The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-03-20
A BUSINESS REVIEW OF THE
PAST WEEK BY HENRY CLEWS

ures abroad are rising, showing that
the foreign markets and our own are
approaching more common level.
For months prices in this country
were much above the foreign level,
hence our heavy imports and light ex-
ports. This readjustment is coming
about naturally through liquidation
and lower prices here, accompanied
by some advances in Europe. The
heaviest declines in the United States
have been in breadstuffs and provi-
sions, thus affording some relief in the
high cost of living. There has been
also considerable decline in the prices
of iron and steel. Some commodities
however, are still held at the higher
level by artificial influences, copper
being notable example. Suffice it to
say the commercial situation will not
be satisfactory until liquidation has
done its work as thoroughly in comod-
tiles as it has in securities.
Technically the stock market is in
strong position. Weak spots have
been eliminated, and all unfavorable
contingencies appear to have been
thoroughly discounted. Tariff agita-
ton will be reoDened with the begin
ming of the extra session in April, but
no serious changes need be expected
if for no other reason than that the
government cannot afford any curtail-
ment of income from customs. Barring
temporary uncertainty, no serious dis
turbance need be Anticipated from ac-
tual tariff legislation. The Supreme
Court oil and tobacco decisions about
which there has been so much resi-
fancy, now seem likely to be deferred
until a late date. The court includes
two new members, not as familiar
with the arguments of both sides as
the older members of the court. 1t is
to be supposed that the new judges
will require ample time to read and
digest the enormous amount of testi-
mony in these cases before reaching
decision. This means the consump-
ton of much more time. than at first
anticipated. Less anxiety is now felt
over the Mexican situation: the vigor-
Gus display of force by the United
states and the stimulus it afforded to
the Mexican government having the
result of effectually discouraging the
insurrectionist movement. A good
many prominent operators are now re-
turning from their winter vacations,
invigorated and more disposed to take
sanguine views of the future. The ap-
preach of spring. rightly or wrongly,
is also usually considered stimulat-
ing factor. mainly for the reason that
it permits the resumption of activi-
ties prevented by winter.
General business is quiet and still.
presents unsatisfactory features. Ii
quidation and rest, however. are pro-
ducing beneficient results; and later
on We ought to see fair resumption
Of activity. at least where declines to
the lower level have made new enter
prise safer and more profitable. The
railroad situation has its perplexities.
retrenchment and efficiency being the
watchwords among managers In ali
probability the railroads have expert
enced the worst effects of recent ad-
versities. In brief, the outlook is fav-
orable to the purchase of good securi-
ties, which in spite of occasional reac-
tons, are likely to establish themselves
upon . higher level.