The Washington times., 1911-12-10

denotes, thus confirming the informa-
uon brought back to the city, as men,
TONED In this column last week, By
the delegates who attended the bankers
PRESIDENT Vanderlip. of the City Bank,
IN his pessimistic presentment of the
business future, took occasion to COM
m n favorably upon the volume Of
is made up chiefly OF buying and selling
to supply immediate wants. Although
wall Street Is not wholly convinced as
70 the permanence of this Improvement
there Is a growing recognition Of a
temporary betterment In industrial at
fairs, and this was particularly true in
the closing days Of the week. which
were marked by widely circulated re-
ports OF an impending advance in I'm
isned products Of iron and steel and
No doubt sentiment n to Industrial
enairs was aided to some extent by the
Los Angeles developments, and by the
Be less arrogant and more reasonabie in
Us demands as q result of the Nc
Namara confessions and sentences,
which have certainly placed one i'm
S ciI. , element high In the labor coun-
but somewhat more substantial basis
for encouragement than this was to be
found In such developments as the Gov
eminent etn report on the amount Of cotton
placed at 12,sl4.oO0 bales. indicating a
crop of possibly 1850 900 bales for the
season: In addition to this was the
monthly monthly. report Of the Copper
crease of 100000 pounds of the red
metal during November, while yester-
days report Of the Steel Corporations
untitled orders showed an increase of
The amount Of untitled business-,1l III, 955
tons-now on the books Of the company
is the largest since June 30. 1911, when
4,257,S4 tons were reported.
Bonds and Money.
Features like these naturally Indicate
an increase in consumption capacity by
the country in general. and although in
view Of political unsettlement and other
restraining influences they may find no
reflection In the speculative stocks. the
signs OF improvement certainly give en-
enlargement to the investment division
of the market. Bonds. though not over
active, continue In excellent demand
ana many reports are heard OF large,
impending issues OF course the firmer
piled a little check on bond buying by
institutions. but this appears to have
had little or no effect on personal in
ves'ors. and naturally so, for the money
! A.. II is believed that after the turn
or the year money rates will relax
speedily, and aside from that. what are
known as secondary reserves are
strong: that Is. the amount of mopey
owing to us by Europe on account of
money loaned direct and also on ac-
count of the large credit balance result
ing from heavy exports of cotton,
breadstuffs and manufactures, which
will provide for legitimate require
ments when demanded.
Naturally much interest attached to
the bank statement today in conse-
quence OF last weeks unusual showing
of tremendous cash loss and a deficit
IN reserves. The statement was much
better. SO far as cash holdings and re-
satisfying as to some other items. BY
a tremendous reduction Of loans.
to $4O.s 900 in the average
and S45. 900 in the actual statement,
and by a reduction of deposits of S4s.-
SS8. 900 in the average and S3S, 81 900 in
the actual statement, reserve require
ments were greatly reduced. Obviously
this resulted from tremendous shifting
of accounts from local to out-of-town
for there was no heavy
Cash holdings decreased
so. 764, 900 in the average but increased
81, 749, 900 in the report Of actual condi-
tons. The net result In the latter re-
port was an increase Of SIC, 3S7, $50 in
surplus reserves of all institutions and
of 1855. 800 in clearing house banks
alone. which converted a deficit of
Sc. $4,000 last week into a surplus of
IS, 40s, 800 in reserve today. How much
the situation has changed actually by
the wholesale shifting of accounts Is a
problem.