The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-05-19
A BUSINESS REVIEW OF THE
PAST WEEK BY HENRY CLEWS

provements. The petition of the lat
ter for higher rates is now likely to
receive serious consideration, for 1t
is quite evident that unless the roads
are allowed to place themselves
a position where new capital can be
raised the public is bound to suffer
in transportation service. 1t is hard
ly credible that the Interstate Com
merce Commission will force the rail-
roads into such an embarrassing sit
uation. Our textile trades are still
comparatively upset by proposed tar
iff changes Which threaten to injure
the fine cotton goods industry and
some branches of the wooden trade.
the extreme cuts named in the Under
wood bill will be moderated by the
Senate. Otherwise the bill promises
to pass in very much the same form
as it went through the House. The
outlook for a national banking and
currency bill is strengthening daily.
The administration appears to have
agreed upon the main points of what
is desirable. A bill embodying Presi-
dent Wilson's views has been drafted
and, according to all reports, will pass
the House during the present extra
session of Congress. Its passage, how
ever, by the Senate at this session
is doubtful unless a great deal of pres
sure is put upon that body. But more
important as a business factor than
all of these considerations is the crop
outlook, which is exceedingly favor
able. A big crop of spring wheat is
practically assured and conditions are
conditions are exceedingly promising
for all crops east of the Rocky mount
aims. Needless to say, good harvest
would ameliorate many of the adverse
influences against which business is
now contending
The above ideas summarize the fav-
orable factors affecting the financial
situation. There are, however, other
elements that must not be overlooked.
Confidence is not strong, and the pol
itico-social tendencies of the day tend
to stimulate distrust and check enter
prise quite as much, If not more,
than financial restraints. There is
still an undue and unreasonable dis
position to Government interference
with business of all sorts. Business
men, especially those leading large
enterprises, cannot tell what they may
have to face, and they are obliged to
| wait for more settled conditions. This
enforces further slowing down of
| business, lessened orders, lessened
profits and lessened employment for
all concerned. The only remedy for
this state of affairs is to return to
sane thinking and sane doing, and
turning our backs upon the latest fads
and isms of untried and visionary lead
ers. There is one other possibility of
disturbance in the stock market, and
that is the friction with Japan. In
! the present dispute there is absolute
ly nothing that warrants war. Japan
could not finance war with the Unit
ed States, which would end in only
one resultant of disastrous defeat
of Japan. But Japan is a proud ma
ton, and may easily feel offended at
our treatment, which has been unnec-
essarily brusque and inconsiderate.
it would be far better for the United
| States, and especially the Pacific
Coast, to cultivate friendly relations
with the Asiatic people, especially if
we desire to secure our share of a
rapidly growing commerce with that
portion of the world. At present
we are driving commerce that should
go through Pacific ports to our for
eign rivals; simply because of race
prejudice and short-sightel legisla
ton The situation contains POSSIBLE
tiles of friction that might easily dis
turb the stock market in it's presen,
temper.
HENRY CLEWS.