Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1912-09-03
HENRY CLEWS'
LETTER

and foreign trade In Germany there |
have on several occasions been signs |
OF over-strain. but timely precautions
prevented trouble and indications are
for a continuance OF activity for some |
time TO come In Great Britain COM
mercial activity has continued on a
record-breaking scale in spite of
threatening social and political
changes. No serious check has thus
far developed, and Great Britain is
looking forward to another season Of
profitable activity in its widely scat
tered enterprises. France is begin
ming to recover from the setback Undue
/ cd by political radicalism. Increased
commercial activity is not confined TO
Europe. 1t extends into Asia and In
dia. In fact, the present boom-for 1t
| is nothing less-is worldwide, being
one of those great forward movements
which come at regular periods, and
which are always stimulated by prog
ress of invention and the development
of means Of communication.
For the past year or two the United
States has hardly kept pace with the
march of world events. For this our
politicians and would-be statesmen
must be held largely responsible. The
reckless and indiscriminating attacks
upon all forms of consolidated capital,
promoted more by the spirit OF envy
and malice or a desire for political no
toriety than by a genuine wish to re-
form obvious abuses, have been main
" rn% 81, t. Of
merCial progress in the United States.
Happily there are signs of the abate-
ment of this misguided and unfortun-
ate movement, although the end should
not be too confidently expected until
the character and policy Of the next
congress is more fully determined. OF
one thing, however, the country is ter
IDLY weary, and that is the making of
, great business interests the football
|, of politics. This is quite as injurious
/ to the average voter and the average
; labOrer as to the owner of capital, as
Will soon be more apparent if attacks
for political purposes are not made
with better discretion. We have had
t enough of neurotic politicians, and it
, is time that Washington became the
seat of sane and sensible legislation
Instead of sensational politics.
At last the United States appears
: about ready TO take its share of the
worlds commercial activity. One great
offset TO political disturbance is the
unusually bountiful harvest now prac.
ticaly assured. This is the best diver
sion from politics that could have hap
pened In all parts of the country
y merchants are preparing for active
= business this autumn. Factories are al.
ready filed with orders 10 supply an
Y ti"ipated demands. The steel industry
0 shows greater activity than ever, and
0 is running close to full capacity at
good prices with a big volume Of or.
dors still in sight. The demand comes
!. chiefly from railroads and new build
ing enterprises. Railroads are sure to
be heavy buyers for a long period
ahead, simply to satisfy imperative
}. demands fo- better equipment and bet
" ter facilities at terminal points. This
y condition also will compel the rail
roads to make large additional capita
}. applications during the next few
0 months. How they will succeed. con
sidCring the high rates which new cap
ital now demands, remains TO be seen
The reports of big crops and thei
increased money values are already
, familiar. Conditions in consequence
are ripening for a period of very &C
tive business in the United States
, There is no reason, except politics
> why 1913 should not prove a record
3 breaking year. AS an additional indi
; cation of improvement, clearing hous
} returns last week were IA per cen
D., ahead Of year ago. a surprisingl!
= large increase, considering the small
2 volume of speculative transactions
8 The gains were well distributed owe
all sections of the country, though
= most pronounced in the great north
5 west Another very satisfactory proc
2 of Improvement is the increase in cur
q, rent railroad earnings, both gross AM
net. Railroad managers are anticipat
% ing a car famine owing to the hi
Is crops. Such evidences of a reviva
= are certain TO restore confidence AM
- TO stiil further stimulate activity
9 Thus far these conditions have Oecl
only slightly reflected in the s.nCI
market. Prices have shown = stead
= ly hardening tendency, and have es
% tablished a very fair advance sine
4 early summer The spirit of activit
- however, is still dormant and this AT
sence of response is not difficult T.
explain. This is the usual period 0
9 summer quiet, partly owing to vaca
a, ton absentees. There is still a iarg
degree OF dissatisfaction with the rail
II road situation. II is taken for granite,
that some concessions will be mad
TO the demands OF the engineers
which will, OF course, be followed b.
demands from other railroad EN-
ployes. Should the interstate com
merce commission refuse 10 allow tn
railroads 10 compensate themselve
by increased rates, the position o
the railroads will become still NOR
disconcerting, especially in view o
the undOubted necessity for raisin
large amounts of new capital
This week the tendency toward az
k. tivity was augmented by the holiday
f.ud nv "a irrI5--rfCr