The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-01-02
NEW SENTIMENT
NOW IN CONTROL
Public No Longer Fears Weld.
ing Of the Big
Stick"
CHANGE is VERY MARKED
Different Spirit Emanating From
White House Is Re-
sponsible.
CHANGE is VERY MARKED


reversal Of sentiment toward Wall
Street on the part OF the public and |
the administration at Washington has
been seen In the past year. This has
been due, not to the abandonment of
any principles at stake. but to clear
understanding by everybody concerned |
OF the things needed to bring the In
dustrial corporations and the railroads |
under proper control and to force their
managers to respect the law.
This change of feeling began to be |
marked with the Inauguration Of Taft |
Although the Presiden. has continued |
the principle OF the Roosevelt policies. |
1T has been In q different spirit. He |
has adopted the attitude of friend |
insisting upon reform, rather than that
of stranger. threatening to enforce
reform. or course he has succeeded |
Els message of March was re.echoed |
in his message of December T. and |
while he has said radical things fore.
IDLY. they have been received pleas
antly by the very persons at whom
they were aimed.
Railroads Satisfied.
Several drastic laws are planned for
better control of tho railroads. But
the chief railroad interests have ex-
pressed their satisfaction with these
changes. Tho spirit OF fair play dis
played by the government has been
carried down through the corporations
In their dealings with employees.
nationwide movement has been in
progress the last three months for
larger wages. and in every case where
the question has been brought to cri-
sis there has been compromise. La
Dor and capital have proved themselves
friends.
Tho Supreme Court has also been
robbed OF its terrors by the fair decis-
ions OF the past year. These decisions
have been to reassure the general pub
lie, but they have been severe enough
to give erring corporations warning
that they must respect the laws.
Although tho tariff revision was not
satisfactory to the general public, it
carried with 1t very important re-
form that proving of great value to
tho general public. and to investors in
particular. The corporation tax law
will compel disclosure By every cor
poration of its profits. This robs tho
inside cliquea Of thetr power TO ma
nipulate stocks on exclusive !nforma-
ton. The first result OF this law has
been Increased dividends, for some OF
the great corporations have held such
large surplus reserves that they could
NJ. be JUSTIFIED.
Money Very Cheap.
In spite OF the great activity of
manufacturing business and the stock
market at the same time, money has
been very cheap. AT no time during
tlle. year aid IT lend above per cent,
except by accident on the last two
: aays. and those loans Were clearly
the result of gross manipulation. While
New York bankers were attempting to
get per cent, Chicago banks offered
any number of millions at per cent.
and thus prevented squeeze. The
new year viii probably see call rates
ranging from to 5 per cent. for some
time.
New interpretations of the United
States in the last year have called
for capital of s2.4s5.oooOo0, and in
London for si,sOo0oo.ooo. The new
year promises to see equally large
capitalizations planned Short-term
notes maturing In 1910 amount TO
more than s530,ooooo0.
Railway construction in the United
States for the past year has been
about $3.50 miles, which is the smallest
in decade. except In 1908. The policy
of the railroads now is to improve
existing lines rather than speculate
on new roads that may not prove
profitable. The coming year. however
promises TO see very active constitute
ton OF new lines, as Well as material
!mprovem ents OF the old mes. because
the railroads are proving themselves
unable to handle the business tina,
Will be offered.
Record Harvest.
The past year has seen record
harvest In point OF money value fol
the United States. the total running
near to 0o,ooO,oo0. The cotton
crop was a disaster In the NUMBER OF
wide. 1t sold for the greatest price
ever obtained for an American crop
The worlds wheat crop was record
breaker but in spite of 1t sold al
record prices. The high prices are due
to the fact that the world has no.
been producing enough food ana "
granares are empty. Practically every
buslel of the 1909 crop will have peer
consumed when the 1910 crop Is mar
vested, so that high prices must b.
expected, even though the farmers
have planned to raise at least slo,ooo
900, bushels more In North Ai!e''c'
than they did in 1909.
At least half of the increase IN th
production of wheat of North Aine!lc'
Will come from Canada The Cahadlal
records show that S0.0VO farmers
crossed from the United States int
the Canadian Northwest in 1908, M
an even grenter emigration from tn
States IS certain for 1910 because tn
Canadian wheat lands VIII produc
twice as much grain 10 the acre a
those of 4 he United states, and tn
land can be purchased for one-fourt
the price per acre
Merger In Progress.
THO greatest piece Of financing !
PROGRESS at the close of the year, va
the copper merger This merger WI
call for capital Of billion T. dollars !
Part of the preliminary work IS o.
ready finished, for the Guasenne,'
properties are practically merged W
Cole Ryan Amalgnmated pFoPerlie
will be merged early in the new N''"
md then these two subsidiary cor
Germs will come together In me S''V'
est CONNER combine in ire history
the world
rhe year in the stock nar'-"t e"''
,.;tr rricee,. ,ateriailu ohosso those ~