The Washington times., 1911-03-26
GLOOM ON WALL STREET IS DENSE,
AND EVERYONE IS LOSING MONEY
Delay Trust Cases Drives WouBe Traders Brokers
Railroad Financing and Temporary Solution By Use of Short
Term Notes-Few Bright Lines

I much harder upon the brokers' clerks
and the customers man" who drums
| up business AT the present time, prob
| ably, these latter employees who are, as
| rule, high salaried men, are probably
the most unpopular class of individuals
with commission houses in all Wall
Street, who resents paying big salaries
when no results are coming in.
General Industrial Condition.
SO far as general industry is con-
cerned the trade authorities report no
material difference from last week. Ii
is noted that while individual lines show
some variation business as a whole is
proceeding along lines of extreme con-
servatism. Despite diminished pur-
chases by the railways, owing to the
policy of retrcnchment which is ex-
panding, iron and steel conditions are
not unpromising, feeling. Of course, an
increased activity in structural lines
which is seasonal with the opening of
the spring. Bank clearances, by their
contraction Of 81 per cent throughout
the country during the week, indicate a
measure of lessened activity, and this
is further evidenced by the expansion
shown :oday in railway equipment, the
number of idle cars increasing 1851
within two weeks. TIE unemployed sur
plus cars now amount TO aS,521 COM
pared with 17,32 on the corresponding
date last wear.
A feature which attracted some pass
ing interest during the week without
affecting the StaRnant pool In Wall
Street was an official statement from
the Standard Oil Company TO the erect
that the corporation was not consider
ing a reorganization plan in advance of
the court decisions, and this was foi-
lowed by a decline in the stock to $50,
compared with 6S5 a few days before.
The incident speaks eloquently Of the
changed attitude of the Standard OIL
Company in matters of stock-jobbing
reports. Until recently, any rumor, no
matter how outrageous, could be palmed
of on the public concerning the Stand
ard Oil interests without bringing a
word of correction, but all that has
been altered, and one can well believe
for the better
Money and Banking.
Considerable interest was manifested
also in the renewal of a project to bring
the trust companies under the direct
supervision OF the clearing house. by
making them members of that associa-
ton. and this plan, II carried out. con-
templates Independent examinations of
all financial institutions by special ex-
aminers OF the clearing house, in ac-
cordance with a plan which works ad-
mirably in Chicago. The shocking con-
dition Of affairs disclosed in the Car
negie Trust Company and the relations
between that concern and certain banks,
which remained undiscovered for years
by bank examiners, has suggested this
unity of action to put our financial
house in order and keep it so.
The money market has shown no re-
cent change, and the supply of funds Is
in excess OF demand. But for the aC-
ton of the National City Bank in main
tanning an enormous reserve OF 36 per
cent, amounting to $21, 10000 in excess
of its legal requirements, interest rates
would probably be lower than they are.
The average bank statement today re-
hected a small decrease Of $35,30o in
surplus reserve, and, although the item
showed a decline of $1,354,0O0 in the
actual statement, the loss attracted no
attention in consequence of the excess
Of surplus, which now amounts to $751;
O49 g75. Loans increased $s,242S00 and
deposits expanded $7,339. 800. against an
Increase in actual cash of Sl,60e, 600.
JOHN GRANT DATER.