The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-01-01
SEES PROSPERITY
FOR COMING YEAR
sHoTWELL POINTS TO RECORD
DIVIDENDS PAID BY COR
PORATIONS IN 1911.


NEW YORK -3i.-iHyestafs
have been more concerned during the
past year with the doings of poii-
tic!ans and the courts than with the
earnings OF corporations. Prices have
moved violently both down and up
with but little regard actual values.
Unnecessary alarm was created by at
lacks on capital. for events have
proved these attacks TO have been
largely for political =atf Asaa;.4=,=-=-
AT times during the year II looked
as though earnings would be reduced
material sy3-bat while there have bee \,
reductions here and there, the record
OF dividend payments is the greatest
in the history Of the country. few
corporations have reduced dividends.
but these reductions are sriaif COM
pared with the number of new divi-
dends and increases. The January
dividend and interest disbursements
will break all previous records.
The new- yeaHstaFts In with cheap
money and with confidence growing
rapidly. II Is the opinion of the most
conservative authorities that the crisis
of this particular busineSs revolution
has been passed and that material
Improvement must be expected--tts
1912 Ii the weather is suitable for
good crops. Every other influence has
been weighed in advance and dis
counted.
+- The weather. thus far, is all that
could be desired. There have been
abundant rains and unusually heavy
SHOWS In the agricultural districts.
But II In the year that astronomers
have fixed for the occurrence of
huge sun spots and some authorities
believe that the year in which these
spots occur are sure to be hotter and
dryer than other years. Thus the
weather map promis.x to be the most
popular STOCK market indicator or
the year.
Loss OF crops In 1911 was severe.
This loss justifies more than half OF
the sharp decline In prices that
brought Wall Street TO the verge OF
panic in September. The crop loss
made possible successful --Eaids by
multi-millionaire operators who were
In close touch with Washington
politicians and with the big corpora
tons These raids were also helped
bf runndrs 5of. war In Eurepe.
Actual declaration OF war between
Turkey and Italy. together with the
subsequent speeches OF the British
and German prime ministers regard
ing Morocco, proved that this war
talk was not idle gossip. The revo-
luton In Mexico injured American
Investments to considerable extent
and the xnxernmEnt- -tha-ea,,s4tFs,
10 not yet sufficiently stable to Justify
confidence.
/, Influences that disturbed business
and drove capital into hiding are
/, well understood by this time. To-
ward the end Of the year there was
70 revival OF business bulk. bat not
much revival In the matter Of 1rofits.
The small profits discouraged enter
prises and many millions we're left
idle in tho banks or went to Europe
to seek higher income. Some authors
tiles estimate the amount loaned to
Europe BY United States capitalists In
he'll 20 high a. 100000. 900. A. the
balance OF trade was heavily in favor
,of the United States, this money II q
genuine loan. In this connection II
II interesting to observe that the
worlds gold output for the year broke
all records, reaching the vast total
nj s4e6, 100000. This 10 5000, 0D0, eet
more than the output Of 1901, the
year the steel Trust was formed.
But the vast volume Of gold and
bank deposits accumulated In Amer
lea u as nothing to the volume Of
credit lying IDLE. The country 10 on
. cash basis and holds IN reserve
cash and credit enough to finance q
business revival such an the worlA
has never seem Money rates are 30
low - tn make prtees Of securities
look, relatively cheap and the down
ward swing In tho stoek marksk that
aAAma To b In prQxras viii II fakAA
adxaatAgo nf hy tENoGfofn Yho Ho-