The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-11-27


ration: During tn week sale OF 10
shares OF Delaware. LackaWanna. and
Western was effected at 500, "A decline %
s. points on sales Of 100 shares each;
American Snum preferred broke .
pOlnrs. and New York Dock preferred
lJIz points What the actual under
ty1ng condition OF q market must be is
not difficult 10 conjecture. ASIDE from
about twenty-five issues. there seems 10
be no demand at all for stoCEs, and an
SiIoIt 20 SWING the urstIIlpuiatiOn in the
direction or SpeClaltles, was abandoned
for lack of interest
Despite the reported successful nego-
uauons OF various small lots of bonds
equipment, trusts, and the ike, the gen
er1i investment market continues d.
appointinEly quiet The reactionarv ten
denCy II high gTdue railway issues
ngleQ q week ago, continued throughout
LIe present week. creating the unavOid-
apte impression that the entire invest
ment usr Is undergoing a process Of
price readjustment Influenced BY the
ElEner interest basis OF the Chicago a nd
Northwestern general MORTGAGE bonds
among Investment bankers opinions are
widely divided as 10 the ultimate eject
OF the price receSslGnS in high grade.
poHgS Although on the surface Il
would seem 10 Indicate a lower nrice
and a higher interest rate for T5rso-
lically all railway ssIIes Of the savings
D4nSers assert thai IL viii stimulate the
bond market in the end. through tbs o.
ferlng or the hest securities at attrac-
tive prices
The weeks fe--e,oDmeDts in r.nc-,1
business were 20 illuminating. and the
entire Industrial outlook Is confused
ny cTOss-CurrCIus. While the improve
nent noted I'm SEINE lines a few weeks
aSo has been very well sustained. re-
dictionary tendencies have made = re-
appearance IN other directions. Tnfs Is
cue 20 some extent. 10 q growing dis
position on the part OF farmers TO hold
Hsa"
me nope o. realizing the higher prices
OF the preceding year some increase
IN the number Of surplus freight cars
s directly. trsceable to this actfon Tie
census Bureaus report on cotton gin
ned NJ 20 the middle Of the month
placed the ar-GEut at S7f11-e bales
when was much below the trade estf-
mate ard IN consequence. a violent adj
vance or about s. a bale has resulted
LHis $ likely % have an unfavorabIe
eject UPON the textile industry by cur
Jal-lnS output and restricting buying.
General Industry.
Reports from the basis industry. iron
and steel haze been somewhat confus-
ms WaU Street has been treated day
after cav TO REPORTS OF large rail orders
placed, or 20 be placed, by the leading
corporations, bit few Of these have
actually materiaIized as yet, and the
pig iron market has turned for the
worse, instead OF for the better. - pre-
dicted- Thus. the leading trade author
ity notes that despite some further
contraction IN pig iron production. there
has been a further accumulation OF
stocks a further reduction has been
announced IN the active bias. fIl~E ace
capaCIr5- of the United state steel slor-
peratiou- and n trade cirCiss generally
the prediction IS freeFr made that the
present quarter VIII be the poorest 81
the company-s history Prices are vel
said 60 be no indication OF business con
ditious as erecting the railways It IS
SO QUIZ that GUS II price would not
stimulate activity
Trough stiu ula5ling unfavorable con-
ps Hsens with TIE preceding Esar. the
bank CIearauces or the country. IS 4
whole. are ma tiE E better shoWiuEs than
they were For Instance, those Of the
current week amount 20 S2,Ss1-99s-5S2,. a
loss OF 81 per cent as coupTTed with q
year ago. but a gain Of ] per cent over
the corresponding week IN lsas- The
whole decrease in clearanCeS this week
was due 70 the falling on in New York
CITY. as cities outside Of New York in
creased 81 per cent over the preceding
year So # is apparent that despite the
pTa Ctical eStouDaEe Of railway buying
work. the country. as a whole, IS doing
considerable volume OF business
Naturally the falling of in New York
is traCgabIe mainly 70 the lower stock
prices g nd The Curtailed activity OF the
Speculative market
Ny Hill on Prospects.
As bearing upon the general indus
trial situation. the remarks OF Presi-
dent James J. Hill. Of the Great North
ern railway. attracted considerable at
tentiou. n consequence Of the fulfill
uent OF his prophecies on several
critical periods in the past On this
occasion Mr.. HHl predicts that there
is likely 20 be an extensive want
OF employment throughout the coun-
try. but he thinks that serious trouble
viii be avoided because business men
are better prepared for the situation
than in 1867, when they were tied I'D
in all sorts OF ventures OF course,
speculative Wall Street believes that
Nj HiIIs views are COlOred to some
extent by the crop SHORTAGES in his
own territory. 1t IS recalled AnaL JIle
only serious damage anywhere was
confined 20 the Northwest However.
ImUOrtant bankers are more and more
inclined to the belief that business
viii move along very conservative
lines for quite an interval 10 come
With many restraining influences IN
the situation. there IS little likelihood
of speculative operations IN CONNER
cial or mercantile lines, and this in
itself makes for a somewhat smaller
volume Of business.
The money market Of the week has
developed further relaxation here. but
The international situation IS not OF
the best for a firm tendency is noted
in the London money market, with
call loans ruling around az 10 per
cent, and market discounts lowering
around 45z per cent. The English
monetary situation IS the result Of
the political disturbances and the i'm
bending general election Consols
have again declined, but the New
York market has felt some favora BILE
influence from The uuSe element
abroad Some rather large purchases
Of American securities have been
made by Europe on the theory that
with our election out of the way this
market offered a better field for ope-
rations than the London market, with
political disturbances before It. In
addition to this, New York has loaned
considerable money to London, at
-tracted by the higher rate which pre-
walls abroad,
The Bank Statement.
Despite the decline in. call money
here to "a per cent. and the decline IN
time loans to 4 to AZ per cent for al
peTiods frons sixty days TO six months,
the hanks are still charging high
rates to commercial borrowers Com