The Washington herald., 1911-04-18
WALL STREET NEWS
Supreme Court No Longer
Source of Fright.
TARIFF REVISION DOUBTED
Nervous Tension Passes-Imports
Small-New York Bonds in De-
mand-Wool Revision May Fail.
West Also Dormant-Bank Re-
serves SmaIl-Brokers Pessimistic.

New York, April 1.-THE only matter
that differentiated stock exchange busi-
ness to-day from that of many lifeless
days in the immediate past was much
lessened display of interest in the possi-
bility of the announcement of decisions
by the Supreme Court IN the antitrust
cases.
For at least six weeks back the feature
Of Monday life in Wall street has been
state Of nervous tension on this particu-
lar point. But, anxiety, apprehension, in
Ssrest or whatever 1t may be called in
this regard clearly reached its height two
weeks ago to-day.
Last Monday there was visible quiet
ing down, and to-day the matter seemed
10 only exert passing notice. The deal
inRs in the stock market were only ILL.,
900 shares, as against the low record for
the year up to date of 10000 shares.
Nothing Important.
Since Thursday afternoon, when our
own stock exchange closed, there We're a
few occurrences having a more or less
direct financial bearing. but they were
none Of them highly important. Practi-
cally the same conditions are currently
shown in Chicago and the other large in
terror centers, so that critics who have
been contending that bank reserves are
still not large enough TO sustain pro-
nounced forward movement in business
and finance seem to he in a fair way of
having their objections answered.
The country's foreign trade statement
for March, published last Friday, eX-
hibited the smallest excess of exports
over imports recorded for any month in
the present year. The excess was S23,
100000. This compared with an excess of
Sl9.000,000 of imports over exports in
March last year, and the general export
balance for the nine months of the fiscal
year Is $40, ,0O0. eco, a figure from which
no pessimistic deductions can be drawn.
1t was noted to-day that imports are
beginning to fall off very rapidly. Thus,
at this port. that is to say, the largest
importing center of the country. the total
for the last week was but s15.52S 600, as
compared with nearly S2O,O00cCO in the
corresponding week in 1910
The issue of S1O0O0,GCO New York State
bonds, offered for sale at the end of last
week, was very heavily oversubscribed
at high figures.
No Tariff Scare.
Finally. to-day thoughtful people in the
financial district began TO pay some heed
TO the fact that the question of tariff
revision at the present session of Con-
gress, that has been held up as a bug
aboo for a long time, is rapidly becom-
ing shorn of its terrors. The fall Demo-
cratic programme for tariff revision is
now known, and 1t is in no way drastic
or alarming.
But, moreover, evidences are accumu-
lating that even the moderate revision
that is contemplated may fail of accom-
plishment. Trustworthy advices from
Washington are to the effect that it is
very doubtful if the reduction in wool
duties, that has been suggested by the
Democratic leaders, can pass even the
House of Representatives, and whether it
does or not it is altogether plain that
the tariff revision bills, including per-
haps that providing for Canadian recipro-
city itself, will meet with most serious
obstacles in their way through the
United States Senate.
The situation is, in other words, one
in which the worst that can happen re-
garding the tariff is already known; that
this worst is in no way substantially dis
turbing, and that in the final Upshot it
may receive considerable amendment.