The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-11-17
GRADUAL HARDENING or MONEY
MARKET RESPONSIBLE FOR
THIS MOVEMENT.
No Need of Uneasiness Regarding Mon
etary Situation, Says Henry CIews
in Weekly Letter.

Inere mas Deen Iurlner tOnlnS
down of unreasonable optimism in
financial circles. For this the gradual
hardening of money was partly re-
| sponsible Call loans advanced to over
5 per cent in this market and time
money to the end of the year is also
quoted 1T higher rates. There is no
need for any uneasiness regarding the
monetary situation; but with the sur
plus reserve of the New York banks
verging on the point of exhaustion and
the manifest desire of the Bank of
England and other great European
banks to strengthen their reserves
feeling of caution is impaired that is
wholesome although not acceptable in
every quarter. The New York banks
have lost considerably through sub
treasury operations, and gold exports
to Brazil continue After the middle
of the new year, however, the funds
withdrawn for crop moving purposes
will begin to return, and meanwhile the
situation should be further relieved by
liquidation in the stock market. This
does not mean that we are to return to
the former conditions of abnormal
ease; on the contrary, for some time
to come firm rates are in prospect.
Appreciation of the latter condition is
having a distinctly depressing effect
upon the bond market Demand for
this class of securities is now very
limited, and it is noteworthy that in
the placing of new issues bankers pre-
fer placing stocks to bonds.
Of late the stock market has shown
more or less weakness owing to the
approaching session of congress and
an undercurrent of uneasiness regard
ing President Taft's attitude towards
corporations The president has just
finished a tour of $4,000 miles through
out the country, traversing the popu-
lous districts of all sections He has
thus come in close touch with political
sentiment, and has evidently found the
so-called Roosevelt policies" popular
Having been elected on promises to
carry out these policies, it is to be
expected that he will more or less favor
legislation unacceptable to corporations
and that agitation on these lines Will
be renewed when congress opens. TO
the disinterested observer this is not
altogether surprising. A stormy hostile
public opinion has unfortunately been
created against our large corporations,
chiefly because of abuses incidental TO
their recent rapid growth 1t will be
conceded that these corporations pos
sess enormous power, and that by
means of further combination they
might be able to exercise an influence
that would by corruption or other
means threaten supremacy of the gov
eminent itself. The placing Of such
vast interests in the hands of few
men. who absolutely control the des-
TIMES of hundreds of thousands If not
millions of our population, cannot rea-
sonably be expected to be permanent
upon the open field and fair chance.
That is the foundation of our govern
ment. and no power that is able to
seriously interfere with that object vii.
be tolerated. The threatened control
Of our industries and our railroads by
small groups of men, organized for
purely selfish purposes and having lit
tie or no regard for public welfare, has
awakened a eep-seated feeling Of I'M
easiness among the masses and is real
ly the chief incentive for most of the
socialistic propaganda which is spread
man of vast ability and undoubtedly
achieved great results, but the system
of excessive Capitalization in industry
| for which he pre-eminently stood is In
violent conflict with all the principles
of this government, which aims at
L
equality of opportunity to all Roose-
velt's tremendous popularity in TINS
country was based upon his clear rec
ognition of the fact that public welfare
was being frustrated by our great rail-
road and industrial combinations. His
methods of cure may not always have
been the wisest, but his purpose was
sound and his policy will prove Win
ming one, although in the rough and
tumble of battle more or less injuri-
Gus agitation and legislation may have
to be endured. President Taft has evil
IDENTIFY sufficient political sagacity to
recognize these conditions, and it is
quite likely that he will vigorously
carry out the Roosevelt reforms. Should
he no do so there is little doubt what
ever that Mr. Roosevelt himself will
/ be recalled to perform the task. There
fore our captains of industry and rail-
road mapnates NAV &C we'll choose as