The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1909-06-07

A sudden burst OF ACTIVITY occurred
during the latter part of the week
which carried prices Of many securities
to the highest on record. Public buy
ing continued on moderate scale, and
operations were confined largely to the
big traders, backed by some Of the
strongest leaders in the market. A
few prominent bankers disapproved Of
such manipulation on grounds of con-
servatism and that prices are already
high enough, II not too high; but in
the present state Of the market, with
both confidence and money SO abund-
ant, the bulls had little difficulty in
carrying things their own way. There
were evidences of considerable profit
taking at times, and the impression
gains that big insiders are quietly feed
ing out stocks on every rise.
A hopeful feeling prevails in business
circles generally and trade continues
to show an improving tendency, both
clearing house returns and railroad
earnings emphatically demonstrating
this fact. The iron industry main
talns its lead in business recovery.
some departments having received rec
ord-breaking orders during the month
OF May. There is, however, occasion
all slight halt in the placing of new
business; and with the approach OF the
summer months 1t would cause no sur
prise If general business was to show
temporary signs OF slackening. This
is partly true in the dry goods trade.
where high prices have already some
what interfered with activity in both
cotton and wooden goods. The tariff
seems to have almost dropped out OF
sight as business deterrent, although
its settlement would unquestionably be
a relief. The final outcome is still a
matter of doubt. At present the indi-
cations suggest numerous advances in
rates instead of reductions, yet the pre-
vailing feeling is that these are intend
ed to be used in bargaining for a final
adjustment in conference committee
One effect of the tariff agitation has
been to greatly swell our imports, al
though the increased activity in manu-.
featuring lines has. of course. stimu.
lated the demand for raw materials not
pAoNuSON SuAAiSACutly dk uOuC Liz
continued rush of imports, accompa.
MED by prolonged dearth of exports
Is having very important effect up
on our international trade balance
The outward gold movement still con
tfnues and may run to considerably
larger proportions unless checked by
European ASSERTION Of our forthcom-
Ing new security issues. These in.
creased importations have had one
beneficial effect, inasmuch as they
have increased the national revenue
and thus materially lessened the Treas
ury deficit. which at one time was q
source OF considerable apprehension
Assistance from this source. however
cannot be Indefinitely relied upon fol
the reasons that imports will soon re
turn to the normal; that advances in
duties will check imports, and are more
likely to diminish than to expand pub.
lie revenue. The deficit for the cur.
rent fiscal year will now be reduced
to probably $1OO.O0O.O 600 but treasury
funds are already much depleted, and
July viii be month of large expendi
lures; so that before long a further i'm
portant reduction Of public deposits
must be anticipated
Tho crop outlook thus far = = satis