The Richmond palladium and sun-telegram., 1912-06-10

conditions are positively changing for
the better. A more confident under
tone prevails both here and at the in
terror. This new wave of cheerfulness
blows in from the West where unrest
for a long time has been deep seated.
The basis for this change in tone is
three-fold. First. our industrial and
financial leaders seem 10 have decided
by common consent to cut loose from
politics. II is felt that agitation has
brought the worst to the surface, and
that an estimate can be placed upon
the worst that is likely to happen. 1t
is felt also that the high tide of radi-
calism has been reached and that
henceforth more rational and normal
judgment is likely to prevail There is
also less uncertainty as TO what can
didates will be selected as standard
bearers for either party, although
nothing definite has yet been made
public regarding platforms. or course.
lhS PollbiNdi IluStuNAtC
violently during the next few months,
but in spite of. such uncertainties the
worst to be expected is already known,
and the feeling is abroad that no ex-
treme policies are likely to adopted
during the next administration.
A second and more practical reason
for business betterment is continued
INN ~ ha l.
Grain has progressed very satisfactor-
lily for the last three or four weeks.
A big hay crop is practically certain,
and the fruit crop in many sections is
also exceedingly promising. At present
it looks as if the agricultural classes
were going TO have another year of eX-
ceptional prosperity. II this prove true
winter throughout the interior and 4
consequent increase of industrial ac-
tivity; especially after the hand-to
mouth policy which has been pursued
for some months. Continued activity
in the steel trade is also having a
widespread effect. Railroads have been
heavy buyers of many steel products,
and it is now an old story that this in
dustry has been running at nearly full
capacity for the past two or three
months. Prices are steadily hardening
and though there is a temporary lull
in new orders. it is confidently expect
ed that further large amounts of new
business will be soon forthcoming. The
requirements for steel are urgent and
a large proportion of the new capital
being raised by present and prospec-
tive new security issues is sure to find
it's way into the steel industry: and
this means much to general business
in the iron regions. The steel outlook
is certainly brighter than has been
the cast for several years.
The third important element in the
situation is the better labor outlook
In some cases wages have been ad,
vanced where such advances appeared
justified. In other instances the de-
mands of labor have been withdrawn
or modified where it has been found
that such requests were ill-advised and
injurious. In other cases trouble has
been adverted by compromise. Here
and there few occa sional strikes may
be expected, but there has been a de.
cided moderation in the feverish recov.
cry. AS a result both labor and capital
will certainly find more ready employ
ment
On the Stock Exchange these condi-
tions have been reflected by a more
buoyant undertone. The market has
not been active, outside of few spec
ialties, but there is an unmistaka BILE
disposition towards wider operations
A satisfactory feature is the better
tone of the bond market. Investors are
still discriminating in favor of the
higher interest bearing issues, but
there has also been a somewhat better
inquiry for low rate issues by savings
banks, trustees, etc. who are taking
advantage of the attractive offerings
which are being made. The low price
of New York State 4 per cents was a
distinct stimulant to such buying. Con.
sidering the heavy new issues made
since January 1 and the fact that 9th