Montour American. (Danville, Pa.) 1866-1920, 1910-10-06
UUNU...unU JILL.
AN IMPROVEMENT

Henry CleWs weekly review or the
business situation says:
A significant Indication of improve
ment in underlying conditions is con-
tanned in the better distribution that
large banking interests have recently
been able to make of bonds. Within
the last fortnight some $50, 900, 600 in
new securities have been successfully
placed, including the 81, 10000 Union
Pacific fours sold last week in Lon
don. After prolonged season of de-
preston it is in the bond department
of the market that first signs of i'm
provement usually appear; and there
Smoothing in sight to suggest that the
bond situation will at this time prove
faulty barometer of approaching
financial weather.
The Republican convention at Sara
toga last week may be regarded as
marking the elimination of the specta-
cular bitterness that has been so ac-
lively shown among the leaders of the
dominant political party. Ex-presi
dent Roosevelt's success places upon
him tremendous responsibility which
he undoubtedly fully recognizes. 1t
is most natural to expect that from
now on he will exhibit the pronounc-
ed traits that have made him so con-
spicuously successful as a political
leader. In other words, Mr.. Roose-
welt having taken the active leader
ship in his own State may now be de
pended upon to work with his ac-
customed energy and skill foT the sue
cess of the ticket that he himself has
been so largely responsible for nam
ing; and it is quite reasonable to eX-
pect that he will use to accomplish
this end all the wiles of the trained
politician, not the least important or
effective of which are cooperation and
coIdiality with fellow workers. Col
onel Roosevelt is too experienced and
too astute a politician 10 permit per
sonal rancors to continue the domnat-
ing features during the remainder of
the campaign, which from now on
should assume constantly decreasing
influence as factor in the general
financial situation.
With the political situation cleared,
it is difficult to view the fundamental
features of the market for stock eX-
change securities in other that "a favor
able and encouraging light. Were the
political factor entirely and finally re-
moved other conditions are present
that would command gradual if not
crop for example is now practically
ninety per cent, safe and will this
year undoubtedly cross the three bill
lion bushel mark for the first time in
the history of our great country. goth
er products of our farms while in no
single instance do they promise to be
new record markers, nevertheless in
the aggregate will not fall far short of
making 1910 the banner year in Am
erican agricultural history. This is "a
fundamental situation-that in the
long run must make itself felt-a situa-
tion that will probably be reflected by
the financial market we'll in advance
! of either trade or industrial activities.
1t is hardly possible to exaggerate the
Importance of such a factor in the
stock market
Another fundamental favorable in
tiuence is the distinct change for the
better that has taken place in money
conditions during the last few weeks.
The Bank of England, it is true, ad-
vanced its official minimum discount
rate to four per cent. on Thursday fol-
lowing a similar advance by the Ger
man Bank on Monday. In this the
made their official figure correspond
with the actual market. Money in
England is not abnormally high, and
| the figures that funds now command
there may be regarded a sign of
strength in the general fiscal situation
rather than an Indication suggesting
! unfavorable Developments Great
Britain today is passing through a
period of almost unprecedented trade
activity and prosperity. 1t is natural
! therefore that the banking business
should join heartily in the current
prosperity. 1t fact, our own banking
institutions could we'll stand tritie
more of this same kind of prosperity
without it constituting au unfavorable
influence on the general business situa.
tion. Easy money, per Sc. is not an
unfavorable stock market influence.
1t usually accompanies OPPRESSION in
both trade and industry The fears
that were so general early in the sum.
mer of shortage of funds for the
autumn have proven unfounded and
present prospects suggest that the
stock market will find ample banking
accommodation available for any
movement of a speculative character
that is likely to occur during the clos