OCR Text |
Show General Situation Is Improving By Ira C. Tichenor LTHOUGH there preril a number of adverse conditions, iuch as the prospective reduction of wage by railroads, the packing house trouble and the European political affair, the situation as a whole continues to show an improvement, and it is believed that the recent domestic developments merely are a continuation of the procesa of readjustment that haa been under way for a number of months. That the financial situation In the I'nlted States continues satisfactory and really remarkable, in fact, is ahown by the statement of the federal reserve system, published in Sunday's Telegram, p:lvlng the resrrve ratio aa (O.t per cent. This remarkable showing-, which lias not been exceeded in months, is considered a promise of at least .a slight easing- in money rates, although it ia generally believed that there will e no letting- down of financial bars while the needs along absolutely essentia) lines continue. The federal tax payment, which has been something of a bugaboo to the general business and financial world, will be out of the way after Tuesday, and this, it Is confidently believed, will have a splendid effect, at least psychologically, upon the people aa a whole. Much of the selling on tha New York stock exchange during the pant few weeks la believed to have been caused by the necessity of holders of t- securities to realise cash with which to pay taxea, and with this character of trading no longer hanging over tlie market there Is reason to believe that strength will develop in a market already oversold. It is generally believed that much of the buying of securitiea at the record low prices has been done by strong Interests. In addlinw, fwy V'g blocka of wld lot Blocks have been purchased, and to all appearancea permanently taken off the market. ' There is another favorable condition, which heretofore has been alluded to. and that is the fact that the number of stockholders of leading Industrial and public utilities corporations hsa been increasing in a consistent manner. This not only will have a tendency to strengthen the market, but it makes for an Improvement in the general business situation. ' |