The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-03-04
Henry ClelDs and Business
,g the tariff and the antitrust move

ing the tariff and the antitrust move
mente.
In the monetary situation. while
firm rates are to be expected for
some time to come, particularly as
the first Of April approaches. there
are signs Of lessened strain in the
European markets. which have been
3 very important element in the re-
Cent decline But now that the Bal
kan war is virtually over. the hoard
ing of funds estimated BIT over $780,
600 COO VIII cease. This money will
soon come back into circulation: and.
with lessened apprehension In the
European circles and the restoration
lof peace. the credit situation abroad
should steadily improve: although the
after effects OF the war cannot be ex-
pected to Immediately disappear An
other favorable Indication Is the
changing attitude OF the public toward
the financial district. It is recognized
that the Investigation OF the Puio com
mistee 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 as really exists Is
largely owing TO our defective banking
system. 1t has also had the effect,
as sober second thought gradually as
serted itself. OF correcting many OF
the fallacious opinions held regarding
the financial district in New York.
At Albany, where sensational and
highly Injurious legislation has been
proposed. there are signs OF more So
Der and sensible views prevailing. 1t
is inconceivable that the governor
win sanction the proposed legislation
against the New York Stock Elk
change when he realizes its conse-
auences. In the first place the Ex-
change is not responsible for the evils
charged against il. second, incorpora-
tion would be futile means of regu-
lasion and much less effective than
individual control; third. doubling
the transfer tax would only drive
business TO other cities, and diminish
rather than increase the states rev.
enue from this source: fourth. II
would seriously tniure many important
interests IN this state. for securities
could easily be bought and sold else
where. and this would check the
growth OF legitimate banking inter
ests, disturb the delicate machinery OF
the worlds second largest financial
center: and. fifth. it would seriously
affect the value of downtown real
estate. which contributes largely TO
the prosperity OF this great city and
pays a big share OF It's taxes The
blame for such a stupid attempt at
self-injurY must be placed upon a lot
of visionary reformers who ought to
know better. II intelligent and fair
minded discussion is OF any value
such legislation VIII be prevented. :
All things considered, there are rea-
sons for taking more hopeful views
regarding the future. As already
stated, the adverse conditions hare
been largely if not oyer-discounted.
An important consideration is the fact
that many good stocks are now sell
ing at such low figures as to make
them exceedingly attractive invest
ments. even considering the prevail
ing firm rates for money. Should the
developments OF the next few days
prove of a favorable character, we
mar expect a further rally In the
market. Should news OF an unfavor-
able character develop. the decline
could not be very serious. because
liquidation has already been thorough
AMI comprehensive. The Mexican sit
uasion has At no time been q serious
factor IN the stock ma.ket for the
reason that Intervention Is exceeding
II improbable. and has thus far been
entirely uneaIled for Europe has be-
come decidedly hopeful owing TO I'm
n-oyement IN International relations,
and this sense OF relief is reflected In
better buying OF securities by strong
concerns for investment As Euro
pesa selling when the Balkan war be-
gan had much 10 do with the weak
ness os this market, the change in
European sentiment is decidedly i'm
oorsart and must be zeGacted here.
HENRY CLEWS.