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Show uo BUSINESS OUTLOOK IN NATION UNCERTAIN In his review of business conditions. condi-tions. Henry Clews in his last letter says : The Mexican situation Is still In the eyes of many a factor of large Importance. The main point in this question from the financial point of view is intervention or non-intervention President Wilson. although prepared lor emergencies, !s known to be strongly opposed to any sut h policy .lust what will happen i1 is impossible to predict, everything depending de-pending upon day to day occurrences. occur-rences. Mexico will not be able lo offer any serious resistance to the United States, because her treasury la practically empty ami Mexican j credit will not enable borrowing "broad under existing chaotic conditions condi-tions Huerta has turned to Franc" lor am; out I'aris has already had enough of war financing through her experience with the Balkan states Resides, the forthcoming loan of $260 000.000 for extra military pur-poses pur-poses will so absorb the attention of Parisian bankers that they will have little aid to grant Mexico 'The unsatisfactory condition of the European money markets is a fundamental obstacle to any very marked improvement in security values val-ues for the present at least, either in Europe or the United States In this country we are relatively In a better financial position than htirope. At tho moment Paris is the particular particu-lar point of strain, and much depression depres-sion exists at that center. Berlin is in somewhat easier condition. So, too. is London. But the possibility remains of an advance in the Bank of England rate, and acts as an effective ef-fective restraint upon many flnan- nti uiiutimniufs. i ne Knowledge i that many millions of new issues are . still held back awaiting a better market mar-ket postpones any recovery in sentl-i sentl-i ment, such as would ordinarily follow fol-low the llguldatlon which has taken place during the past few months. It has also prevented any recovery that might havo followed wiMi the close of the Balkan war There are signs of financial difficulties In London resulting re-sulting from the excessive speculation specula-tion in oil, rubber, Marconi and other oth-er shares, and doubtless American stocks would have suffered more had it not been for the low prices at which they are already selling. At the present time Europe is more eager to acquire gold than Btocks and the latest shipments here af-I af-I forded little profit as an exchange transaction. Were It not for these facts, we might count on a considerable consid-erable influx of the precious metal during the next few month8 e are shipping large quantities of produce, pro-duce, especially cotton, hence the weakness in exchange and the possibility pos-sibility of further gold Imports It does not look, however, as if any lm-i lm-i portent amounts of the precious met- al will come this way, because under the new tariff our merchandise imports im-ports will expand and London Is sure to check anv considerable flow of gold to this side. Fortunately our supply is more than ample for our rccuir?ment8." Considering domestic affairs. Clews is not as optimistic as he has been. He notes many discouraging fea- I hi ps ' "General business continues to show a slackening tendency. This is confirmed by declining bank returns re-turns and frequently unsatisfactory reports of railroad earnings Failures Fail-ures are increasing in number and volume No improvement can bo reported re-ported in the railroad situation Many of the great companies are still em- I harrassed by declining net results. even where the gains In grows are satisfactory, and railroad credit is consequently at a comparatively low ebb. The great steel industry show-decreased show-decreased activity The largest producer pro-ducer is only using about 80 per cent of Its capacity, and prices have decilned on an average about $3 per ton since midsummer Tho effect of the new tariff is an element of uncertainty un-certainty in the steel trade, as tho English and German markets have also been declining sharply, and It is quite probable that moderate quantities of foreign steel may find their way to the American seaboard. Such arrivals, however, are not expected ex-pected to be of Importance, except for their Indirect influence upon domestic do-mestic prices. " on |