The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1911-01-23

after a rise, while new developments af-
fecting values were so scanty. Prices
did not advance much in the week, and.
taking the period through. it was one
characterized by heavy realizing. espe-
cially on the part of the rank and file
of customers OF commission houses.
The narrowness of the market for SO
long past has got these people into the
habit. which may be a very wise one
from their way of looking at things, of
seizing profit whenever they see it. even
il the gain is but small. But in spite of
much liquidation from this source prices
held firmly and answered extremely well
to the test of the stock markets character.
Considered merely in a speculative sense.
underlying conditions seemed more sta
BILE than at any time in the recent past.
A discernible change is noted in the gen.
eral talk and comment heard in bank
parlors.
Encouragement in these quarters is ap-
parent. and the conservatism, not to say
pessimism, that has colored the thought
Of people there for so long has given
place to cheerfulness and something re-
semblinG optimism. A remark frequently
heard is that while full recovery will take
some further tine, yet it seems clear that
recuperation is actually under way.
General Trade Improved.
The natural residence of the spirit of
the country is making itself felt, and the
great fact that in a period of dull times
in the United States wealth accumulates
at a rapid rate is beginning to be appre-
ciated. In many specific directions gen.
eral trade is undoubtedly looking up. and
attention rests particularly upon the
small stocks of merchandise and other
commodities in the hands OF retailers and
consumers. Lately the annual report Of
II. b. Claflin K Co. showed surplus stocks
of goods in the possession Of the company
to he only half the normal quantity. and
those in a position to be informed in
most other lines of trade say that il a
buying movement in their particular bust
ness was to start up with any sudden
ness prices would advance with a bound.
II is noticeable. too, as the days pass
by that less anxiety is expressed as to
the outcome Of the proceedings in the
Supreme Court in the American Tobacco
and Standard Oil cases. An impression
born of common sense is becoming gen.
eral that whatever decisions there may
be, they will be of constructive character,
and will in no way strike a blow at the
business OF the land. Even il the worst
were to happen. and the American To-
bacco and Standard Oil companies have
to be recognized. it is highly probable
that their business will go on about as
before.
The property concerned will not be
taken out into the market place and
burned. and it Is uncomfortable that some
way will not be found, in the extreme
event of a corporate dissolution, of Civ
ing to stockholders full value for the
property involved. Anticipation Is pro-
nounced that the Supreme Court will in
no way indorSe the contention of Mr..
Kellogg the government counsel in the
Standard Oil suit. that the mere size of
a corporation In and OF itself entities it
to be classed and reprehended as a mo-
nopoly.
Not a Dissolution.
The government. it seems. has aban-
doned the idea that a combination Of two
corporations engaged in interstate COM
merce Is by reason OF the combination
alone n step in restraint of trade, but its
counsel has still argued, in substance,
that when a corporation comes to be OF
great size that fact is sufficient to con-
denim it. 1t will be very surprising II
the Supreme Court indorses any such
doctrine. and whether or not the court
may find reason to lay its dsapproba ton
upon the American Tobacco Company
and Standard Oil Company because of
specific acts and practices. the just be-
lief is that a way will be pointed out for
the other great mass Of business cor
porations in the land to conduct their
business affairs with entire legality and
with such measure of cooperation as
must be allowed them IL they are to do
business at all in this progressive age.
Another cause for improvement in
financial and business sentiment is the
activity Of trade in other parts OF the
world than our own. In England. despite
the supposedly unfavorable influence
upon business of the political agitation
there. prosperity in the country seems to
be at its height. and the circumstance
should be a decisive reminder to that
class Of people who are fond Of main
tanning that politics rather than eco
nomics perform the more important func-
tons in trade and commercial affairs.
Energy Rightly Directed.
OF course. there are times. such as those
witnessed in this country in 1886, when
politics do constitute the factor tempo
rarily Of greatest weight. but the abiding
sources Of prosperity are after all those
relating to the proper balance Of pro-
duction and consumption. the misguided
or well guided business energies of the
people, or whether these possess any
energy at all.
Right at the moment it would be fair
to infer from all the commotion raised
in England over Mr.. Lloyd-George's Radi-
cal schemes that the country was in a
state Of business panic. but the truth Is
that business in England was never more
prosperous than It is now or the savings
of the people greater. So. too. despite
the floods in France and the poor agricul-
tural season there, little has been heard
about business depression in that coun-
try. although the reasons just cited might
well have been more effective than the
political bugbears raised across the chan
mel Affairs in Germany are hourishing
and even in such outlying lands a Egypt
and India brisk trade based upon the
years magnificent harvests there IL go
ing on.
Foreign Trade Good.
Finally. nothing but gratifying deduc-
hibits Of our foreign trade For De-
cember the excess Of exports over imports
was $so.5o00oo, compared with similar
excess Of but $33,70o,00o in 1903. and, for
the whole year the excess Of exports was
1901. 900, 900. although in the first seven
months Of the year an actual trade bal
ance was recorded against US. Studying
the comparative figures the conclusion =
inevitable that tho ratio Of exports IN the
country IL decidedly eniSrBinG. due Of