The Washington times., 1911-10-01
TIDE OF RECOVERY MAINTAINED
IN FACE OF ADVERSE CONDITIONS
Ignores European News of Disturbing CaUnon Pa
Reading and Monopze Business Large Extent
Abroad
JOHN GRANT DATER,
Special Financial the Munsey Publications

, Taft" Finally the Journal of COM
merce said: Taft Insists on Trusts Dis
solving
Surely here is a variety enough to suit
all comers and satisfy all shades of
opinion. but the fact Is that no one ap-
peared wholly satisfied, for no one can
zee any real change in the Administra-
ton program toward big business"
1t must square itself to competition.
Fairly Good Business.
Despite the uncertainty that prevails
in the financial markets, 1t Is noted
with much interest that the recognized
trade authorities are taking a more en-
| couraging view of general business,
and the substantial basis fer these more
hopeful reports seems fairly well con-
firmed by larger volume Of bank
clearances than last year, well-main-
tanned gross railway earnings, the con-
tinual reduction OF surplus railway eutp-
ment, and other indices Of trade. Bank
c!earings for the week. for instance. ag:
gregate $2.s66, Sol, ,sS7 an increase Of n.S
per cent, while for the three full weeks
of September gross railway earnings are
81, ,S37, ,o4S, gain of $o34,2I9 over las
year, or 91 per cent.
The above are nothing more than
straws, perhaps, but they seem to show
that general industry is holding Its owr
fairly well. To be sure. extreme con-
servatism marks all lines of CONNER
cial activity, and prices for products
of iron and steel have undergone some
urther concessions, but the volume ol
definite orders on hand are reported as
excellent by the leading producer.
Naturally, no one looks for anything
like a boom in business, but we'll
sustained demand for merchandise
because os the depicted stocks of mer-
chandi3e everywhere and from the nor
NAL consuming demand of nearly 1900
900 persons. There really seems no
signs that business, though 1t Is likely
10 continue quiet will have to undergo
a secondary liquidation.
Credit Strain Abroad.
So far as the money market was con-
cerned, the interesting Developments
were confined to the foreign financial
centers. Following the recent advances
in discounts by the banks of England.
France, Germany, Belgium and Vienna.
came during the week an advance from
5 to 5h per cent by the Bank of italy,
an advance of 311 to 4 per cent. by the
Bank Of Bengal The raising Of the
official rates included every important
European money center but Amsterdam.
which jumped its rate ! per cent.
Though market discounts abroad were
not, according to quotations. very much
markets as Paris and Berlin were bid
ding 61z per cent. for money in New
York, indicated that money was ex-
ceedingly difficult to obtain. Reports of
general boarding are current, which
seem to be borne out by the outlined
loss in specie at Paris and Berlin.
New York remains the easiest money
market In the world today, and not
only have rates undergone no advances,
but this center has loaned abundantly
to Europe. Naturally. the foreign money
position attracts much more attention
now than in the immediate past, be-
cause the outbreak OF hostillties and
the full effect from that development
is as yet unknown. The bank state
ment yesterday was somewhat less IA
vorabIe than had been predicted. The
actual figures showed decrease OF
IS, ,f37, 900 in loans and an actual loss In
cash of "a. 4.475,OoO, whereas a gain in the
latter item had been predicted Depos-
its decreased S7,165,O0O and the surplus
reserve showed a loss of S2,G70.e5 The
surplus is now 81. $50 above legal
requirements, which Is ample unless
the European money situation develops
more severe strain than at present.