The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-03-10
Message a Reminder That New Era
Should Be One of Industrial Peace

their resources which have
| not yet reached their limit, if the pres
| ent attitude OF laobr is taken into con-
| sideration
| That general business continues
vel sustained is still proved by Clear
| ing House returns which las week
showed an increase of more than 5
! DER cent over last year. There has
| been no slackening of consequence in
the steel trade, the production of pig
| iron continuing at record-breaking
rate. In spots there has been slight
! ly lessened demand and consequent
weakness, but the steel trade as a
whole is satisfactory. The same is
| true of the textile industry. Tariff
uncertainties have considera bly, hamp-
cred this line of trade, but coming
revision appears TO have been pretty
well discounted. The head of one of
our largest distributing concerns
states that after another six months
of adjustment profits will be free from
unusual curtailment and net results
will be propOrtionate to sales. One
of our largest manufacturers most
vitality affected by tariff changes, an
nounces that he is prepared for any
contingencies, and that his mills are
entirely sold up for months to come
at present prices. 1t may be taken
for granted, therefore, that the worst
effects OF reduction in the tariff have
already been forestalled, and in any
event the injuries will be a mere trifle
compared with the great mass of in
dustry in the United States.
The money market is the chief point
of uncertainty, especially in view Of
the April settlements which are not
far distant. Trade conditions at the
West are generally sound and salts
factory. The unsettled conditions in
Europe are sure to exert an import
ant effect upon the local money
market. While the Balkan war is
practically over and the funds thus
boarded may soon be released, still
the strain in international relations
is by no means over and the mania
for extravagant military and naval eX-
penditureS puts a tremendous strain
upon the European money markets,
which are already fully occupied in
taking care of unusual trade activity.
In Great Britain business continues at
the maximum. but in Germany, where
credit is badly overstrained, there are
signs of serious reaction induced by
the financial strain following the Bal
kan war. Germany, in fact, is threat
ened with financial crisis, complicat-
ed with international friction and
JealOusies growing out of the war. A
better understanding has bene estab-
lished with England, but Russian and
French relations with Germany are
sustained, and the enormous sums
asked for ornaments threaten financ-
ial stability. The staggering cost of
war, however, should prove one of the
best safeguards of peace.
AS stated a week ago. the market
was entitled to a fair rally, which it
has since had. l now advise caution
on the buying side owing to the pres
ent strained money situation in Ger
many, which is likely to be felt here
more seriously as we approach nearer
to our annual settlement period April
l. The trade and credit situations in
this country are sound. The political
situation is more hopeful, and we
shall have at least one months re-
spite from political shocks, or until
Congress reassembles for special
session. The crop situation is also
favorable as far as developed this
season. On the other hand, the policy
of the new Administration towards
big corporations is still a matter of
uncertainty: 50 too is the dissolution
of the Union Southern Pacific system,
which struck q snag in California and
will be obliged to pass the critical
approval of the new Administration.