The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1911-11-28

Better sentiment Prevails iii sank
ing Circles-"We Had Better Let
he Sherman Law AlOne," to Seek to
Repeal That Law is Absolutely
Futile-Ways Will Be Found for
Big Business to Continue-PoIitical
Elements Are Brighter and So is
the Foreign Situation.
Especial TO News and Observer.)
New York, Nov. 25.-Beyond ques-
ton favorable conditions predomi-
nate in the stock market. There is
Il spirit of confidence and cheerful
ness developing which is in striking
contrast with what has prevailed for
many months. We still have with
US the pessimist and the timid; but
these classes are always present, and
though acting Is q restraint upon
blind optimism cannot long hold III
check the growing spirit OF rational
confidence now appearing.
\ wide range survey of the situa-
tion shows many changes for the bet
ter. There are, for instance, better
trade conditions because stocks Of
merchandise are much below the
normal and price concessions are
often acting as q stinulant to pur-
chasers. The credit situation In all
parts of the country is better than
for many months, and in
good standing have no difficulty in
securing all reasonable ~acconmoda-
ton upon favorable terms. There
is q decidedly better outlook to the
steel industry, which must still be
regarded as one Of the best, it not
$@a ~- 4--I@
After fully two years Of economy the
railroads are at last compelled to
place liberal orders for rails, cars
and other equipment: this to renew
wornout plant. Such orders in the
aggregate have been large enough
to impart considerably more activity
30 certain branches Of the steel in
dbstry, particularly steel plates.
Prices Of steel have been very low,
and the fact of recent purchases Will
serve to strengthen the ideas OF pro
ducers and thua bring out orders
from intending purchasers who had
been waiting to see the market touch
bottom. The steel trade has already
found substantial foundations and
really reached q turn for the better;
the Indications being that in event Of
any further increase in activity prices
Will show a hardening tendency.
There are also better conditions in
Kit ISAli1C AAS : -
in importance to steel. The great fall
in cotton may have embarrassed some
manufacturers who loaded up with
the staple at higher prices, but the
large proportion Of nufacture
will benefit by cheaper cotton, which
In the long Tun must not only stimu-
late the industry but give he con-
sumner cheaper fabrics and tend to
increase consumption. There is no
doubt that both steel trade
and the textile industry have seen
the worst Of the crisis, have turned
the corner and are now moving for
ward to better conditions. Tariff I'M
certainties are the chief obstacles at
the momen, but these will soon come
Up for adjustment and the probabil-
tiles are that no very Injurious
changes will be made in any OF these
schedules. 1t is only where excessive
protection has been enjoyed that
sharp cuts are likely to be made
There is also a better sentiment in
banking circles as revealed Dy the at
ttude Of our financial leaders toward
the stock market and in thelr rep
ations for the placement OF new Sc
curity issues. We are now approach
ing the largest dividend season Wnen
h demand from investors is always
counted upon in advance as d
strengthening element 1t is worthy
OF particular attention tnat u~iYluciIus
on both railroads and 1ndustflais
have been wei maintainer in spite OF d
recent business depression. This re-
suit has been largely obtained
through and the postpone
fnent Of many renewals and al
The railroads have Jared better during
h latter half Of the year than eA-
pected, and are now 10
show better gross earnings There has
been nc important dimtnution OF traI-
tic, as some tiTnid managers pred1ctcd,
and with better net results there IS
every reason for increased
in railroad shares. particularly those
Of the higher grade. The cheaper IS
sues, however, will Of course show the