The Washington times., 1911-04-30
WALL STREET IS MORE CHEERFUL
INFLUENCED BY ACTIVITY IN BONDS
Heavy Financing Operations Carried Successful Conclusions
Money Is Easy and Peny-The Philosophy of the Trader-Ean
ng of Steel Corporation.
JOHN GRANT DATER,


on December 81, and the second
quarter of the year, due to seasonal de-
| mand, has always been larger than the
| first quarter. Unless something very
unexpected should happen, the earnings
to be reported in July will make fal
better showing than those just pub
lished.
OF trade conditions generally, the
leading commercial authorities report nc
important change. Domestic business Is
| moving slowly in practically all lines
but 1t Is noted that the country's export
trade continues to expand. This Is que
in part only to price reductions, which
always stimulates foreign shipments al
times of business contraction at home
By far the greater stimulus Is due tc
commercial activity abroad, and par
ticularly to Great Britain, which is en-
joying something approximating busi-
ness boom. During the last week ex-
port shipments from the port OF New
York amounted to $20,0H, 4S4, an increase
of S6,5G2 755 over 1910. and of s5,4I5,4Ii
over 1909
Naturally much interest is mani
tested by the apparent effort of the
United Metals Selling Company and the
Amalgamated Copper interests to stimu-
late the movement of metallic copper.
Wall Street has been filled with all sorts
of rumors and conjectures concerning
the departure, but 1t has obtained very
little precise information. 1t would ap-
pear, however, that the copper pro-
ducers and handlers have simply taken
page out of their book of some eight
years ago. when the Amalgamated. for
a long time, held the umbrella for the
other fellows. The situation at that
time was relieved by placing large guam
titles of the metal with the principal
consumers without fixing definite
market, which speedily set a price at
which copper would sell. and the large
quantities were charged UP at that price.
It Is reported that upward OF I5,U0,OU
pounds of copper has been placed in
the same way now.
Crops and the Money Market.
A further sharp advance has carried
staple cotton 10 the highest point
reached since early last December. and
for the current month alone option
prices have risen from 81 to nearly S. a
bale. Speculative trading in cotton has
broadened percepibly. and complaints
of excessive moisture have been received
from practically all large producing sec
tions which. il Is estimated, has de-
layed planting from ten days to two
weeks On the other hand. the outlook
for the winter wheat crop is highly
favorable. and crop conditions every
where are reported as most promising.
This continues the best feature of the
entire situation, for If the country has
good harvests. even tariff agitation and
political uncertainty. which are disturb
ing to merchants, cannot check the
countrys natural development.
Aside from further relaxation in long
term money-loans carrying over the
year having been negotiated at 311 per
cent-there was practically 10 change
in the money market of the week. Call
loans ruled at 2 to 21e per cent, the high
er rate touched on Friday refeceting the
arrangements for the May disburse-
ments. This same feature was respon-
sible for a wide divergence in the two
bank statements of yesterday. as only
s45S, 100 of the enormous cash gain of the
week figured in the actual statement.
while the average report showed an in
crease on specie and legal tender hold
iNgs of S., go. 200. Any detailed discus
sion of the bank statements, however.
is unnecessary, for, with the surplus
reserve standing at $406S3.115 above legal
requirements, as it Goes today, no one
is concerned about money. This enor-
nous surplus reserve, the largest since
1898, insures a sustained and developing
bond market.