The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1912-07-01
A BUSINESS REVIEW OF THE
PAST WEEK BY HENRY CLEWS

NEW YORK, July 1.-The result of
recent Republican convention was a
decided setback to extreme radicalism,
and the Democratic convention has
acted likewise. 1t does not mean that
as between conservatism and progress
sivism the latter has been defeated.
On the contrary, it means that not
few of the reforms desired by the
people are shortly to be granted by
one party or the other, since each
party has striking features of resem-
blance and each is outbidding the
other in the race to catch votes. If
the conventions held within the last
two weeks mean anything, they mean
that reforms are to come by evolu-
ton and not by revolution. Political
! leaders recognize that important
changes are coming; changes that will
benefit the masses and consequently
nize that these changes should be
made gradually; that sudden or vio-
lent disruption of established instltu-
lions and methods would throw our in
dustrial system into chaos to the in
jury of all and the benefit of none.
Happily the two conventions have
materially cleared the political atmos-
phere. While the actual results of
the election can not yet be foretold
with certainty, the encouraging fact
remains that extreme radicalism has
received conspicuous check in both
parties, and that the sober second
thought of the American people is
averse to what would appear to be
revolutionary proposals. An important
danger has thus been removed from
business calculations. Those at the
head of industrial and commercial af-
fairs will be able to formulate plans
for the future with renewed conf
dence, and as result we may ex-
pect a steady improvement in business
I from now on, unless there should be
an unexpected disaster to the crops.
During the last two or three weeks
the crops have been making steady
and satisfactory progress and the July
reports on condition should show bet
ter averages in all the principal crops.
Wheat harvesting has begun, and the
results are proving much better than
anticipated. The government report
on cotton acreage will be awaited with
much interest in view of wide differ
ences of opinion. The condition of
cotton, however, is satisfactory and
the outlook is for another large crop
at profitable prices. In all parts of
the country the agricultural interests
are prosperous and the Importance OF
this can not be over-estimated as a
! factor in coming business improve
ment. The only doubtful factor of
Importance is the corn crop, which is
fully two weeks late, making it partic
| ularly liable to early frost. But a
week or so of hot weather in July or
August would quickly overcome this
drawback
There has been some slackening in
| the steel industry owing to the rail
roads having satisfied their immediate
requirements for equipment and other
material. The lull, however, is likely
to be only temporary and confidence
in the future is expressed by the adj
vance of 81 per ton in steel prices
made last week. The position Of cop
per is also significant; for while much
of the rise in that metal has been due
to powerful manipulation, it has never
theless been materially assisted by an
actual increase in consumption. Sew
eral of the copper companies are en-
joying exceptional prosperity owing to
the high price and larger demand for
the metal. In the cotton goods in
dustry there has been a fair degree
of activity, and the outlook in the dry
goods trade in general is promising.
Distributors aare beginning to stock
up more freely in anticipation Of a
more profitable season than a year
ago. Current railroad earnings show
continued improvement; Atchison and
one or two other important lines be-
ing conspicuous examples in this re-
spect.
The local money market is fairly
easy and likely to so continue until
crop demands begin Larger offerings
of commercial paper are reported, al
so a better inquiry for time money.
old exports were renewed last week,
another $500, 100000 being shipped to
Paris. The presumption is that this
gold was sent abroad as a maens of
indirect assistance to Berlin. The
strain at the latter point has been
somewhat intense, but late advices in