The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1910-04-11

It's weekly review OF the financial SIT
uation today, says:
Sentiment in Wall street was more
cheerfully inclined in the forepart Of
last week than it was in the latter
part In the early period more or
less decided reaction was visible from
the pessimism that in the main pre-
vailed throughout the week proceed
ing. The matter that was chiefly
talked of last week in Wall street was
the more disagreeable aspect that the
money situation lately has assumed.
The state of affairs here has been Of
entirely open and unconcealed devel-
opment.
The status OF our foreign trade bal
ances long have been a matter of pub
lie record. Our country has become
heavily indebted to Europe, first be-
cause we are no longer exporting in
the same proportionate quantity as we
used to do food-stuffs and other raw
materials by means of which in the
past the great recurring annual trade
balance in our favor was invariably
accumulated; and secondly because
out imports of materials from other
countries have increased in enormous
and unprecedented fashion. There
fore, although small visible trade
balance in our favor still exists, it has
been cut down to comparatively mea-
ger dimensions. AS an invisible trade
balance Of something like s4O0, 900, 900
a year constantly runs against us, we
have necessarily piled up a foreign
debt, which even although temporarily
forestalled by sales of securities from
this side still leaves us where we are
compelled to make payment in cash If
our creditors wish to ask for it.
Such cash payments in the shape of
gold exports were indeed constantly
made throughout the latter half Of last
year. The supply of cash in our
banks then was entirely adequate to
meet the demand even If a relative
money stringency did occur in the
fall months of 1909 At the present
time, however, the bank surplus re-
serves in this city, the country's finan-
cial center, are down nearly to the
legal limit, and although a shifting of
credits can and presumably will take
place from banks to trust companies
and other private lenders under the
stimulus of higher price for finan-
cial accommodation it is reasonably
clear what an indefinite continuance
of such drain Of money from our
banks to Europe as lately has pre-
sented itself must bring on.
The reason why Europe is demand
ing our money is not of any fear of
our credit Gold shipments have been
and are being induced because in Eng
land, owing to great variety of rea-
sons, notable among them being the
rubber speculation there and very
heavy applications to the British
money market for all sorts of borrow
ing, the bank reserves of the country
have fallen to an abnormally low limit
for the time of year and must be re-
plenished. Other matters also bore
their share of responsibility for the
market depression There has been
little, if any, improvement lately in
the demand for investment securities.
Political uncertainties and anxieties
were no less acute last week than
they were before that time. Rumors
of dissension in President Taft's cab
met, fears of renewed political agita-
tion as the result of Roosevelt's home
coming, the discouraging influence as
to the likelihood of another tariff re-
vision drawn from the postponement
of President Taft's proposed visit to
Indianapolis and the result of numer-
GUS local elections in different parts
of the country all played their part
last week as stock market factors.
There were many professional stu
dents in such affairs who gave it as
their judgment that had it not been