The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1913-03-02
TURNING POINT
FOR The BETTER
Henry CIews Is Optimistic Over
the Market Situation

| discounted, The late decline began
lust before the election and has con
tinued with little interruption until
the beginning OF the week under re-
view. During these four months prices
declined from 10 TO - points. This
was equivalent to slow panic LII
! quotation has been widespread, and
/ there are few if any weak spots re-
naming in the financial world.
General Business Good.
There is neither over extension of
credit nor over-c expansion of business.
our bank reserves havt been consid-
erably depleted by gold exports To
Europe, but currency is returning free
~ To interior reserve points. and the
outward How of gold cannot continue
much longer In the business field the
position. as has frequently been main
tanned i'm these advices. is satisfactory.
Consumption of merchandise is going
IN upon liberal scale in all parts
Of the country. There has been little
or no curtailment of buying on the
part of consumers, VINO with the
growth Of population ere making larg-
CT demands upon producers Whole
sale distributors generally report bare
shelves. and are buying as freely as
circumstances will permit in anticipa-
tion of a good spring trade. Manu-
facturers, too, are generally busy; i'm
some cases excessively So In other
words, trade continues large in vol
umc, and there are no indications of
its cessation. Last weeks Clearing
House returns for instance, showed .
gain of IL per cent over year ago.
and this i'm spite of restricted activItS
In financial circles. In New York the
clearings were reported i3 per cent
ahead, iu Philadelphia i3 per cent, In
ChiCaS" g. per cent, in ST Louis I a;
per cent and in Baltimore IS per cent. |
Such figures cannot bc ignored Rail !
read earnings are also making very |
returns, net ana gross
the Union Pacific and Baltimore Il |,
Ohio railroads being conspicuous ex-
amplcs i'm this respect. our foreign
volume. and there are no signs Of /
lcssene1 activity in sight. The only
important direction in which there il /
any reaction is in the iron business. /
and this is largely seasonal. The new
demand for finished steel products -
less urgent than a month ago AMI +
slight concessions are occasionally |
necessary to stimulate orders There .
has been, however, no important show
ing down in the steel trade. and later
on with the approach of spring the re
of activity is expected
Most Depressing Factor.
The most depressing factor in the
situation The incoming of new adj
necessarily caused Scri-
Gus doubts, particularly in view of
expected anti-tarin and antitrust leg
station. The new presidents princi-
pies arc already well known. Nothing ]
new Of Importance is 10 be expected /
from Mr.. Wilson in this respect His
application of these principles how
cver--in other words, his policies
have not yet been authoritativclN an
nounccd. Presumably his Inaugural
tion address ON Tuesday will give us
some clue To his future plans. Intima-
tions are already i'm circulation that
no radical movements will he initial
cd. The newspapers have also been |
actively guessing as to the personnel
OF his new cabinet. and tho men thus
Gar selected arc likely To prove salts
factory: especially the ono for secre-
tary of the treasury. as / think I
know whom it is likely to be. and IT |
| am correct he will be a very accept
able official i'm all respects and will in
spirc confidence as "a wise adviser of /
the president. 1t would seem, there,
fore If the stock market had discount
ed all unfavorable political conditions,
includin the tariff and the antitrust
\ favorable indication is the chang
ing attitude Of the public toward the
financial district. 1t is recognized
that the Investigation of the Pujo com
mittcc was conducted with so much
bias as To impair its usefulness and
Influence Its best result has been to
emphasize the fact that such concen
tration of credit az really exists Is
largely owing to our defective bank
ing system, It has also had the ef-
feet. rs sober second thought gradual
Is asserted itself of correcting many
of the fallacious opinions held re-
sarding the financial district in Now
ork
Hopeful View Of Future.
All things considered. there are rea-
sons for taking more hopeful views
regarding the future. AS already stat
cd. the adverse conditions have been
largely If not over-discounted. An inn
merriam, consideration IL the fact that
many good stocks are now selling at
such low figures as to make them tx
ceediugly attractive investments, even
considering the prevailing firm rates
for money. Should the developments
of the next few days prove of fav-
otable character. we may expect "A fur
,ler rally I'm the market Should news
~ an unfavorable character develop
the decline could not he very scri
ous. because liquidation has already
beep thorough and comprehensive The
Mexican situation has ut no time boon
a serious factor In the Rarket