New Britain herald., 1914-07-25
WILSON'S REMARKS
 HIGHLY SIGNIFICANT
Henry CIeWs Says Country Certainly Needs a New Temper in Affairs"
Especial to the Herald.)

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 New York, July 25.-The ability of the stock market to resist bad news is something remarkable. This is not because of any organized resistance, for this market is unusually free of artificial influences at the present time. Nor is it because securities are concentrated in strong hands, since the latest returns indicate that rail- road and industrial shares have been widely scattered, and that the num- Der of small stockholders throughout the country has greatly increased during the last two years. The pres ent resisting qualities of the market can only be attributed to few main causes. All known drawbacks have been very liberally discounted, and there is a growing belief that we are nearing the edge of turn for the better as soon as changing circum- stances permit. Unfortunately, there are a number of soft spots in the stock market, such as New Haven, Rock Island, Missouri Pacific, Chesa- peake & Ohio, Baltimore & Ohio. New York Central, etc., but most of these declines have been the result of special influences such as govern ment activities, reorganization pro- ceedings, poorer dividend prospects, etc. Prolonged delay of the rate de- cision was also depressing factor.
 Most Encouraging Factor.
 By far the most encouraging factor in the general situation is the crop outlook, which continues, with few exceptions, eminently satisfactory. The agricultural sections of the west are already beginning to feel the stim- ulus of the huge wheat crop. Mer- chants are anticipating a larger de- mand for their wares, while the rail- roads are making active preparations for marketing the enormous surplus of wheat. Already there are signs of local traffic congestion. For weeks past there has been marked contrast between the optimism of the west and the pessimism of the east. Revival III the east is today almost entirely a matter of confidence. When that re- wives, trade will revive; but no real recovery is to be expected until there is some cessation of disturbing leg islative and government activities, many of which may be Justified ana necessary, but are nevertheless severe- ly drastic and highly disconcerting.
  and that will afford some relief. Many of the uncertainties dependent upon government action are now a matter of history, such as the tariff, the banking law, the Mexican problem. etc. Very soon the trust question will also be settled, and this disturb ance will be out of the way. After the elections which are only three y1fi ioi pate a period of political quiet and before this occurrence 1t is not at all improbable that we shall witness more active and higher market in anticipation.
 Money Situation Satisfactorily.
 The money situation continues sat- isfactory. Slightly firmer 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 our banks will be amply able to meet all requirements without diff ficulty, especially in view of the cer- tainty of treasury aid, if needed. Some interest was exhibited in the renewal of further gold exports, but these should cause no concern. The United States is a large producer of gold, and is quite able to stand con- siderable efflux without particular strain. In the twelve months ending June our excess of gold exports over imports was $70,000.000.
 Foreign Commerce Encouraging.
 Our foreign commerce returns for the fiscal year ending June are not without their encouraging features. Our exports were valued at $2,364,- 000,000, having been exceeded only once in our history, in 1913 when they amounted to s2,465, 5,O0O,O0O. Our imports during the twelve months amounted to $1,S94, 100000, beating all records, the best previous year be- ing 1913 when the total was $l,S13,- O0O,0OO. The increase of imports was, of course, largely due to the lowering of the tariff, which made itself felt with increasing force dur ing the first six months of 1914. The loss in exports was mainly caused by the shrinkage in agricultural prod- ucts, which in turn was partly re- suit of smaller shipments and larger consumption at home, thus lessenins the surplus for export.
 Not Entirely Satisfactory.
 The foreign situation is not entire ly satisfactory. Europe Is still going through an economic reaction, al- though it does not promise to be very severe or of extended duration. Like ourselves, Europe is suffering from disturbing political activities. The Balkan problem is still a matter of 1 anxiety, and the Berlin and Vienna bourses have been scenes of consid- erable speculative activity for the de- cline in consequence. This was no doubt in anticipation of the threat of Austria against Servia Paris has also been temporarily unsettled, part