The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-06-15
HENRY cLEws AND BUSINESS.

HENRY cLEWs AND BUSINESS.
/ NEW YORK, June IS, 1914.-So fal
as transactions are concerned. the
stock market continues neglected
Nevertheless the general tone ex
hibits healthy and hardening tend
|ency. Prices have now undergone
very slow and gradual advance o.
about 3 20 points, which naturally
induces some realizing by timid hold
iers; but apart from deslutory selling
Iof this sort there is practically no of
Ifering of stocks. The market appears
to be thoroughly sold out. Liquida
ton has been prolonged and thor
Iough; so that weak spots have been
practically eliminated. Psychologist
ally, to use an overworked expression
the situation is improving. There Is
less apprehension and more conf
dence than a month ago. The Clay.
ton antitrust bill, is likely to pass,
but in a materially modified form be
fore 1t emerges from the senate
Then uncertainty growing out of law
making will disappear and business
will have chance to adjust itself to
known conditions Congress, after a
phenomenally long period OF activity.
| is beginning to be really anxious for
adjournment Hot weather and The
vacation period are fast approaching.
The past two summers have been ex-
ceedingly strenuous ones in Washing
ton; and the administration, having
accomplished far more than was ex-
lpected In the direction of tariff, bank
ang and antitrust reforms. can at
ford to rest satisfied on its record OF
fulfilled promises. Reports are cur
rent that the interstate commission
will shortly render It's rate decision,
and that the roads will be allowed
some concessions. The supreme court
decisions of the week were also of a
satisfactory nature; the most import
ant being that which asserts the SUI
lpremacy of national control Of inter
state commerce rates as against state
control In other words. as the court
correctly said, the railroads need a
single master. not many. This is an
encouraging development; inasmuca
as 1t will relieve the railroads of
many OF their perplexities, and prob
ably insure them more just treatment
than has been accorded in the past
under state regulation, which has too
often been of confiscatory tend.
lency.
| Another element which has aided
! confidence on this side of the Missis-
sippi has been the prevailing ease in
money. No better business tonic can
be found than an abundance OF cheap
money available to those having good
credi. 1t is possible however that
the period of abnormally cheap mon
ey is nearing an end. Europe has al
ready taken over $50,O0O,000 Of gold
from this country since the first OF
January, and the outward movement
has not yet ended. This weeks ship
ments alone amounted to over ST.
100000 record week. Apparently
foreign demands are still unsatisfied
and low money rates here facilitate
Withdrawals. Moreover. our merchan-
disc imports continue to increase
while exports diminish; and since
to buy our securities, the balance
against US thus created can only be
settled by gold shipments. Fortunate
lily we have an ample supply of the
Eprecious metal, which is always being
augmented by home production; and
the outward movement as whole
has by no means been injurious and
should cause no uneasiness; especial
lily as it will materially help the situa.
ton abroad. Furthermore, The early
opening of the reserve banks will
facilitate credit operations and make
|us less dependent upon our gold
supply Very shortly crop demands
will begin to asert themselves; and
should the volume of business in
crease, as seems not unlikely, the
demand for money will expand and
rates may somewhat harden. No
s.ringency however is In sight, and
for the time being nothing further is
ianticipated than a check upon excep-
tional ease.
The general business outlook is
more promising. Supplies of mer-
chandise of nearly all kinds are I'M
questionably light because OF the
slowing down which recent apprehen-
sion necessitated. With the recovery
Of confidence and with the promise OF
la good harvest, increased activity is
only matter of few weeks It
must be remembered that industrial