The Washington times., 1910-12-11

one finds but few men OF the first
prominence accepting the radical Opin-
DO believe that the country Is in for a
medSurably long period of lessenCd &C
uVlty, and careful. observers think that
such process is essential 10 UquidaIe
liquidated after 1897. such as real
estate. the high cost Of commodities.
and labor: but an increasing number in
cline 20 the belief that the adjustment
VIII proceed slowly. tempered botn as to
its severity and duration by the
Astounding harvests and BY that volume
Of business which arises from the feed
ing and clothing Of $500 Coo inhabitants.
which in itself Is considerable
Some Business Cross-Currents.
There are very many cross-currents
which ren5=l II difficult To- determine
the present condition Of business. let
alone 70 predict its future. The basic
industry Of iron and steel. as IS well
known, 3 very poor. Continued restric-
ton of output has not prevented
steady accumulation Of pig iron stocks.
and the movement TO curtail production
- expected 10 so still further. The lead
ins steel producers confess TO q volume
u business OF only 81 per cent Of normal
capacity. and the report Of the United
states Steel Corporation today, showing
orders on toe books, on December /
gives tonnage OF =. 80, 413, a reduction
considering the increased caEacitv Of
the plant represents the smallest vol
uIIe OF business on hand ever reported
by the corporation DESPITE this the
company officials speak hopefuIIv Of the
future. reporting orders az Increasing.
auu conveying the impression that they
believe the low point has been reached
copper, too according 10 the report
made during the week by the Copper
Producers Association, shows a fall
mE or both I'D production and con-
sumption, the output diminishing for
November A-S.2-~45 pounds, and the con
sumption. Que entirely to deliveries 10
domestic consumers. decreasing T.7If7T6
pounds Both the metals. iron and COP
per, are regarded as baronetric in an
ucipatllg. by an earlier movement, the
trend OF later commercial events But
Il IS rather odd fact that national
bank loans. which are a direct measure
OF the couutry's commercial and f1nan-
C-dl @cIiFlIes are, according 70 the
Comptroller Of the Currency's report Of
November 10, but E16.5Jo,Go0 lower for
the whole country than on September
I, when they ruled S31, 500 90 above
November IS 1909. and this. too. with
cash holdings s55,60aO00 smaller than
at that date II IS clear that some
where in the country business is ac-
tive, and this IS further indicated by
the fact that bank exchanges Of ali the
cities OF the country last week, amount
ed 20 S3,05S.355,sSe a reduction Of but
Il pe- cent compared with the cor
Railroad Earnings.
But against these fairly well sustain
co bank ClearfnEs- We have an Offset
in sharply cUrtaiIed building operations
throughout the country. and in the dim
iuishiuE railway earnings. which latter
are now showing in gross as well as
in net earnings. For instance Gil rail-
ways reporting u date for the month
Of October reflect a gain in gross Of
but S5lS.5dS, or a mere Is per cent over
the preceding year Incomplete fig
ureS Tor November are telling the 81 me
tale For September the gross gains
were still 81 per cent above the zane
period in 1909. OF course. the loss IN
net earnings has been very much
heavier, but this evidently has been
due 10 increased operating Cost rather
than 10 a decreasing volume Of business
which now seems In process
The news developments or last week
were Of a varie nature With the re-
assembling OF Congress. Industry enters
the zone Of political and legislative IN
rest Edt the administrative program. as
announced, contains nothing Of an IN
settling nature. Wall Street was re-
minded by Secretary 1IacEeagh. OF the
Treasury Department. Of some unsettled
problems OF the future, which Il had