The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-11
TRADE OUTLOOK
IS ENCOURAGING
Bumper Wheat Crop and Cur
rcncy Reform Make for
Hopciulncss.
SOME VITAL DEVELOPMENTS
Prospect OF Railroads Being Per
mittcd to Advance Freight
Rates.
nN a.. &. IsORHIss.

mcntS OF vital Importance. anu rich
in encouragement can be chronicled
this week:
l. The governments carefully COM
piled report OH winter wheat promises
a harvest OF well over 100000. coo
bushels, a figure never attained in the
past and indicative OF excellent agri-
cultural conditions throughout the
country.
. Congress is TO take UP currency
legislation forthwith. and President
Wilson is bent upon securing effective
legislation before the special session
ends, prospect that, II II becomes
certainty. cannot fail To infuse enthus-
iasm into finance. industry and com
mercc,
Railroads. Position.
3 Little opposition is being thrust
forward TO the Eastern Railroads. plan
10 obtain per cent advance i'll freight
rates.
John Clanin. president of the New
York Chamber of Commerce, and the
largest shipper OF dry goods in Amer
lea. in an Interview with me. declared.
for publication. That he is heartily in
favor Of the modest increase as he 'e-
licvcs II will help not only tho rail
roads hut the whole mercantile COM
mimity and the country in general.
4. Large corporations are taking
cognzancc If the strained state Of The
worlds money markets and arc limit
rs are absolutely necessary.
:. The tariff has passed the Iiouse
and Will certainly not he revised down
ward by the Senate. but may be SO
amended 10 secure for the United
States valuable reciprocal concessions
from foreign nations supplying us with
enormous quantities OF merchandise.
&. The European powers have demon
strated Enthusiastically that they do not
want war.
{. Security markets have given fresh
evidence OF having reached bottom and
the realization OF AGRICULTURAL cur
rency. railroad and tariff hopes could
very easily start quotations on IA strong
upward course.
Minor Influences.
Many minor happenings. however.
have emphasized the need for caution
that has been proclaimed In these
articles, Let us cnumeratc them:
The European scramble for gold
continues. France has paid an alb
normal premium 10 take So, 20 900
gold from New York and threatens
To carry her raid further
The Bank OF England did not lower
Its discount rate despite at least sun
CRITICAL eaeincss In London and the
inference to he drawn is that the ex-
cellently posted governors OF the Eng
lish Bank believe conditions compel
extreme conservatism III view of the
extraordinary public and private de-
mands FOR capital that are overhang-
Ing.
our own country banks show no
sign OF applying tho brake to loan
expansion, Notwithstanding continual
weakening of their cash reserve.
The distribution of millions Of
Treasury dollars Will foster This in
hat'on OF credit and. OF course. tend
TO render the government mpotent
to stem trouble should any arise be-
fore the new currency system can be
put in force. This last consideration
is serious when it IS recalled how
necessary II has been in the past to
have last line of defense when crisis
arose.
Union Pncinc Dissolution.
The problem OF dissolving the Har.
iiman railroad system is farther from
instead OF nearer settlement. yet the
courts have refused an extension OF
time beyond Jult
That the sfeG,tOd.oOo Southern Pa
chic stock owned by Union Pacinc
could not be sold hastily without cnus.
ing a stock market panic should he
clear even 10 those who pride them
selves upon their unfamiliarity with
wall street" Either another hank,
ing syndicate or a receiver would
seem TO bc inevitable
The task OF drawing up a scheme
q h. -
fornia railroad comniss;o,, a ~
Stockholders has sn f,r 1891, anu ~ me
sihln arh 49,, oNtu iiN'os-
man o., enr,,,,, ''V "pS'"' VIII be no
rio f,ic,io, 49,,
widcspread n,tcm,io ,"p"Ii mas engaged
,nanjfns,t, 't,l..oh' .neasiness is
NM ~ ",a'i am polltical circles.
calm connGnn, ,,,.,, remains
ZION vim Ia ,i pe"ceiul soiu-
s,,,,,,
There ~. ,'a, :" nrh' estate.
values in yor;a,, a.t'ilp IN real estate
and aIthonrh ,i,n ,t'to Ui Ne" fork'
nuhlicl, d;sn,s, 49, mas not been
tr,Ist co,r,,n,,,n "a. run is that
other holders ~ ,mar,,, p"hKs ana
come acutely Inoas, nave be-
I'nniaoe,r, Ga,.iI'
.ri,artJe6 .,aatr,, ,',pi1i's are being
the Situation ma ~, PossIpIe' and
troll. THAT there viii ha ".'Icr con
ing off IN ,n,itai,,, " i"nlcai tail-
ever. js iueyi;stIaH 'Pe'"''ohS' now
General r,sG,
l.. ox,,a', - sPo'lE' as was to
~