The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-01
At HIGH RECORDS,
BUT BUSINESS DULL
EVERY CONDITION MAKING FOR
PROSPERITY AND LABOR ~
VERY SCARCE
BANKERS CAUTIOUS
EXPRESS EVERY CONFIDENCE ~
SITUATION, nut ADVISE THEIR
q sT0MER> TO KEEP OFT
or DEBT,
BANKERS CAUTIOUS
Hv 3. c. FORBES,

NEW YORK, Nov. 5o,~-A o0 can
scarce}v lay yoAr finger on one bust
ness nsnre that is not a new higk
record. >But yen VIII hunt Wall
Streets annals for ycaFs without md
ing . deaeler period than We ara nov
passing through,
November has hean q remarkable
naon1a lndusgTia,Iy- Foreign trade
statistics have teen th- greatest IN
oar history. the production OF iron,
copper textiles building materials
railway equipment, etc. has been Of
unprecedented volume, immigration Is
OF food t4de and employers are crying
aloud for additional supplies Of labor
The country is again su-sering from
growing pains. Not only Is the Labor
scarcity acute In Eastern Manufacture
ing eenters, but the railroads are
swamped with the traffic and con-
gestion is severe. The suppl les OF
money available FOR handling trade
are also inadequate at the moment
Confident. But Cautious.
In view Of the caution manifested
by the financial community, and in
face of the impending tariff unsettie-
ment. the confidence of the business
community is most remarkable. The
strongest bankers in the United
States. while optimistic over the lon
ger future, are proceeding very care
fully, and are advising their friends
mot TO 60 neck deep into debt Just
yet These bankers still have one eye
on the Balkans. and another on the
political outlook here.
Moreover, monetary strinrency Is
worldwide. and Ger MY VIII not re
lapse hefere the carly part II 1918 II
Is significant that the market value ot
securities has not improved for some
time: the quotation level Is very near
where Il Was early In this fan. de-
spite all the inspiring things that have
happened industrially since then
railroad earnings ~roday are the- best
ever reported, bank cleartngs ditto.
and the prospects fer enormous Christ
mas trade are extremely bright
December Money Always Dear.
naoAnaher can scarcely fal To- bring
dear money IN ths tinted states, as
well as in Europe. and, after all, the
cost Of money weighs heavily with the
easily obtatnahle, bankers must go
slowly Al home the January LIST diVi-
dend and interest requirements, Will
cal for not far short Of 100000 ooo,
and before this sum can be accumn-
lated by the banks. great many loans
will have to he called.
Meanwhile, the middle West Is using
fornia fruit crop is entauing ship
ments from the East. Then the prin-
cipal railroad companies are placing
huge orders for equipment. for which
payment must he arranged. The coun-
try's record breaking trade also viii
Involve many appiicatior~ for funds,
while at least $500 Gee 900 short term
notes mature during the coming year.
Situation Abroad.
Abroad the demands for eapItui Will
he extraordinarily heavy, The ma
tions which have teen waging war
must needs borrow extensively. AZ
present ii is not easy 10 figure out how
italy, Turkey. the Balkan states.
China. and other borrowers can be
supplied without causing any iHcon-
yeuience. The price cf capital is al
most certain 10 rise all oyer the world,
Meanwhile. London. Berlin, Paris, and
minor foreign centers, are protecting
their resources.
New York has drawn gold from
London and from Berlin. but 1t IL
generally recognized that unfortu-
nate consequences would be precipi-
tated Were this country to forre Eu-
rope To give up any considerable
amount Of the precious metal ~ this
Juncture. Although admittedly New
York has the power 10 take gold
from abroad, II might be- diplomatic
u resist the temptation tn do sa, un-
less financial Europe can see daylight
ahead
Wall street tradltionaIly bases It's
activities on future conditions. II
that be- so, does its staguation now
portend falling off in general bus
mess during the first half Of l9f3"
(ertain very Influential fnanciers are
locking for a period of comparative
auietness early next year They be
IL. x5f. R4..r.
to the front certain irnPortant In
dustFles will be materially affected,
At least temporarily.
Genuine Revision.
ON this occasion the revision j.
not 10 }e "a sham. but is TO be ger Ilae
The CnI1ed states is % have "a corn
petltIve tariff. 70 use C;eoVernur VIII
sen y phrase Competition from be
yoisd the seas ~ something most t
American Industries have not had 10 /
reckon with heretofore, and they May /
net relish the new order Of things /
particularly untQ they know exactly /
how they Will fare al the hands Of the /
tariff reformers
To su'n up, the near outlook Is |
mixed. The settlement Of the Balkan /
trouble would have an Immediate and |
marked effect upon Europe. and would ,
facilitate shir"~rpts cf Whatever goid I
\ the f'rttea States might n@ed fHo
the ether hand. general European
war hap ilv remote re7 ioy"nov
%0Uf9 kfcF everF-+h i-ce 81 tNa p, ~
Tho tfaae be .~ -sr~ornN +
Is Fs.und h-+ r--. t.s.ft .
appetf tn - ras.s'i. f."ir ..a"
re' oo sag I.a '..
~
h8&h &r1s.
NttH ue ta..