The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-09-25
A BUSINESS REVIEW OF THE
PAST WEEK BY HENRY CLEWS

Depression and nervousness have
again ruled the Stock Exchange. No
account was taken Of improvement in
the Moroccan situation, the satisfac-
tory condition of our foreign trade,
can banks or the fact that we have
been able to loan large sums to Eur
ope and take back considerable
amounts of stocks sold by foreign own
ers. Nor was any account taken of
improvement in the crop situation, or
the knowledge that our crops will be
above average in quantity, that they
will bring good prices and insure the
American farmer another year of pros
peritythat the distribution of cotton
goods has been accelerated by price
concessions and that the cotton goods
| industry is being somwhat relieved by
the decline in cotton, that the iron
trade Is more active and that a larger
volume of business has been done
than is generally realized because Of
price concessions or that the exports
Of steel manufactures are running up
on an unprecedented scale. While
ment, there are also numerous reasons
| for encouragement, such as those just
mentioned. In the present state of
public temper, however, they receive
no recognition. At the moment the
street appears to revel in pessimism.
The strained monetary conditions
abroad arising from the continued fall
4 tn .rit t~ 70 = he,
depression here. particular attention
| being paid to the simultaneous ad-
vance in all the principal foreign bank
rates and the decline in British Con-
sols-the latter due entirely to tho
| ability Of capital to secure better
| rates than 2la per cent.
OF course, there are reasons for
much of the recent depression; reas.
ons too familiar to require repititlon
and which would seem to have been
more than discounted by recent de-
clines. What strikes the experienced
observer is the entire lack of nerve
and utter indisposition to face any
| disturbance with calmness or courage.
Our financial leaders are not the
Weakened, rubber-spined men they
now seem to be. 1t is not to be sup
posed that they are shivering because
of current adverse conditions, or the
fact that many of our huge industrial
concerns must go through the throes
of reorganization. They know full
we'll that the country will consume
about the same amount of food and
clothing as usual and that shelter will
be, as necessary as ever. They appre-
ciate that the trusts will continue to
work six days in the week in spite of
legal mandates compelling them to
change their form. They know that
real values will not be destroyed.
Standard Oil and American tobacco
have gone through the period of alarm
of alarm and are earning none the
less because they must dissolve like
other corporations organized in de-
fiance of law. Many complaints come
from those who are enjoying monopoly
profits, which. if continued, would GER
tainly lead the country of far worse
social and political troubles than now
threaten. True, the correction of such
abuses Is never pleasant. Reforms
are always unpopular, and sometimes
and as at present, We may have an ov.
erdose of reform. but for this the law
breaker. not the reformer, must be
held responsible. One thing is certain
that If the law-breaking monoplies
had not been checked. we should now