The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-04-09

iioe' its regular expenditures, and
as consequence, the English bank
at no time before the advance in its
discount had been able TO secure con-
troll OF the money market, as it al
most always does at this season of
the year.
There Is a further complication
now in the losses which the bank al
ways undergOes at Easter time, this
leading to further reduction in re-
serves. These losses should readily
be made good by means Of the gold
received from this side, and, so far
as the political factor is concerned,
pressure from a decisive source
be removed early in May, when a de-
cisive trial Of strength between the
government and it's opponents will
be had.
Summing up these various consid-
erations, 1T seems reasonable to as
sumo that it is better policy for us
to release gold and thus avert a 5 per
cent. bank rate than to retain undim-
finished the existing ease in our own
money markets and lose altogether,
as result Of the higher rate which
the bank woud have to fix, not only
the English but also the Continental
investment demand for our securi-
ties.
AS a rule our bankers do not look
with apprehension upon the prospects
of exports Of a moderate amount of
gold. 1t seems to be thought that it
can easily be spared, and that with
the demands from business in their
present or even a slightly larger VOL
ume. and with the speculative mar
kets presenting no demands what
ever, money rates here should re-
spond by small advances only to the
gold shipments. All this constitutes
a very modest price to pay for the
continued interest Of European in
vestors in our securities.
Contributions to the weeks news
from the business world included the
settlement Of wage controversies in
some quarters; the open break be-
tween employers and employees in the
bituminous fields; the voluntary wage
increase Of the Pennsylvania Rail-
road, and the intimation of higher
rates for transportation services by
the railroads.
There seems to be 10 menace to
business progress in the soft-coal
controversy, for the reason that the
questions at issue are being taken up
district by district for settlement.
agreements having already been
reached in a number of instances.
More important in it's general sig
nif1cance was the voluntary increase
in the wages of a great body of it's
employees made by the PENNSYLVANIA
Railroad; for it is inconceivable that
property managed with so much
success would have taken this step
unless it felt the utmost confidence
in the business future of the coun-
try.
crop news through the week was
really unimportant, although from
interested sources there were fire.
quent reports of damage due to lack
OF moisture. 1t is difficult te believe
that real injury can have been work
ed to winter wheat by the absence of
rainfall for several weeks when the
extent and duration Of the winters
snow blanket is called to mind.
On the Stock Exchange. however.
great concern over the wheat stu
alton was expressed, and the profes-
sional spectators at the moment in
control likewise professed anxiety
over the prospect Of gold exports and
the possibility of a decision in the
Tobacco case today Such concern
Is perhaps useful for market DIR
poses, but otherwise it is not at all
impressive.
The Stock Exchange itself took a
long step In advance on Wednesday.
when' by amending it's rules, it put
what seems to be complete end TO
the abuse which has grown up in the
so-called specialists" operations and
TO the opportunities heretofore pre-
sented for manipulation through Of
fers to purchase or to sell great
blocks Of stock, ignoring absolutely
offerings in smaller units.
SOUTH CAROLINA POSTNIAS STI,y,S =