The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1912-08-05
Henry Clews and Business

dous output OF new securities during
the first six months of the year.
While the distribution OF these mas
been much more successful than
might have been expected. nevershe-
less the local market is somewhat
congested by such excessive offerings
OF high-grade securities. In time they
viii doubtless be distributed, but Au-
gust is not generally considered a
good investment month. In July the
OUTPUT of new securities was only
about So, 600 600. as against $4,000
600 a year ago. This is an unusually
small output, and proves the inabi-
iiy OF the market to take any further
new issues at this time
Wall street is also somewhat con-
cerned about the future of the rail-
roads. arising from the persistent de-
nands of labor. Should the engineers
obtain concessions in the recent arbi-
tration case, it is expected CORES
/ ponding demands VIII follow from
other classes OF railroad labor. The
railroads have already raised wages
very literally during the past two
/ years, and in consequence have suf-
/ feTed severely In net earnings. Fur
ther advances could be endured pos
sibly by a few of the more prosperous
companies. For the weak railroads,
| however, or those not enjoying an
abundance of traffic. any further adj
vance in wages would be serious
i matter: the theory OF uniform wages
j in spite of varying conditions on diff
ferent systems often working injur
iously and nnjustIY to those less fay
lorabIy situated.
In the steel trade business contin
ues active The last quarterly report
of the United States Steel Corpora
Ition was fairly encouraging. Stee
prices are constantly advancing in al
directions, and the results Of the mex
quarter should show a much more lib
eral profit Other lines OF industr,
7 have given evidence of prosperity not
ably the great electrical concerns. Tn
textile industries have been much EN-
: barrassed by labor troubles, and div
Z dents have been temporarily impair
2 ed The outlook. however. is for les
e disturbance In these quarters. espe
cially as fabrics are finding goo
: market at better prices.
: So far as politics are concerned,
can safely be said that from nov 0
Q they VIII be a Less and less disturbiR
:. factor The politicians are learnin
Z that arrangement of business is al
Il 10 injure their own political fortune
$ The west has turned its back upo
politics most emphatically, and tn
e east is not likely to be slow in fo
q lowing this wholesome example FL
II this reason, il for no other, it is lik
2 1y that the tariff question. to whic
II business is most sensitive, will
n handled cautiously. Whichever par
0. succeeds in the next election, no ra
n ical changes need be anticipated,
n though some redutions will inevitab
G. be made in excessive rates, as a CO
Is eession to public opinion.
Ell As in previous adyices, we reitera
e. that the outlook is for better al
Or more active market. Delay has be-
to chiefly due to lack OF leadership,
s. uncertainties regarding the crops al
IN to political agitation. The two latt
q uncertainties are being gradual
IL eliminated. AS the vacations draw
at a close absentees will return invis
n rated and with optimistic views, t
mt results of which cannot but have
"a favorable effect upon the securi
IS markets.
,n-t HENRY CLEWs