates upon important contracts
The result is that in March very
encouraging amount of orders were
placed for structural material. OF
course, the approach of spring, and
the consequent starting of outdoor
operations had had much to do with
this recovery, but as Just said the
most important element has been the
readjustment of values, and a feeling
that in many cases prices of raw ma
terials had temporarily at least
reached the lowest possible point.
Trade Reports.
Trade reports from various parts of
the country are also more encourage
ing, and suggest a moderate revival
in trade. It must be remembered that
in many cases orders have been held
back owing to various uncertainties.
and that shelves in consequence have
become more or less bare of stock.
The result is an accumulation of or
ders. which necessarily affords signs
of improved activity. A glance at
clearing house returns in leading
cities of the United States last week
shows that bank clearings were more
than IA per cent in excess OF a year
ago, the gain being well distributed
in all sections of the country. In the
previous week the increase in clear
ings was IL per cent. every section
of the country participating in the
Improvement. 1t is also worthy of
note that the gross clearings in the
third week of March were consider
ably larger than in any of the three
years; even in 1906 when
speculation was so much more active
than now. Railroad earnings are also
making more gratifying reports, for
ty-five roads in the second week of
March showing a gain of nearly s per
cent over a year ago, while forty-four
roads in the first week of March
showed a gain of nearly 10 per cent
over last year, when the roads were
to recover from the effects
Of the panic.
Tariff agitation is now losing its eff
feet. 1t is already recognized that
the Payne bill is so full of objection
able features that 1t will have no
chance whatever in the senate. The
sooner the present useless and de-
discussion in the house Is
ended the better. In all probability
the senate amendments will be far
less Questionable than the house bin.
Mr. Aldrich will probably revise Z. q,
biz in 2 form likely to more reason
ably satisfy public demand. and If 80
there will be some chance for a
prompter solution of the problem
than was at one time expected. The
senate bill viii probably be offered as
an amendment of the house bill and
then go to a conference committee,
and emerge In a form somewhat APP
preaching completion. In any event
the stock market cannot now be much
Influenced by tariff considerations; no
lnjury is likely to be inflicted that
has not been already discounted. and
the injury from tariff delay will now
fall upon the industries most closely
dependent upon high tariff rates. AS
a maret influence the tariff will here
after be OF minor consequence.
Crops.
The crops are already matter of
earnest solicitude. As frequently
stated in these advices. the country Is
in great need of larger crops We not
only need them on behalf OF our own
people to give them an abundance OF
food at lower prices, but we also
need them for the sake of stimulat-
ing exports. Our, shipments OF do
nestle produce for the last few
months have been steadily declp-
ing, owing to relative scarcity and
high prices. Meanwhile, our Inn
ports have continued to increase
partly because OF reduced supplies
and partly because OF better de-
mand for raw materials In domestic
Industry and partly owing to expected
tariff increases. The result has beer
an increased unfavorable balance o.
trade, which accounts for the recen
large elfiux of gold. We have nov
returned practically all the s110,