The Washington times., 1910-11-13

very long time before he sees a sub
stantiai profit. and that he may see Sc
euritles very much against him in the
meanwhile.
Naturally a week broken by the cleo
ton, and entirely OVershadOwed by that
event. presented very little n the way
OF influential news. In general industry
conservatism Is somewhat more pro-
bounced as a result Of the political rev
OlutiOE, but that indicates little, IL any,
change from conditions recently report
ed. Except in the iron and steel in
dustry, the retrOgrade movement seems
10 have been halted. The curtRilment
OF pig iron production continues. The
whole Iron and steel trade Is waiting for
the railroads 60 make their purchases,
while the railroads are waiting for the
decision In the freight rate cases, and
favorable money market Developments
This waiting has resulted in a further
reduction Of eS6.157 tons IN the untitled
orders OF the United States Steel Cor
pOratiOR in October. Orders standing on
the books on November ], PSI $40 tons.
are the Smallest ever officially reported
by the company, though ii Is now ex-
planned that a method Of reporting or
deTs. in the past. so increased the ton
mage, that there was an occasion six
years ago. when orders were actually
smaller than at present But Il IS
pointed out that the capacity Of the
plant then was about One-half OF what
II IS now. so that the business on the
books today Is doubtless the smallest in
the whole history.
Favorable Developments.
Despite this very poor showing IN the
coUntry's baron stric industry, a spirit
OF hopefulness is expressed In CONNER
cial circles. This is due 10 the satisfac-
tory harveGts. The Government agri-
cultural report Of the week gives assur-
ances Of much the largest corn crop on
record: 5.121. ISL eco bushels. while the re
porr OF cotton Einned up TO November /:
7.es9 9S9 bales. icdicates a larger crop for
this great exDortabie staple than has
generally been anticipated A highly
. favorable development was the Govern
t meut report Of agricultural exports for
October. which amounted 10 Sis So 81.
While s. So 0s3 under the con- modify
shipments in October last year. with
/ that single exception the shiDn ents are
( the largest OF record for any month %
! October IN the country's history a re-
ported increase in the consumption OF
) copper IS also favorable sign.
With the reaction IN stocks. the strain
IN the money market relaxed somewhat
but the shading Of rates Is due more %
diminished demand than to abundant
supplies. Time money for sixty and
ninety days is about L per cent lower al
u q
4 per cent, as against ~ per cent last
week Very little commercial paper Is
sold IN the market. however under
! per cent. Sterling exchange is lower
but the developments IN London give
| little II any promise OF gold imports
The prospect Of a general election On
! England has resulted in a further de-
! preston IN consOls. 70 the lowest record
price Money and discounts rule firm
| the carrying charges on American
stocks rule at 6iz per cent. and any ef-
( fort 81 ours 20 secure gold would prob
ably be met by Sn advance 10 per cent
IN the Bank Of England discount rate.
Today's bank statements reflected IN
/ part the liquidation II the week The
report o. conditions. built UD or aver
4 axes. showed q cash loss OF s, 153, 800, q
/ decrease Of S13-564. 100 IN loans, and a loss
I OF ST., $500 IT. deposits The surplus re-
/ serve increased S2.5S2. 9-5 in the average
and S.. S31.T5 IN the actual statement
giving the banks an excess Of reserve OF
1 s., Isl, -. according 70 the former. and
I Of sl2559975. according 20 the latter
method of reporting. The Unfavorable
/ tendency Of loans exceeding deposits Is
| disclosed by both statements the excess
amounting to so. 1880 IN the average
and &c 3s05S. f0o in the actual state
ments, respectively.