The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-04-17

Owing to approach of Easter hol-
idays this has been the dullest week
of the year. With three days suspen-
sion Of business in prospect ii was in
evitable that transactions should be
reduced TO the minimum So far as
the financial undertone is concerned
no change is apparent. although stag
nation upon the stock exchange exerts
a disheartening effect upon many
minds. The chief hope of Wall street
at the moment is based upon the pros
poets for plentiful supply of cheap
money for at least the next four
months. The crop outlook also af-
fords considerable encouragement.
and these facts. added 10 the belief
that all known unfavora BILE conditions
have been pretty generally discount ed
ford basis for confidence in the flu
ture which is really the reason why
Wall street today is relatively speak
| ing about the most cheerful spot in
| he entire country.
In spite of these condition the
stock market fails to show any real
| improvement, the explanation for
which must be found in the general
| slaCkness of business. The ma jority
| of observers are apt to attribute the
latter condition to surface causes.
Among these are delay in the supreme
court decisions, tariff agitation and
! he frequntly hostile attitude of legis.
lation toward large corporations
| These may be important contributing
causes and have no doubt eXerted a
considerable restraining influence on
business activity. They have unques-
tionably caused the postponement OF
new enterprises which cannot be mi
tiated until such questions are detin-
| itely settled. But there are causes un.
DERIVING which have vastly more in,
fluence upon the tendencies of trade
than all of these combined. Nobody
supposes that the supreme court de,
cisions if adverse will lessen the con.
sumption of oil or tobacco: nor is it
probable that less wooden goods. cot
ton goods and steel will be required
| ii tariff changes are made which pro
ducers dislike. If these factors have
any influence upon consumption OF
such articles, they will in the end
stimulate rather than diminish the
demand, for the reason that such
changes are being sought chiefly in
the direction of what will be consid
cred public welfare.
| The main difficulty with business is
that it is passing through a period OF
| liquidation and REIMBURSEMENT similar
to that through which the securities
markets passed year or two ago
Our commodity markets have been up
on too high level. The public buy
ing power has become exhausted. Few
erish activity and imitation had CARR &c
| the rise in prices to a StandStill. Cred
| it was unduly strained. Liquidation
was inevita ble and there is no cure ir
sight except a return to normal condi
commodity values. This curative pro
cess is now under way. 1t has made
considerable progress in some direc
tons, notably in food products. BreaC
stuffs have declined about 25 per cent
while pork products have in man.
cases declined 40 per cent. Steel prod
ucts have shown considerable depre
citation. while copper and cotton have
| also shown a downward tendency
since the high records of last year
! A new factor has arisen in the situa
ton; that is the consumer. The cam
paign against general extravaganza i!
having it's effect Economy is now the