Arizona republican., 1912-03-17
| Special CorreSbOHdcHccl

| ISbccidl Correspondence
 NEW YORK. March 9. 1912-Ths improve1 undertone which marked the close of February has been well main tained, in spite of the weakness shown in the first half of the week as d re- suit of profit taking on the It cent rise. So far as the British coal strike is concerned there is strong confidence in an early settlement, which probab- ly accounts for the calmness with which financial London accepts the situation. As to the conditions at home, no strike will begin uLtil April l when the present agrG nent expires. It is hoped that the mex. three weeks will afford abundant tine for SC, ,. clement of some kind, and that the efforts to make political capital out ot the dispute win not succeed.
 While there has been no great fal- ling off in general business, still the volume of trade is below normal and all business concerns are more or less embarrassed by the increased cost of doing business. This is illustrated by the number of industrials which have often made poor reports, and in the case of the railroads it is strkingly emphasized by unsatisfactory net re- turns. Dividends on the latter have been maintained by economies too rig i'd to he continued unless equipment and plant are to be seriously impaired So far as railroad employees as a whole are concerned. they would seem to have little cause for complaint. State ments based upon Interstate Commits sion reports have just been issued showing that railroad employees re- ceived $41 .000.000 more in wages than q year ago. and this in spite of a de- crease of over 30.00O in the number employed. The total wages paid the last fiscal year to railroad employees was $1,005. GOO 900, but the net revenue of the railroads fell off during the same period over $41. 100000. The rail- road situation at the moment is any thing but satisfactory. A rigorous winter has cut down traffic and forced unusual expenses upon the roads not to speak of excessive strain upon rol- ling stock and equipment. Inevitably the roads will soon be compelled to make heavy expenditures for mainten- ance. and much will depend upon the future course of business. Fortunate Q ly. the outlook in this respect is more assuring. There is an accumulation of traffic which must be rushed forward as the winter disappears. Interior conditions are also favorable to a: least a partial resumption of business activity. for the volume of traffic is still below normal Merchants all ov- CT the West report more hopeful feel ing and lisht stocks of goods. SD the outlook Is for larger purchases during the spring. Agricultural prospects are very encouraging From all sections incoming adVices report the soil as in ideal condition owing to favorable combinations of rain, snow and frecz ing. Those in close touch with the sit uation anticipate large crops and in creased production of all agricultural products, which at present high price levels means another profitable year for farmers It is to be hoped that the surplus crops in 1912 will be suffi- ciently large to insure somewhat lower prices in order to bring down the high cost of living and still leave good re- turns to the farmer. arising from larg- CT production. Never before was the country so much in need of good crops as in 1912.
 The monetary outlook is more in favor of steadieI than easier rates. Bank reserves have been declining Spring requirements will soon begin to be felt. It is not impossible that increased commercial activity may CO., incide with q broader and more active stock market. Thus home influences are on the side of steady rates for money. The foreign situation $ equally so. We have already shipped s17.000,000 golJ of which Sf0,0O0. 900 went to Paris. Trade in Europe is active and the great European banks. as a result of last years war scare. apparently consider it good policy to strengthen their resources This is particularly true of Germany. whose banks showed themselves at the time of the Moroccan incident utterly un- able to meet the strain. Our loans abroad are already extensive, and Ger man borrowings at this center have been a feature. These conditions it. lustrate the growing importance of