Arizona republican., 1912-03-02

country the injurious effects of short
 crops are being felt. and farmers are
 not meeting their obligations as promptly as usual These drawbacks, however. are local and confined main- ly to districts tributary to the Mis- souri river where the harvest was least satisfactory. Advices from the interior show that business conditions are exceptionally sound owing to the conservative policy which has pre-
 vailed for over a year. The land ! speculation which at one time ap-
 peared so threatening has been sharp i ly curtailed. and liquidation has been 1 made easy by the profitable prices generally obtained for farm products. | For this reason there is much less
 anxiety than usual concerning the an 1 nual settlements made about March
 and April l. It is now believed l that obligations will be met without i difficulty, except in few isolated spots Advices concerning the crop | situation are very encouraging. Ow- 1 ing to the heavy precipitation of rain ] or snow during the winter the sub | soil has had a thorough soaking. and l all the conditions are favorable for a good start This appears to be true | in nearly all sections of the country | The importance of good harvests in 1912 cannot be over-estimated. since large yields would do much toward | lowering the cost of food and thus 1 alleviating popular discontent.
 In financial circles better under tone is reflected by the increasing confidence with which new issues are
 being put forth. Some of these is- sues paying liberal returns have been absorbed with surprising avidity. proving that there is abundance of capital seeking investment when safe ty and profit are sufficiently satis- l factory to buyers. The only draw ] back to this feature of the situation is its effect upon high priced secur 1 ities. which at present figures. are yielding only small returns. The temptation is for investors to part
 with such holdings and transfer them
 to newer issues paying better re- turns
 Money rates continue easy and are likely 10 remain so until the demand from the interior revives, or unless | the European demand becomes more pronounced. Gold shipments have been
 made to South America on European account and German borrowings in this market have been renewed on considerable scale owing tO the easy conditions at this center. So far as foreign influences are concerned they are generally of a favorable nature | Our foreign trade is exceedingly sat isfactory. both in volums and direc | tions Our credit balance abroad is still very heavy. Trade in Europe continues very active, particularly in England. Germany and France, and this fact operates in our favor. In all of these countries there is d brisk | demand for capital. International po litical relations are much less strain | ed and the only cloud upon the hor- izon at present is the prospect of ! severe struggle in the British coal | trade. The outcome of that dispute | is watched with interest on this side | Of the Atlantic, because of its pos sible influence upon our own coal l situation. We, too. are threatened with coal strike of serious dimen- | sions in April, the effect of which would hardly be favorable upon the | security markets. Some plan should be divised to prevent these industrial | conflicts. They are not merely dis tUrbance to business, but they are q | menace to our political institutions
 and threaten our entire social system. | That any one class in society should | at will be able to injure and threaten
 all other classes is illogical and un-
 sound The disinterested parties often
 suffer much more severely than those l immediately interested. This was the
 case in the recent British railway
 strike, when thousands of poor people
 were deprived of food. when the
 health of the community was gravely
 threatened when hospitals were un- | able to take care of their sick, and ! when whole districts were thrown into d state bordering upon anarchy. Such spectacles are a disgrace to
 modern civilization. They are crimes | against society and should not be tol-
 erated. Some restraint should be inn posed upon such movements; and req
 son and justice should take the place of radicalism and force. Doubtless | there are wrongs to be righted, but ! social warfare is not the true method | Industrial peace is even more neces-
 sary than international peace.
 There are signs that the people are tired of radicalism. The country does
 not want revolutionary proposals, but
 prefers gradual progress. Already the
 political outlook is beginning to clear
 end is being reflected in more con | fident undertone in financial circles
 | With easy money, sounder trade con ditions good crop prospects, saner po- litical conditions. better international relations and good foreign trade, there ] is little room for further pessimism regarding the stock market. Condi tions are ripening for fresh forward movement when the market leaders , find that such is opportune. Perhaps this may be delayed until spring as serts its stimulating influence or un- til the return of absentees from theil winter vacations, but in any event there are substantial reasons foi greater confidence regarding the more distant future.