The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-07-12
Clews Sees Bright Future

New York. July 1.-THE happen
ings OF the week have upon the whole
been of favorable character. The
most encouraging development was the
July crop report OF the Department OF
Agriculture. This report indicates a
crop of fully 93o.ooo0o0 bushels OF
wheat. against $50. 900 bushels A
year ago: a crop of ASS. 600, 900 bushels
OF corn, as against e,i4s.ooo. 600 bushels
a year ago; crop OF oats OF LOO
100000 bushels, compared with l.iao-
100000 bushels a year ago. The es,i-
mated farm value of the wheat crop
Is placed at $780, 900. corn over
oo.000.o0o, and oats over sioo.-
100000. These amounts. OF course.
represent only a portion OF tho total
agricultural products or the country.
which this year are expected to reach
value of fully $4,000, ooo, 900
The creation OF so large an amount
OF new wealth must inevitably have A
stimulating effect upon general bust
ness. This fact la particularly realized
IN inc western or agricultural States,
where the feeling is universally opti-
nistic. Western railroads are busilv
preparing to handle the vast traffic
which this will create; and there Is al
ready pleasing diminution in the
number OF idle cars, which decreased
more than 10000 during the month OF
June. There remains a heavy surplus
OF idle equipment amounting TO 200.
900 cars. but this will probably he
materially reduced within the next few
weeks. There Is also some improve
rnent in the steel trade. resulting from
frecr placing of orders for rolling
STOCK although that industry Is stiil
In very depressed condition. In the
building trade there is partial re-
sumption Of activity following IN late
acute reaction. The June record OF
failures shows "a decrease in number.
and there would have been sat!sfac-
tory reduction OF the liabilities had II
not been for the Clanin failure which
Is Sun an adverse element in the dry
goods situation.
The Mexican problem is rapidly dis
appearing Is a stock market influence:
the probability Of American interven-
ton having almost reached the van
fishing point. Hucrta is evidently
weary OF playing losing game: and
X all reports be true. the prospects
are for carly peace In that unhappy
country. Conditions in Northern Mex
leo are much more settled and IL is
Significant that the American Smelling
and Refining Company Is about TO
open its plant In that section This
market has not yet adequately re-
sponded to our escape from the Mexi-
can danger. Should a satisfactory set
Element follow the present peace ef-
forts. a highly important era of recon
struction and new development will
ensue In Mexico. This will afford re-
lief where financial strain has been
greatest. and In due season there will
undoubtedly he rush of new enter.
prises for development OF the vast and
rich resources of that portion OF this
continent.
One OF the most encouraging de-
Velopments OF the week WAS the frank
change of attitude by President Wilson
toward big business. The Presidents
courageous announcement OF his belief
that tho vast majority of men con-
nected with what we have come to cal,
big business are honest. incorruptible
ana patriotic" is welcome acknowl-
edgment OF what every sane. intcllI-
gent and fair minded business man
knows to be true. There are rogues
In every profession. and big business
has not been free OF it's misdeeds and
unsound policies. The silly assump-
ton. however. that every successful
business man is a "malcfactor" an as
sumption which has been very popular
with certain class of people, has
done great harm to the country; and
MT wilson las performed n distinct
national service by contradicting this
popular obsession. Thus far the stock
market has been slow to respond TO
these favorable influences. The dis
position appears to be TO hold the de-
lay OF the Interstate Commerce Com
mission responsible. Unquestionably
that is All important factor. but It's i'm
portance Is probably overestimated
II is doubtful II the commission will
grant the full request OF the railroads
a compromised verdict lis most likely.
This would not be very powerful
stimulant to the railroads. The lat
ter in all probability will benefit much
more from big crops and business i'm
provement than from any concession
which they are likely to obtain from
the commission, while the effect from
moderately favorable decision would
be quickly over; nevertheless, our
railroad managers would undoubtedly
feel better could they be assured OF
more judicial attitude on the part
OF the commissioners toward the
transportation interests of this coun-
try.
The main reason for stock market
inertia has been lack of confidence.
and this lack Of confidence must be
primarily attributed to the Industrial
and financial reaction which started
with the Balkan War. and has spread
over the entire world. This is the
prime cause OF present conditions
which our politicians have aggravated
rather than softened. The world wide