The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-07-24

New YORK, July .o--Ine S1Och HAT
ket is still undergoing rigid course
Of treatment under the rest cure.
Many operators are absent on vaca-
tions, and big banking interests con-
tinue to discourage any special activ-
ity in speculation at this time. No
encouragement to an advance is at
forded. neither are prices allowed to
show any marked declines without
meeting with support. The general
trend of financial affairs is towards
improvement. The local monetary out
look has been much clarified by re-
cent liquidation, by rising reserves. by
contractions in loans and general pre-
parations to avert undue stringency
during the coming fall. Gold imports
have begun earlier than expected. and
estimates are that no less than S4O-
100000 of specie will be imported from
Europe this season. Complete reports
of the national banks at the last call
show legal reserve of 21,o2 per cent
and a contraction of loans of about
100000. The latter item, however.
is still nearly S4Oo. 600 900 larger than
a year ago. Eastern banks. upon
which the strain for moving the crops
will chiefly fall. show much the strong
err position. Altogether the monetary
situation is working out its own cure,
and as money will go much further,
owing to lower prices and diminished
business activity, there is much less
! reason for fearing any undue strin-
gency during the crop moving period.
The formation of the proposed cur.
rency associations will be beneficial.
inasmuch as they would provide
against any injurious stringency In
the money market. Secretary Nc.
| Veagh appears to have overcome some
of the objections to the scheme, and
| it is to be hoped the banks will take
advantake of his suggestions. which
are not put forward as cure for our
financial evils, but as a palliative un-
| til a more scientific system can be
adopted. The political situation is
also much less threatening. With the
adjournment of various legislatures
the attacks on railroads and other
corporations have ceased. The fact
that such attacks tend to aggravate
any depression in business also aids In
their encouragement. Public officials
are beginning to learn that these pc.
litical raids upon capital can be car
ried to a degree that is harmful to
their own parties, inasmuch as it dis
courages enterprise. checks develop
ment and tends to throw labor out OF
employment. President Taft has been
doing his best to soothe irritated
nerves and assure business interests
that while there would be no cessa
ton in the pressing of reforms, such
movements would be conducted with
as little irritation and interference
with business as possible. Apprehen
sions as to the abuse of power by the
Interstate commerce commission are
gradually dwindling away, and a.
railroadmen recover from the panic
which beset them when the bill was
passed, they view the new bill with
less and less apprehension. Some are
already cooperating cordially toward
4 it's enforcement Nevertheless the rail
road issues are not by any means set
tied. AS for the tariff issue, that II
still too far distant a question to hav'
any effect upon the market at pres
ent 1t is nearly three months befor'
the fall congressional campaign viii
begin, and during that time the poll
ticians may find it to the interest o
their constituents to show more con
sideration for business affairs.
General business is very quiet, NOR
so than usual at this season. Cur
tailment is still necessary in man!
industries, and commodity prices con
tinue on the decline. In consequence
buyers hesitate, their takings being 0
a generally hand-to-mouth character
Doubtless when they discover tina
rock bottom has been reached rusl