Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-03-04

The shadows of Villa, the Mexican
rebel leader, loomed menacingly over
the market all last week. His act of
shooting the British subject, Benton,
has occasioned the gravest concern in
diplomatic circles and II 1t Is shown
that the Englishman was wantonly
shot down, President Wilson may in
the end be forced to change his wait
ing attitude towards Mexico by aSsum-
ing the aggressive in the pacification
of that troubled nation. The United
States is morally bound by the Mon
roe Doctrine to protect the lives of
the citizens of other countries or let
foreign nations do 1t, which of course
would nullify the purpose of the
framer of this great measure which
was intended to keep all the Ameri-
cans free from conquests by foreign
nations. Until the grave situation
which this shooting has developed is
settled and out of the way we may
expect the market, under its influence,
to be more or less sensitive.
Another sore spot is the strained
financial conditions in Paris, the finan-
cial center of France. Rumors have
come across the waters that some of
the big underwriting bankers are not
in any too comfortable position and
to prevent them from going under.
While these rumors have met with a
prompt denial 1t has not laid the ghost
by any means. French underwriting
bankers. 1t is well known, have been
hit rather hard by their speculative
ventures in the Balkan States, Brazil,
and from their participation in Amer
lean bond fiotations which have not
turned out profitable. They are large
ntx nf MI ISL nd Arr,a
lean Water Works & Guarantee, and
Mexican railroad and Irrigation bonds.
On all of these issues they have lost
heavily; they are now feeling the aft
ermath. But their travail is not help
ing our market any.
Domestic trade conditions are stead
| lily improving. The railways, our
principal arteries through which the
commerce of the country moves, re-
port over 900 fewer idle cars. That
is a good sign, for 1t indicates that
the manufacturers are doing a bet
ter business and that more freight
is moving. But this Is not the only
sign of recuperation in trade from
the pronounced depression that pre-
vailed during the latter half of 1918.
There are others just as significant
such as the news that the industrial
more workers. This is not a reflex of
any sunshine movement, but mirrors
actually bettering fundamentals. Cars
do not move nor do employers hire
more men merely to create a better
feeling; those charges are due to ac-
tual necessities,
One OF the principal reforms to
which his party platform committed
4 80,
popular success. I speak Of the newly
created reserve banking system. OF
the $500 and more national banks
chartered by the National Government
all but a very small and Insignificant
number have Joined and we shall soon
be able to judge whether this plan
will solve our annual currency prob
lem of tight money around each year
harvest time. If 1t does that, then we
shall have occasion to give additional
thanks every Thanksgiving. The busi-
ness men are confident with this sys-
tenn of a more elastic currency to de-
pend upon that bankers can not turn
them from their doors as readily as
they have done formerly with the eX-
cuse they have no more cash to lend
since they can rediscount their COM
mercial papers with their regional
banks.
Unscrambling the Rock Island hold
ing company without recourse to a re-
ceivership, is going to prove a puz-
zle which the financial doctors are
going to find hard to unravel. For
weeks it has been asserted in Wall
street that the Rock Island would be
taken apart and so rearranged that the
holders of the collateral bonds and
preferred and common stocks will not