New Britain herald., 1914-04-04
CROP OUTLOOK PROVES
 VERY SATISFACTORY
Henry CleWS Declares Railroad Stu-
 alton Most Important Factor.
Especial to the Herald.)

Especial to the Herald.)
 ! New York, April 15.-The stock market stands up we'll considering ad- verse conditions. These are briefly embraced in dull and unsatisfac- tory condition of business; in the illiberal attitude of the interstate commerce commission towards the railroads, and in the disquieting NICK ican situation. UnQuestiOnably tne railroad outlook is by far the most important factor. Perhaps one of the best features of the railroad out look is that the worst is in sight. The crisis is already at hand. American railroads have had to make phenome- nal outlays during the past few years to meet growing traffic requirements. Their expenses have been enormously expanded by increased wages, higher costs of materials, increased taxes and all sorts of expensive legislation. Whe;i traffic increased the railroads were able to only partially offset these eX- banded obligations. Since traffic be- gan shrinking net earnings have been steadily declining, and several of the strongest and best established sys- tems in the country reported startling losses in net during the last few months. In spite of such facts the railroads need large amounts of new $ recoup their losses by any advance III Tates. Every other line of business except railroads had the right and used that right to meet increasing costs by raising their charges. Our railroads have not been allowed to capital to give the public much needed facilities. But capital will not enter the railroad field unless terms are sat- isfactory and the conditions suffi- ciently assuring. It is about time that government officials who control the present situation should realize that they are not only inficting use less punishment upon the innocent for deeds that cannot be undone, but are also really depriving the public of necessary facilities by crippling the railroads financially.
 Repeal to Be Effective.
 The repeal of the Panama canal tolls bill at Washington will have q good effect. It unquestionably satis- ftes the country's desire to maintain it's reputation for national honor. It will also serve to promote more har- monious relations with foreign powers, and will preserve Great Britain's friendliness towards the Monroe Doc trine; friendship that might prove of considerable value in the future. The injury to business from much of the legislation recently contemplated is already foreseen and will probably be prevented. President Wilson is be- Nond, doubt the strongest conservative force in Washington today. Accord ing to his pledge, he is doing his ut most to prevent injury to business. Another hopeful factor in the sit uation is the money market. We are now evidently in for a long period of ease. Trade requirements are re- stricted, and funds are now returning freely both from the interior and from Canada. The monetary situa- tion abroad is also easing very ma- terally, both in London and in Paris. This is encouraging, not only in the stock market but in promoting trade revival. Spring is now at hand. Out door work is being actively resumed, and there is every indication of a ma terial decrease in the number of un- employed; all of which will aid in re- starting the wheels of industry and imparting fresh confidence in the fu- ture. Conditions are such that we can now confidently advise our friends to worry less and hope more. Cheer fitness will be valuabl factor in restoring confidence. Our people have been gazing too persistently at the sordid and pessimistic. Self effort is needed to shake off morbid spirits.
 Better Investment Demand. Thre has been a slightly better in- vestment demand this week owing to the distribution of April dividends, and many high grade stocks are to- day selling at attractive prices. Yet it would be folly to anticipate a very sudden change for the better. Our great corporations, railroads and !n- dustrials, have been placed under an exceptional strain during the last six months and some time will be re- quired to recover the financial losses already suffered. The future will. of course, be largely affected by the crop outlook, which at present is emil nently satisfactory, and in some re- spects ideal. Soil conditions are un- usually high; winter wheat at this somewhat early date promises record results, and planting of other crops is now being rapidly started in all parts of the country. New offerings of securities have been comparatively limited, the total issues for March being about $130,00O,00O, or about $11, 100000 ahead of year ago. Ali other feature of encouragement is that within the next few months the new banking system will be gradual ly brought into use, and the better credit facilities thereby attainable will undoubtedly have stimulating in- fuence. The treasury is now re-. calling portion of the special de- poSits made during a neriod of stri,