The Washington times., 1911-08-27
BEARS STILL RULE WALL STREET
AND ARE SURE OF THEIR POSITION
Same Old Influences the Buying
tests Does Not Count Much-New Low Records
1911
BY JOHN GRANT DATER,
Special Financial Representative the Munsey Pubica

I facturers Is the most pronounced of
many years. This Is not unnatural IN
view of the tariff uncertainties. and the
necessity Of revising prices to meet the
radical change in price of staple cot
ton.
In some respects the most remark
able development Of the interval was
the suggestions and ADVICE issued to
cations by Senators Williams Of Missis-
sippi and Owens OF Oklahoma, and Rep
resentative Burleson Y Texas, to hold
cotton for 13 cents. This was accom-
panied by an announcement that the
presidents OF banking associations in
the cotton States had been asked to
throw as far as possible their moral
and financial support behind the enort
to maintain the price OF cotton against
the attacks Of bear traders. The coun-
try Is certainly making progress In the
idea that prices can oe fixed by Gov
ernment or by agreement, and not by
supply and demand, but why fix cotton
at IS cents? Why not Is or !! or 90
cotton, why not with cereals and other
commodities, and why not with stocks?
How interesting II would be II group
of Senators and Congressman should
Of the country to lend their facilities
to stock dealers to maintain prices
against bear attacks in Wall Street!
Railroad Earnings and Money.
All things considered railway gross
earnings are very well maintained, but
the net earnings are making very poor
comparisons with the preceding year.
For instance, the most important rail-
way statement Of the week. that of the
Atchison road for July. reflected an In
crease Of $l05 in gross operating reve-
nue., but operating expenses increased
no less than $50. l7s and net earnings
-
mind that from now on to The end Of
the year the earnings of practically all
the large systems are likely to make
poor comparisons when contrasted with
the fine showing OF the corresponding
period last year. Naturally. in view of
the general belief that prevails, that
business contraction is likely to. pro-
coed further very much interest cer-
ters on the reports Of railway and IT.
dustrtal corporations at present as d
matter bearing upon future dividends.
Dullness in general business and
liquidation in the stock market quite
naturally find reflection in easy money
conditions. Rates underwent no pro-
nounced change during the week. how
ever, except in five and six moths
collateral loans which were shaded an
eighth to 31z bid, 3& asked, and lend
ing. in the later days OF the wek. Com
nercial paper was in limited demand
but meagre supply at about ~ to ~
Per cent for the best single names.
Much was heard Of banks discriminating
as TO collateral. which is ever the case
in a declining market, but after all.
the feature OF the week in money was
the almost complete flattening out Ia
The demand for collateral loans.
The Bank Statement.
The bank statement attracted very
little attention. The actual showing
disclosed smaller changes than were ex-
pected, however, due to some special
operations of the trust companies the
nature OF which is not clear. The actual
surplus reserve increased but 81 800, a5l
and cash holdings increased s2,s5l. 900.
Loans expanded S1.Oi: co., in the actual
statement while decreasing S9.510,000 II
the report of averages. The actual sur
plus reserve stands at 37,233, 800 above
requirements.