New-York tribune., 1912-04-29

and Industry as a whole cvlnced re
markable positlon OF buoyancy and con-
fdence.
II Is evidently the routine distributor
connected with this period Of enthusiasm
that is the most effective basis oi tue
present active movement. But II IS oo-
yious that. to some extent AZ least, the
start was Il somewhat premature on
and was based upon the assumption
that the way was virtually "leur ior nc
tuopposcd denomination of President
Taft at the Chicago convention ana Ms
reelection IN November on platform
containing the constructive business
Uolicics outlined in his recent addresses.
The spectacular entrance of C"lohel
Roosevelt as = factor in ,hc political
situation at the Illinois primaries ana
the strength he has subsequently shown
in other states have not unnaturally
again clouded thc political position ana
have in turn encouraged a spirit OF eau
tun In business circles which Is not UNI
likely 10 last until the candidates and
issues of the coming campaign are more
clearly defined and the prospects of the
result at the polls in November can in
some degree be anticipated.
crop accounts thus far are rather dis
appointing, especially in the soft winter
wheat sections. where the unfavorablc
condition of the soil in tie autumn pre-
vented a large acreage Of the plant from
obtaining sufficient root hold to enable
il to withstand the rigors Of the winter.
This acreage Is, of course, being
ploughed up and replanted with corn
and oats, and is more Of a disappont-
ment than final loss. Cotton planting
has been delayed by the floods in tho
lowlands and by damp and unfavUrable
weather generally. Prices in the grain
markets have further advanced, and for
cotton have been we'll maintained.
ON The stock market the speculative
movement, having been relieved from the
acute repression of tho distressing ocean
tragedy. has made further substantial
Improvement. The agreement on basis
of settlement of the coal controversy
in the anthracite fields has been made
the basis for sharp upward movement
in the coal stocks. and the general mar
ket, in fact, has been aided by the
fortunate circumstances under which a
strike Of the railroad engineers in East
ern territory las been avoided. 1t was
not alone the avoidance Of labor
troubles that was considered favorable
feature in this agreement. It was rather
tho implication that if as a result Of
government mediation the railroads We're
induced against their own best judg-
men 10 advance wages then there would
he some degree of obligation on tho part
of the government to permit sufficient
advance In charges for the transporta-
tion of merchandise 10 provide for the
increase in wages.
London has recently been paying of
some of its American balances. and the
weakness in sterling exchange has re-
nected the trend OF funds from London
TO New York. This may. however, he
more or less a feature that is antCipat-
ing the sale abroad OF a part Of the
new issue OF s65.0O0000 in new New
York city stock, which is 10 be offered
for general subscription on May I. Our
foreign balances have also been reduced
in some measure by sales of American
securities. but they still constitute an
| important second reserve that could
be readily called home in the event Of
interest rates on this side justifyIns the
| transfer