New Britain herald., 1915-04-17
has already exerted it's worst effec upon American values.
 Political Attitude Changed.

fOlItICal "A SidHReu.
 By far the most important under lying improvement at home is the changed political attitude toward big business. Radicalism has received severe check in the United States. At one time it consplcuously dis couraged enterprise and interfered with legitimate business, thus proving one of the most prolific sources, of empty dinner pails. President Wilson wisely called halt on these ten dencies, and the result is already beneficial. Had it not been for the war, there is no doubt that this country woudl today have been en- toying a period of marked recupera- ton and prosperity. The next i'm rortant source of improvement, also comparatively silent one, is the working of the new federal reserve system. This is having a helpful effect upon business and credit. opera tions. Our banking system is now upon a sound basis and in a position to meet all emergencies. Funds are plentiful to good borrowers, and if in- terest rates are high, it is not due to home conditions but to forces abroad beyond our control. The United States is now the only free capital market in the world. Foreign nations are coming to us for financial assistance; and considering adverse conditions. the amount of new capital issues in this country is surprisingly large, and demonstrates our healthfu1 recupera- tive abilities. For the satisfactory monetary conditions at home and the confidence thus inspired the new federal reserve system Is very largely responsible.
 Liberal Dividend Returns.
 Another reason for stock market re- covery is the liberal dividend returns cbtainable upon established invest ments at present low prices. There are any number of desirable bonds and high grade stocks that now offer un- usually attractive returns. A further source of encouragement Is the pro- nounced change of public sentiment. Confidence has taken the place of fear Purse strings are being loosened. Hoarding is stopped. Funds accumu- lated through fear, are now being re- leased. Gold imports have been re- sumed. The retail trade in the great department stores in this city has ap- parently turned the corner The steel industry is improving; so is the textile industry. The demand for automo- piles is surprisingly good. The bogie Of foreign liquidation is disappearing, and the conviction that we have fairly arrived at the turning point for the better, is spreading throughout the entire country. Wall street always discounts such movements in advance It is engaged in that operation just now; and, if We exclude the war stocks, which have risen for special reasons, we find that the balance of the market has not, thus far. made any extravagant advance. Both rail- roads and industriaIs (excluding the war group) are still selling consider ably below the pre-war level. There is little doubt that the railroad situa- ton will soon show decided improve nrent As soon as the volume of traffic begins to increase, the effect of the better freight rates will be re- fle cted in earnings; and very soon the crop situation will receive more atten- tion. In this respect the outlook is satisfactory, for the reason that agri- cultural products generally are bring ing profitable prices. The south suf- fcred considerably from the recent de- pression in cotton, but conditions in tl.is respect are gradually rectifying themselves Better prices are being realized for the staple, and the south will probably partly recoup itself through a wider diversifcation of pro- duct.
 The outlook for the market is fer continued activity. Speculation promises to turn to securities hitherto neglected The violent advances of the last few weeks may of course in- >dpce from time to time considerable profit taking, in which event sharp fluctuations may be anticipated, all Of which will tend to create a healthy and more active trading market At this writing the market exhibits sur prising strength.
 HENRY CT I.EyNS