The Washington times., 1910-02-27
FUTURE Of MARKET
YELLED IN DOUBTS
Administration Program, La
boris Threats, Crop Out
look, Are All Factors.
By / A. FLEMING.

Yesterdays New York bank statement
showed an actual loan expansion Of
SS,20OO0O and a surplus loss Of S.2o00oO.
The surplus reserve is lighter than II
was in 1909. 1875, 1875. and 1891. No one
believes that the loan increase was in
any way chan Eeable to the stock mar
ket, because operations therein de-
creased 10 proportions that we're dis
gustins TO the big commission houses
brokers. room traders, and 10 operators
cnCeavCrinc to scalp expenses.
So far as can Doe seen. many things
viii have 10 harpen before there can
be any permanent relief Each sue
ceedinE Monday will be threat on the
market until the pending decisions Of
the Supreme Court are launched, when
the market u u pro baby reflect il I'm a
sharp movement in accordance with
. the courts Interpretation of the impor-
tant questions now pending. Each and
every intervening Saturday will prob
ably bring a clearing of the decks of the
trading element SO as to be out of the
market on Monday and prepared to
meet the exigeucies untrammeled.
In part, Wall Street has discounted
this peril, but only I'm part, for there has
been no leak and there VIII be none.
II the present way Of doing business
must bc entirely changed, the period OF
transition viii he attended with much
difficulty and serious loss. Naturally
the loss and difficulty viii fan hea willy
on the industrial corporations and In re-
Election on the railroads, for there can
be no fuderendence the one of the other.
Labor Situation ImpOrtant.
Market interests are watching close
" the feeling Of unrest that prevails in
the labor situation, with the storm cen
ter at Philadelphia, radiatinE 10 Beth
lehem, the West and other sections,
accompanied by threats 10 call out ad-
ditionsI thousands.
The high cost of living is question
that viii not down Taken up il Con-
gress as an economic matter that de-
mends consideration, Il has been turned
into a political slogan and is being
made the excuse for many things.
Labor has sounded il from the house
tops and demands increases in wages.
which, II. conceded would but be another
argument in favor of further advances
in commodity prices.
All the efforts made 10 reduce prices
Of living seem more or less fUtIle-Iive-
stock prices were higher Than ever last
week-SOme OF the View England mills
advanced the prices Of their products
soaring.
This naturally suggests the Importance
or the harvest Of 19l0-the needs are
great and high prices should he tempt
ing TO an aSriculturists. a great surplus
of production would be the best thing
that could possibly happen. Europe
wants our produce. but not at our
prices. As result our foreign trade
situation IS not what it should be Al
ready the crop killers are at work,
and IN this dccrylnE Of the prospects OF
the winter wheat crop. they are making
= strained and moderately successful ef-
fort 10 still further advance prices OF
the bread-maklnE cereal Admittedly,
the winter has been severe. probably
there has been some damage.
Restricted Production Blamed.
The trouble in this country. seems u
be that everybody wants everybody else
10 reduce their prices, but no one is
willing TO set the pace-each wants the
ultimate dollar. II is not so long since
restricted production was the slogan Oi
labor unions. less wheat, less corn and
oats, the cry Of the farmers. and the
trusts were also moving in the same
direction. And The end desired as fin
the case Of the tobacco and cotton pro-
oucers OF the south, so in the case OF
higher prices. And the higher the bet
ter. Higher prices are here, and they
are killing I'm their height and in their
effect on foreign trade
Money is easy and in ample supply
Yet the bankers have a ha0it Of takin.
second look at the security tender4C
and Of being choice i'm their selection
Bears argue that the plethora Of none,
al this time tells a story OF lessenet
need for II in the general bushes.
world The ciearinEs are bearing on
this theory. in part. the storms in IN.
West and Central West being charge
able with much of the apparent de
crease.
Sentiment UnfavOrab ble.
The recovery from the low range ol
February Z gave some courage To In,