The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-09-01

the tariff, the reduction of which will
tend to at least temporarily encourage
imports. Quite possibly these viii not
be as large as expected, as the amount
of goods in bond is now unusually
heavy. On the other hand our manu-
facturers have been theoretically adj
justing themselves to the new cOndi-
ton; so much SO, in fact, that foreign
manufacturers show little enthusiasm
over our tariff changes and do not eX-
pect to gain any permanent foothold
for their wares in this market. On
the contrary many of them, as they
see our manufacturers vigorously ad-
justing themselves to the lower sched
ules, fear that before long they will be
obliged to meet a keener American
competition in foreign markets. A few
interests may be injured by extreme
cuts, but these will be infinitesimal
compared with those affected by the
stimulus to trade which will follow
and which will crafty many thus far
not heard from. American skill and
enterprise will surely give a first class
account of itself in the long run, and
tariff scares may now as we'll be elm
mated in business calculations of the
future.
The financial undertone shows
steady improvement, although the
week has been a quiet one and prices
unsteady. In this, as in all the foreign
markets, monetary improvement is
steadily progressing. Business is con-
sequently improving, and a decidedly
better investment demand is spring
ing up, which is quite as much in evil
dence in the foreign markets as it has
been here. Speculative operations
have, Of course, been restrained by
monetary limitations on both sides of
the Atlantic. Just now the markets
of the world are unusually sympathe-
tic and in close accord. The demand
for new capital though urgent, is still
held in allegiance, only the most i'm
portant needs being satisfied. New
issues in August will probably show a
decline, and considerable proportion
of those made were devoted to prOvid-
ing for current maturities. Secretary
McAdOO's plans for relieving the
money market are working out highly
satisfactorily. At East and West there
is no longer any fear of monetary
stringency; and trade beyond the AL
leghanies, though spotty, is showing
general Improvement. Both trade and
industry show symptoms of revival.
Railroad earnings have been more
liberal, though traffic at the moment
is affected by a tendency to hold grain
for higher prices. The most unfavor-
able features in the situation, aside
from Mexico, are reductions of dvi-
dends present or prospective in two
or three important railroad systems;
also delay in the currency bill at
Washington. The tariff has already
passed beyond the realm of specula-
ton, and the chances are that ulti-
mately Congress will pass a reason
ably satisfactory currency bill. The
technical position of the market is
sound, the floating supply of securities
small and the class of buying, good 1t
is noticeable that values are much
more sensitive to favorable than to
unfavorable news. Considering the
good undertOne, the chances favor a
broader and better market as the
Mexican skies are clearing and bust
ness is beginning to assume its &C
customed autumnal activity. Toward
the close of the week the market as
sumed quite a buoyant tone, with the
trend of prices decidedly upward;
largely as a result of President Will
sons skillful handling of the Mexican
problem.