Arizona republican., 1912-04-25

ly than the output of the farm. A poor harvest this year would mean not only poor business but still high er prices for food followed by cor responding public and political dis content A good harvest, therefore is prominently the one thing to be desired. Fortunately. soil conditions in nearly all parts of the United States are ideal. Spring is late but a few days of warm weather would quickly compensate for this disad- vantage There has been serious in jury to winter wheat in Illinois. In- diana, and Ohio, but abundant time remains for partial recovery of the crop or for rcplanting of destroyed winter wheat acreage with other crops. There is no doubt that the loss thus far in winter wheat will be abundantly made up in other ways.
 The difficulties with the coal miners promise to be settled by an early compromise. The engineers. however. threaten to strike without delay if no further OVertureS are made by the railroads; and this may prove a ser iouS factor. X feature which has generally escaped recognition is the large number of new capital aDDli- cations announced this month. Since April l the announcements now az Ercgate considerably over $2O0, coo. .0O0 and it would not surprise if the total output for the month made this one of the heaviest months on record. That the market should take such q mass of new issues so readily shows a surprising degree of inherent strength. It shows also that the in vestment capacity of the market is greater than had been expected IL is known that the increased cost of living had materially affected the say ing power of the country hence the readiness with which these new is sues have been taken. although not entirely absorbed. is surprising and gratifying. These issues. moreover, are the best evidence of renewed con fidence They show that our big in- dustrial leaders believe in the future, and they mean big expenditures of materials and labor
 The money situation is satisfactory. Funds are plentiful at moderate rates. Bank reserves are rising, temporarily at least, and important amounts of l foreign loans have been repaid the effect of which is to release such funds for use at home Our foreign commerce is in excellent condition. i The exports for March being $205,- ! 100000 which is 25 per cent in excess of a year ago. when they were at high record figures. Cotton was the most important factor in these in creased exports. the largeness in quan- tity making mp for the lower price i compared to that of q year ago, Our ! imports during the same month were 1 $156, 6,000, 900, leaving an excess of eX- 1 ports for the month amounting to 1 $49 ,000, ,000 These are very encOur- aging returns and show a further 1 strengthening of our credit abroad. | The iron trade continues very ac- 1 tive In spite of increased capacity, nearly all plants are fully occupied. 1 Prices have been low. but are ad- | vancing, and the net results to the | steel industry are sure to be more
 gratifying than for many months past. 1 This industry appears to be compara- | lively free of labor troubles, mainly for the reason upon the whole labor
 IS well tltdltl DN llS tlill1ipN t'l .. M tlt of the proceeds of new security issues will find it's way into the steel in- dustry
 From q speculative standpoint the stock market will bear watching, and purchases for the rise should be con ductcd with increasing caution. No real test has been applied to the new level, and until this has happened
 the market may be subject to sharr realizations and reactions. In the ab-
 sence of any important developments l we are entitled to good trading market. for prices are now more sen
 sitive than usual to good or bad news l Conditions are favorable to better
 prices if crop and political develop
 mcntS continue satisfactory, and fl
 the engineers strike is averted. Gen
 eral business is fairly active and con-
 fidence appears to be steadily grow
 ing. There has been some danger Ot an Overrapid growth of optimism anC
 the outbreak of an excessive specula
 tive spirit. This however has beer
 restrained and there is reason fOl
 taking a moderate hopeful view of the
 future We have turned the corner
 but a steady forward movement is preferable to any optimistic rush.