The Washington herald., 1911-03-20
WALL STREET NEWS
Attitude of Financeand Bust
ness One of Suspense.
AGRICULTURE STATUS GOOD
With Favorable Weather Conditions
Government Predicts Successful
/. Season-Study of Trade Statement
Reveals Upward Tendency in All
Exports, Particularly in Iron.

New York. March l9-The old notion
in Wall street that the Lenten season is
| apt to be a dull time in the stock mar
ket is certainly receiving some corrobora-
ton at the present time. OF course what
ever truth there is in this idea relates
to the fact that the late months of the
winter and the early months OF the spring
constitute the formative period of the
year. or. at least. the period when judg-
ment is held in allegiance, however 1t may
be attended with confidence and expec-
tation regarding business and agricul-
tural results for the year as a whole.
At little time further on certainty is
afforded as to the way in which the great
agricultural crops. or many of them,
have passed through the winter. II is
| then known whether the farmers will or
will not enter upon the spring planting
operations on a large scale and under IA
vorable conditions. During the month Of
March probably a greater number OF the
Larger" financial interests are away
| from business than at any other time Of
the year. except in midsummer, and the
whole attitude of finance and business
is one Of suspense rather than one of
activity.
In recent years. too. this time is one
when all business, or at least financial
business, has been held in check to
greater or less extent by apprehension
regarding court decisions or legislative
action OF one kind or another. Last year
anxiety of this sort was acute until II
was temporarily removed, although not
permanently altered, by the announce
ment by the Supreme Court that the
Standard Oil and American Tobacco cases
would have TO be reargued before that
tribunal.
This year the particular factor of these
cases is once more the greatest imme
date influence in the security market,
and il may be questioned whether the
situation in this regard was helped at
all last week by rumors that the Supreme
Court might not hand do Fn a decision
in the cases until the fall. A rumor of
this sort is the veriest guesswork, and
on the face of things seems wholly i'm
probable.
The judges of the Supreme Court are
fully aware OF the great Importance of
early action on their part in this great
matter. IL the issues involved were
mostly questions OF fact. it might be held
that an attentive perusaI of the volumes
o
require months of study. but the issues
involved are not really points of fact.
but are points of law and questions of
law. moreover. that have been on the
minds of the Supreme Court through the
last twenty years. There is every rea-
son, therefore, for believing that the de-
cisions will be handed down in a few
weeks time.
Glad to Forget It
An observer removed from the imme-
date scene of action and contemplating
our present stock market with the eye
of n dispassionate foreigner. for instance,
would be apt to conclude that the market
had discounted whatever unfavorable ef-
feet might be legitimately feared from a
so-caIled adverse decision of the Supreme
Court in these cases Its look is that
of a market that would like to get the
whole question out of mind and to go on
and pay attention to other considerations
such as the growth OF the crops, the
effect upon business of the forces OF
production and consumption, and the
economic condition of the country in
general
There can be no doubt at all that a
sustaining force of great power in the
last month or so has been a satisfactory
agricultural outlook and the agricultural
status as whole All the trade papers
Of authority unite in stating that the
winter season nov almost at an end has
been one unusually favorable for winter
wheat: and it will be surprising indeed
IL the first report of the condition of
winter wheat to be made public by the
Department of Agriculture on April
does not show a high statistical
condition. This necessarily rests upon the
assumption that between now and April
/, the time when the government OBJ
servations are made, weather conditions
continue normal.
Careful study OF the government trade
statement reveals that an upward ten
dency was visible in all our exports.
particularly in iron and steel materials.
The export trade of the United States
Steel Corporation is now larger than ever
before in the history Of the concern, and
the record of general exports and i'm
ports at our leading seaport for the
present month indicates that the foreign
trade showing to be in March will be no
less gratifying than that of February.
The probability is becoming larger every
day that in the fiscal year 1s10-11, which
started out so inauspiciously. one of the
largest foreign trade balances ever &C
cumulated by che United States will be
piled I'D