The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-03-10
BY HENRY ClEWS.


NEW YORK, MARCH 10.-"We shall
restore. not Destroy These were the
significant words of President Wilson
in his inaugural address-one of the
most inspiring messages ever deliver
ed by Chief Magistrate of the United
States. Mr.. Wilson, of course, merely
stated his personal aims as President.
He did not expect to carry them to
completion; nor did he undertake TO
tell us how that might be done. Their
fulfllment will depend chiefly upon
Congress, which is supposed to make
laws for the public welfare and in
obedience to public opinion; hence his
ringing call upon ''all honest men. all
patriotic, all forward-looking melt TO
counsel and support him throughout
his Administration Mr. Wilson has
offered with few exceptions a splendid
program conceived in an admirable
spirit of temperatures liberation and
justice. His message was a welcome
surprise to business men, who began
to believe that prosecution for evils
they could not help had degenerated
not even create. To all reasoning and
falr-mlnded people the message was
reminder that the new era into
which we have already entered ought
to be an era of industrial peace and
justice. Of course there was much
that is purely idealistic in the mes
sage, but that was appropriate to the
occasion, and we must not expect too
much at once from the new Admins
tratiOn, because as yet. it is lacking
i'll political and executive experience.
Mr.. Wilson has many very hostile ele-
ments against which to contend-even
in his own party; also strong radical
element which aims to upset and tear
down rather than readjust or restore;
although, as he himself intimates, our
economic system must be dealt with
step by step" 1t is assuring, there
fore, to know that we have at the
Nations head a man of lofty purpose
and strong will; quite capable of TAX
ing advice and using discretion in
the development of progressive ideas.
The stock market was agreeably
surprised by the inaugural address,
which created decidedly better senti-
ment regarding values generally.
Technically the market was in good
position for a rally. Prices were very
low, having dropped Is to 25 points
during the last four months, and many
good securities were selling upon an
attractive investment basis Not a
few good railroad prop critics were
u,hi G
per cent, and some of the better
classes of industrials yield still high
er returns at current prices. Liquida-
ton, moreover had thoroughly elimi-
mated weak spots, and no one pre-
tends that there has been any over
speculation on the New York Stock
Exchange for months past The re-
ports Of current earnings have been
encouraging, both railroads and indus
trials. Pennsylvania annual report
showed an increase of 100000 in
gross earnings, accompanied by an
increase of $13 100000, in expenses.
chiefly due to the rise in wages. New
York Central issued it's annual report,
which showed an increase of $780,
600 in gross earnings, but an increase
OF S5,6OO.0OO in expenses-also largely
due to wage increases Railroad re-
ports for February also show contin-
ued large traffic, although it must be
noted that the gains in revenue are
being almost entirely absorbed by
labor, little or no increase accruing to
stockholders. If any sense of Justice
is to prevail with the Interstate Com
merce Commission it is difficult to
see how they can persistently refuse
permission to tn railroads to advance
rates for these heavy demands upon