The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1912-04-15
A BUSINESS REVIEW OF THE
PAST WEEK BY HENRY CLEWS

The stock market ran against a
number of unexpected obstacles this
week. The most serious came from a
sudden ductuation in the political bar
ometer at the West, which temporar-
lily chilled bullish enthusiasm. Then
came an unfavorable report on winter
wheat. Then a not entirely satisfac-
tory report of the United States Steel
Corporation because its March state
ment showed a small decline in unfill
ed orders, and then followed the dis
cussion over labor troubles with the
coal miners and railroad engineers.
Along with these difficulties came an
extraordinary outpouring of new Sc
curities, aggregating fully $140,000,000
since April l, which severely tested
the capacity for absorbing new invest
ments. That the market should have
withstood so many adverse conditions
SO we'll must be accepted as good evil
dence of it's inherent strength as we'll
as of a real shift in sentiment from
timidity to confidence.
Notwithstanding these obstacles
there are offsets which must be taken
into consideration. Surprises are al
ways to be expected during a presiden-
tial campaign; and the main reason
for taking more hopeful views, no mat
ter which party wins, is the decline of
radical sentiment and the uprising of
the sober second thought of the people
which will doubtless save the country
from some of the alarming possibili-
ties which existed a few months ago
In all probability there will be an early
adjournment of Congress since both
conventions take place in June, and
the National Legislature will be undis-
posed to give any serious attention to
public business. This means that lit
tie if any new important legislation
will be passed this session; the few
tons being insufficient time for the
Senate to consider any of the serious
measures which might be thrust upon
it. No important action need be eX-
pected on tariff, trusts or any other
of the big issues now in the public
mind This has been essentially a
do-nothing Congress.
AS to the crop report, it is too early
to take the damage to winter wheat
seriously. The injury was unimport-
ant, and there is ample time for recov-
cry or replanting. AS whole crop
conditions remain very encourage
The season is late, but the soil is in
excellent shape and a few days of
warm weather will quickly compensate
for all the known drawbacks.
AS to the steel trade, that is really
in far better condition than for many
months. Production of pig iron and
steel .ingots is surprising all records.
A large number of new orders are com
ing in, and the Steel Corporation is
really working at the biggest produc-
| ton in it's history. The independents
are also working up to nearly the limit
of their capacity Prices have been
very low, but this has stimulated or
ders and leaves the industry in a
stronger position for securing some,
what better prices. There is nothing
discouraging in the steel industry as
| it exists today and the outlook for the
! future is most encouraging.
| So far as trade in general is concern
| opinions expressed in these advices for
several weeks past. Western bankers
and merchants alike look forward to
expansion in business for the reason
that supplies of merchandise are upon
an exceedingly low basis and the con
Stunning powers of the interior continue
unchecked: the inference being thai
among the masses prosperity is vel
sustained. There is no drawback tc
the business outlook except that of pc
litical uncertainty, something which
always exists during presidential cleo
ton and which is always much exag
gerated. Should the nation be favored
with good harvests this year. we arr
sure to see an active revival of bust
ness, which may even run into excess
les, however undesirable they may be
|