The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-07-28
II Commerce Commission Would De-
eide This Issue, It 10 Believed
Business Conditions Would
show Improvement.
LITTLE EXPECTED
Decision Is Believed to be Already
Discounted-the Encouraging
Factor is the General
Crop Condition.

NEW YORK, July 25.-The ability
OF the stock market to resist bad
news is something remarkable. This
is not because of any organized re-
sistance, for this market is unusually
free OF artificial influences at the
present time. Nor is it because Sc
curities are concentrated In strong
hands. since the latest returns indi-
cate that railroad and industrial
shares have been widely scattered,
and that the number of small stock
holders throughout the country has
greatly increased during the last two
years. The present resisting qualities
of the market can only be attributed
to few main causes. All known
drawbacks have been very literally
discounted, and there is a growing
belief that we are nearing the edge
of turn for the better as soon as
changing circumstances permit. IN
fortunately, there are number OF
soft spots in the stock market, such
as New Haven. Rock Island, Missouri
Pacific, Chesapeake & Ohio, Baltimore
& Ohio, New York Central, ETC., but
most of these declines have been the
result of special influences such as
government activities, reorganization
proceedings, poorer dividend pros
poets, etc Prolonged delay OF the
rate decision was also a depressing
factor. But little encouragement is
expected from that report, and visible
relief will probably be felt when the
verdict is announced 1t would cause
little surprise if it were found that
the effect of disappointing decision
has been almost IL not thoroughly dis
counted. 1t is quite true that the
roads can effect important economies,
and that the elimination OF certain
abuses will also prove financially ben
eficial. There is no doubt that there
is a certain class Of abuses from
which many railroads woulG gladly
| free themselves were it not for the
difficulty of common action, which
will be unquestionably facilitated by
the pressure of public opinion which
the interstate commerce commission
may be able to bring to bear. The
roads would also promptly benefit
F.! that it is not likely that the raii-cad
situation will before very long come
! to the end of its perplexities. Threats
/ OF further probing and legislation have
decidedly disturbing influSnce.
BY far the most encouraging factor
/ In the general situation is the crop
outlook, which continues with few ex-
ceptions eminently satisfactory. The
agricultural sections of the west are
already beginning TO feel the stimu-
/ lus Of the huge wheat crop. Merchants
are anticipating a larger demand for
their wares. while the railroads are
making active preparations for mar
keting the enormous surplus of wheat
| Already there are signs of local traf-
/ fic congestion. For weeks past there
/ has been a marked contrast between
the optimism OF the west and the pes
simism of the east The former may
be somewhat extreme, but 1t Is quite
Z! likely to have sufficient force to moo
crate eastern disbursement, and
will undoubtedly do much toward paw
ing the way for moderate business
recovery throughout the country Re
vival in the east is today almost en-
tirsly a matter OF confidence When
! that revives, trade viii revive: but no
( real recovery is to be expected until
! there is some cessation of distuTbing
legislative and government activities
many OF which may be justified and
necessary. but are nevertheless sever
civ drastic and highly Gfsconcerting.
In a few weeks congress viii adjourn
AMI that will afford some relief Many
OF the uncertainties dependent upon
government action are now q matter
GO history. such as the tariff, the BANK
Ing law. the Mexican problem. etc,
! Very soon the trust question viii
also be settled, and this disturbance
will be out Of the way. After the
elections, which are only three months
away. the country mar anticipate q
period of political quiet and before
this occurrence it IS not at all i'm
probable that we shall witness more
active and higher market in anticipa-
ton.
q The money situation continues sat
isfacto-y. Slightly frme- rates may
be anticipated when the crop move
ment fairly begins; and. though the
new banking system is not likely TO
Be in working order for some time to
come, orr banks viii be amply able
to meet all requirements without diff
( Guilty. especially N view OF the GER
tainty OF treasury aid. If needed II
should be remembered also that as an
extra precaution the Aldrich-yreelani
act was continued in force until June
1915. Some interest was exhibited In
the renewal OF further gold exports