Arizona republican., 1912-02-21
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, pCCld COTFCSpOUutHtt
 NEW YORK. Feb r, 1912- Among the signs of betterment this week was the announcement of about S60. .OOO. 900 new bonds and short term notes hy five of the leading railroad . systems chiefly those in the west. Considering that other issues are eX- pected to shortly follow. this move | ment must be favorably interpreted ! on the ground that it shows at least a partial revival of confidence among banking circles No such financing as this would be attempted unless olr leading financiers were convinced that conditions are improving. The absolute necessities of the railroads of course. had much to do with thes" offerings. Repairs and improvements ! in both equipment and plant could not i longer be deferred. and the fact that ; there is an abundance of capital awaiting investment when terms are | satisfactory induced the roads to oi- 1 fer better terms than usual. Never i theless these offerings would have been deferred still longer had not conditions been regarded as favorable to the issue. Some of the bonds put out will pay per cent to per cent. I These are rather stiff rates for rail- roads to pay for the use of money. There is no doubt that these new ls- sues will be promptly absorbed by IT. nancial institutions and large buyers of investments Railroad necessities are not confined to the companies which have just made their bid for new capital. but extend tO railroads in general because of the prolonged , period of retrenchment which has been necessary; hence the eXpecta- ton of further issues, which should . find d better market abroad in view of diminished financial strain
 The effects of finding employment for so large an amount of idle capital cannot but be beneficial The bulk of this money will go into new eX- penditures. stimulating many indus , tries. particularly the steeel and klnd-
 dred trades. Very soon spring VII : be at hand and outdoor work resumed < uDon an active scale. In all probable u itv railroad earnings for Decembel land January if not February VII !, make unfavorable comparisons. traffic
 Saving been considerably interrupted
 
 > ever. means an accumulation of frelgh and larger earnings later on, so una s no uneasiness need be felt if curren
 returns are somewhat unsatisfactory Another favorable consideration that over large tracts of country LII ! severe winter has been beneflclal | ! the soil. heavy rains or snows haVln { insured a thorough soaking. Wlth LII ] resumption of activities after an au { normal winter, it is only reaSonapl ! to anticipate a more hopeful 1eeiih ! in business circles. something whIc ! our big banking interests are llkel { to encourage, if for no other reaso { than to aid in finding market 1' ] their new issues.
 In other directions there are ai' } signs of improvement. The home p' Iitica1 situation is much less threa oninq Extreme radicalsm is abatli ( under persistent rebuke, and real - zation of it's injurious effect up' >.. business. As long as it contlnu { business men are sure to postpol rew enterprises This means sla
 trade diminished employment and increase in the unemployed. rms something which labor does not D
 $ ways realize when listening to | appeals of radicals who simpiyl WI ~ to win votes by playing upon cla . prejudice It is true the polilicdi S
 nation is by no means clear ana
 must remain exposed to unpieasa
 surprises at least until after the C"
 ventions. When these are out or
 way it will be more possible to dr'
 conclusions as to the final outcoi
 of the Presidential campaign. NO
 portant tariff legislation seems pro
 able. particularly since the democr' . arc not likely to offer any plI u President Taft will sign.
 still Another favorable developm'
 having strong bearing upon
 market indirectly is the better uhu
 standing developing between Ensla
 and Germany. The latter IS hlSl > significant from an lnternatlo standpoint It not only removes