The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-12-04

though the volume of business IS only
about 50 per cent OF capacity. some re-
within the very near future is conf
IDENTIFY predicted In this connection, the
placing OF definite orders for 1884, tons
Of rails by the Pennsylvania railroad is
OF Importance, ard other conspicuous
companies are reported as negotiating
for fully 100000 tons more. While a
very speedy revival in iron and steel Is
scarcely 10 be expected, the belief IS
general that th8 industry IS scTaping
along bottom Revival must come
slowly, even IL the railroads obtain
some advances in freight rates. for II
Is evident, from recent railway earn
fEgs, that leading companies have very
heavy net losses to make I'D before they
can forge rapidly ahead with consuuc-
ton or Improvement work.
Of the news developments OF the
week. whether Wall street was more
concerned over the poor railway earn
ings or the resumption OF Government
activities against the industrial trusts.
as eXemplined by the suit filed against
the American Sugar Company undeTe
the Sherman Antitrust act, is e moot
question. The speculative element was
unsettled by both Naturally the suit
against the sugar company opened up
old sores and served TO remind Wall
street OF the very important cases pend
ing in the Supreme Court against the
Standard Oh Company and the AmeTi-
can Tobacco Company and the Sher-
man Antitrust act in general On the
other hand, leading railways, includ-
ing such systems as the Pennsylvania,
New York Central, Union and Southern
Pacific, Reading. Louisville and Nash
vile, St Paul. and Rock Island. made
uniformly DOOr statements for October
gross increases in most Instances being
converted into heavy net decrease
through increased operating cost.
An Object Lesson
OF course. speculative Wall street,
ton. thinks that the railways and the
big fnanciers~ are trying 10 give the
Administration and Congress something
OF an object lesson in this matter OF
a reactionary market and the poor rail-
way traffic reports, but that IL ali folly
and would be very much Ike the
action Of a man perched on the limb
and the trunk The poor railway earn
inEs went very far IN confirming TO
Wall Streets mind the accuracy Of Mr.
Hilis predictions Of lessened business
activity and much idlersss on the part
Of labor during the com. 1g years There
Is also q seeming confirmation OF i'm
pending contraction In the matter Of
bank exchanges The total Of all lead
aggregate S2,s21- $50, s04. a loss OF 16-9 per
cent when compared with last year
But Of course, the clearauces as they
stand, indicate that even with some
present business IS enormous arc would
be record breaking in any year d our
history prior 70 1906
Bank Statement.
The bank statement Of the Gay -as a
great surprise to Wall street, which had
looked to see some OF the effects OF
liquidation IN q reduction OF loans. In
stead OF this. however. loans IN the
statement built up OF average coudi-
lions, showed an increase OF tl4.6S4. 90,
while under the statement Of actual con
ditions the increase was no less. than
SIS, Z7000l The Increase in deposits IN
der the average statement was sl,-
67z. GO while the same item showed an
expansion IN the actual statement OF
S. 81, 500 Actual cash holdings de-
creased g. ~, 90 in the average, while
the loss was no less than SI0,55s. so IN
the actual statement
It Is quite apparent from the show
ing that some very expensive shifting
Of accounts has taken place IN the bank
ing position II the week Aside from
this. some Of the loan expansion Is prob
ably explained by the heavy loans made
70 Europe. such loans probably having
been carried here against sterling ex-
change bills as collateral The loss IN
cash, It IS believed is due IN part 70 the
beiated demand from the interior, and
also 10 shipments OF specie 20 Canada,
which is always a feature at this sea-
son, when the large Cana ian banks are
preparing for their annue- settlement.