Richmond Palladium (Daily), Volume 39, Number 162, 19 May 1914 — Page 16

PAGE SIXTEEN

THE RICHMOND PALLADIUM AND SUN-TELEGRAM, TUESDAY, MAY 19,

Henry Clews' Letter

NEW YORK, May 19. The developments of the week as a whole have been favorable. Notwithstanding familiar discouragements and pessimistic habits to which many are weakly submitting, there are several very important and fundamental reasons for taking a more confident view of the future. The crop outlook is more encouraging than for many years; and even if some setback should occur, as is not improbable, the margin of advantage is so great as to still afford splendid promise. This is especially true of wheat, and the corn outlook is also excellent and promises a liberal increase in acreage. Moreover, the fruit outlook is satisfactory, and indications point to a fair increase in the acreage of cotton. May has been a cold month in all parts of the country; consequently some crops are rather backward, but a few days oi warm weather would quickly recover all loss ground from this cause. Another satisfactory element is the general soundness of business conditions. Persistent liquidation has weeded out nearly all weak spots. There is little over-trading or over-expansion in any direction. For some time past business has been conducted on a hand-to-mouth and bedrock basis. Commodity prices have shown a very

considerable decline. There are no over supplies of desirable merchandise and basic conditions generally are exceptionally sound. The situation is positively ripe for a fresh forward movement in trade and industry as soon as confidence is restored. Confidence is the chief element lacking. Still another favorable element is the giowing impression that before very long some concessions will be made to the railroads in the matter of rates. These concessions will probably be kept down to the minimum, but a genuine disposition to deal justly by the railroads would undoubtedly hate a more favorable effect than the mere concessions in rates. An improvement in business would also be more beneficial to the road.s than any increases they are likely to secure in the matter of freight charges. It is unfortunate that the disclosures regarding New Haven should have been made at this time. Such misdeeds as those charged invariably bring retribution at one time or another; but justice and not vengeance should be the spirit in which the Government deals with all interests; and punishment for such misdeeds should ba visited upon those who committed proved crimes rather than upon innocent stockholders who have already suffered severely for the bad judgment if not wrongdoing of others. There is more or less talk of an early adjournment of Congress, some dates being named as early as the middle of July. Such new? is almost too good to be true; and if the present anti-trust campaign, the canal problem, the Mexican question and i he annual appropriations are to be settled in that time legislation will have to proceed at breakneck speed. There is still reason to fear that Congress will hist well into, if not throughout, the coming summer. Indications point to prolonged ease in money, at least until the crop demands begin next autumn. Dull business is, of course, the explanation of this condition. Considerable gold exports are anticipated. Yet there is no expectation that these will have any important effect upon the local monetary situation, for this country has plenty of gold to spare for meeting Europe's needs, the effect of which indirectly will be beneficial to ourselves. The gold movement will be somewhat, facilitated by the course of

foreign exchange. Imports are Increasing under the new tariff schedules, and this will tend to diminish our customary excess. So that apart from European necessities, we would be apt to send gold at this time, especially as money commands better rates in Europe than here. This market has had to contend during the past week against an unfavorable European situation. The financial strain in Paris and Berlin which first developed with the Balkan war has evidently not yet culminated. Recently it has been aggravated by the losses incurred in Brazilian, South American and Mexican securities, while the growth of the social general depression. On the other hand the Inancial embarrassments In London have been successfully tided over and there is a decidedly more hopeful feeling at that centre. European nations have revived their scramble for gold upon a somewhat unexpected scale. The twelve great banks of Europe now hold nearly $3,000,000,000 of gold, or about $280,000,000 more than a year ago. The causes for this accumulation are not clearly made known, though apparently due to the worldwide prevalence of distrust. The Bank

of England has not as yet reinforced its reserves ot any extent, and may be expected to be more active in the competition for the precious metal. At home the most unsatisfactory feature is the prevailing lack of confidence, due to very familiar political conditions; and the unreasoning if not vindictive antipathy towards business enterprise. This is a state of mind which will have to exhaust itself. Apparently the end is not yet in sight because the distemper is being actively fanned for political reasons. Nevertheless, faith in human nature, sober second thought and average common sense strengthen the belief

that the present spell must soon run its course and that reason and Justice In the end will prevail. Already there are signs of incipient reaction. The local market stood the recent strain well. Many shares are now selling under the low point of November, 1912. It would seem as if the worst had been amply discounted. Should we keep out of trouble with Mexico; should the railroads receive fair play, and should the crops approach anything near their present promise, we

may look for at least a partial revival of confidence and business activity. Already there are symptoms of a coming turn for the better in the iron trade. Nevertheless, prudence is still advisable, particularly until the Mexican situation begins to clear. Our President should have every encouragement in his present policy of keeping out of trouble. HENRY CLEWS.

PREPAREJOR TRIALS Speedway Races Test Out Machines For Grind.

INDIANAPOLIS, May 19. With the next Indianapolis five-hundred-mile race but a few days away, foriy cars

are enrolled to start the contest. Much discussion has been rife as to the manner in which the elimination trials at the speedway will be conducted' this year, only the fastest cars being permitted to start, thirty in number, in all probability, it is said, the system of best lap out of three will be employed, giving every man the utmost chance for his white alley. Approximately two days will be required to run off the tests, it is estimated, cars being admitted to the

track at intervals of five minutes each, between the hours of ten and four. Final decision concerning the matter, of course, will be rendered by the American Automobile Association, which has charge of the contest.

What v - wjj.'-a in rranc. American tourists in France are credited with spendins annually ovrr fc"jOO.flno.on

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What Thin Folks Should Do To Gain Weight. Physician's Advice for Thin, Undeveloped Men and Women. Thousands of people suffer from excessive thinness, weak nerves and feeble stomachs who, having tried advertised flesh-makers, food-fads, physical culture stunts and rub-on creams, resign themselves to life-long skinniness and think nothing will make them fat. Yet their case is not hopeless. A recently discovered regenerative force makes fat grow after years of thinness, and is also unequalled for repairing the waste of sickness or faulty digestion and for strengthening the nerves. This remarkable discovery is called Sargol. Six strengthgiving, fat-producing elements of acknowledged merit have been combined i' this peerless preparation, which is endorsed by eminent physicians and used by prominent people everywhere. It is absolutely harmless, inexpensive and efficient. A month's systematic use of Sargol should produce flesh and strength by connecting faults of digestion and by supplying highly concentrated fats to the blood. Increased nourishment is obtained from the food eaten, and the additional fats that thin people need are provided. Leo H. Fihe and other leading druggists supply Sargol and say there is a large demand for it. While this new preparation has given splendid results as a nervetonic and vitalizer, it should not he used by nervous people unless they w'sh to gain at least ten pounds of flesh. I.eo II. Fihe.

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