The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-02
PLEASING TO ALL,
OFFENDING NONE
That Is What Wall Street Looks
For i'll Wilson's Inaugural
Address.
FIRST MESSAGE DIFFERENT
IL Is Expected to Make l'inan-
cicrs Sit Up and Take
Notice
FIRST MESSAGE DIFFERENT
ny II. c. Forbes.


New forlS. March 1.--Prcsidcnt VII
sons inaugural address on Tuesday
WIN be a twentieth century political
financial commercial sermon. pleasing
TO all. offensive to none
Ills first message to Congress- on
April /. will cause the business world
To sit UP and take notice"
That is what Wall Street is now de-
ciaring. and Wall street has wonder
full prescicnce, wonderful foresight.
wonderful intuition in diagnosing com
ing events
present expectations are that there
VIII be temporary exhibition OF
cheerfuiness. both on the New York
stock Exchange and throughout the
country. but that this will be quickly
followed by a relapse into depression
ana pessi,nism. the duration and inten-
sity OF which Will depend largely upon
political Developments.
NOW, this reading OF the outlook MAY
prove correct There is n fair chance
however. that the looked for setback
VIII be neither severe nor prolonged
approximations usually are worse than
Rctualties
Even should the personnel OF Presi-
dent Wilson'S Cabinet he regarded as
TadicaI--Thlch IL almost certainly Will
his and other admirers likely 10
proceed circumspectly once they are
weighted down hy the Responsibility OF
office. They MAY find too. that public
sentiment Will not support hasty meas
ures calculated to precipitate democrat
inauon. The administrations tariff ac-
ZION. Tor example. is unlikely 10 be az
ruinous Al certain industries figure, for
there are Independent and Influential
factions which viii insist upon a give
and-take policy instead OF sanctionfng
wholesale reductions in pet schedules
The security markets arc very un-
easy at the moment over threatened
legislation by Albany. but the protest
raised against the more obOpSioug r,ro-
posals. such doubling the tax on
stock sales to - a hundred shares and
limiting the call loan rate TO . per
cent, cannot we'll be ignored By Cover
nor Sulzer and his advisers The pros
poets are that only reasonable measures
viii be adopted, and that the present
cloud VIII shortly clear away. leaving "A
brighter day.
Encoura cement should also come
from abroad in the near future
Turkey must capitulate before long:
the long delayed Chinese loan IL about
10 be finally arranged Russia and
Austria are not 10 fly at each others
iitroats. and though some uneasiness
has arisen over Franco 9 erman .rna-
inents. the Indications are that the mis-
understanding viii he removed
cold nov boarded in enormous vol
ume in Europe will return 10 banlsin4;
channels with q rush, once nervousness
disappears. This development should
he Witnessed some time during the new
.tlgnIli. II tbnllOi ISlt 10 set Europe
financial machinery in motion
The undertone IS not vet very in
*piiinS. II must be admitted Some
buying orders are coming in from the
public. but the market Is the reverse
OF active. Powerful interests not
anxious 10 accumulate securities
Moreover. new issues are hard to dis
tribute.
More goid has been shipped from
New York TO South America, bat the
/. - 80
rates are comfortable here, but are SIM
high in London, Berlin and Vienna. al
though # sharp recession is in sight
Alter frankly recognizing that pes
simisin still rules ia financial circles
after granting, likewise, that the stock
market Is apt to move very erratical-
ly. the statement can be made with
every confidence that the best stocks
and many sound bonds can be pur-
chased OF an extremely attractive i'm
come basis
Trade is sim or large volume Rail
roads are bringing idle cars into use
bank clearinGs outside OF speculative
centres are very heavy, over-sea com
merce is OF record breaking proper
tions. and although the unseasonably
mild weather has hurt certain indus
tries. IL has helped others
Merchants whose goods are likely 10
be affected BY tariff reductions are or
dering cautiously, yet no acute alarm
ID now IelI upon lnlS score apart from
tUo or three industries which admit
teddy will be treated somewhat ruth
lessly
Copper metal has fallen cents be-
low the artificial level at which It was
unwisely held for a protracted period
Consumers, however. have been taught
to distrust producers. owing to the
which was practiced
steel orders are falling OFF after the
boomlet of last year. but as soon as
railroads can raise capital they will
place very extensive orders for ma
terial.
Agricultural conditions are not 20
tent factor a present. All that can he
said is that nothing has happened
5 TO injure prospects for the current
wear If, 10y and by. another bumper
harvest is assured, the country should
he able to withstand even a largo dose
of political agitation. The farmer is
!: much more impostant person econo-
rically than the politician.
New York. March Money on call
nominal: no loans Time loans firm
sixty days. 4iaMi7i per cNnt ninety
days. AZ. per cent; six montNs. ~. 05
pcr cent Prime mercantile paper, >
per cent Sterling exchange steady,
with actual business in bankers bills
at $aS32j for sixty day bills and ut
s;s75o for demand. Commercial bills
s4S2&, Bar silver, 5ols Mexican dol
lars As. Government bonds steady
Railroad bonds steady.
.,,o,. .