The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-07-07

| lower tnan a year ago. Inc wheat Sit
uation is better than at one time antic-
ipated and farmers are sure of good
prices, but the surplus for export is
sure to be considerably curtailed, a
matter of some moment in the foreign
exchange market. The most unsatis-
factory feature in the crop situation is
| the deterioration in cotton June is
usually month of progress for this
! staple, but in spite of the decline, con-
ditions still remain fairly promising
eminent crop reports Forthcoming
| within the next few days will have an
| important effect, not only upon bust
ness, but upon stock market operations !;
and the indications are that these will
| be universally encouraging, cotton per-
haps excepted.
| Congress continues to be a subject
practically closed, but final action
seems likely to be delayed another
month or six weeks owing to discus
sion regarding the corporation tax At
this writing it is impossible to forecast
what form of taxation will be adopted
| in order to make good the govern
ments present deficient revenue 1t
| is not expected that the tariff will ma
terially increase the latter because the
proposed advances in schedules will
tend to check imports, and lessen rath-
er than increase revenue. 1t is an i'm
portant and rather an unpleasant fact
that the present treasury situation is
anything but satisfactory. OF late the
treasury deficit has diminished tenn
porarily owing to the increase of GUS
toms revenue arising from a rush OF
importations made to anticipate the
new tariff. When the latter is finally
passed, the tendency will be to restrict
imports, although the increase of bust
ness activity will on the other nand
tend to stimulate our purchases Of for
is further embarrassed by the fact
!. that July will be month of very heavy
expenditures and relatively light re-
ceipts. Secretary MacVeagh has al
ready issued a call for $25, 600 900 from
: the repositories, and the amount OF
funds now in banks may be further
lowered during the next few months
Reliable estimates are to the effec
that the treasury may find itself with
not more than 100000 900 cash at the
end of July. Some unusual steps vii
unquestionably have to be taken tc
assist the treasury, possibly in the
form of bond issue. The situation il
further aggravated by the fact tha
whatever new form of taxation is i'm
posed it will at least be several months
before such a system would produce The
while increasing it's debt through enor-
nous expenditures and diminished rev.
enues. The best and most promp
method of raising new revenue would
be, as already suggested in these ad
vices, by means of the stamp tax. This
could not be evaded. would be free OF
many of the Objectionable features OF
other proposals and receipts would be
instantaneous.
The local money market continues
well supplied with funds Western
banks have large sums on deposit here;
SO also have the Canadian institutions
The latter have over S2O0,OO0,OO0 or
deposit in London and New York, the
larger portion being in this market
As business RECEIVERS and crop demands
, assert themselves, these funds will be
, withdrawn, and then we may expert
) ence a slight hardening in rates. blu,
this contingency is not immediate
About 5000, 100000 were distributed fol