The Washington times., 1911-10-22

sauway measure. In fact many per-
sons som have have argued that the corporation
under the. Hepburn act than under the
sherman law, and, OF course, Il il well
known that the recent report Of the
Sea2 ssss on the s.esI
corporation was monopolistic in any
Respect. II was through the feature OF
ownership and transportation Of ore.
General Trade Conditions.
But while II may be favorable for the
corporation to. escape litigation by can
ceing Its ore contract. there are other
points to consider. It II difficult to see,
for instance, IL the contract was. de-
sirable when made how it, cancellation
can similarly be desirable. That would
be. absurd. On the other hand, II the
corporation made poor bargain at the
ana AZ the Bureau of Corporations has
asserted recently, why then II Ia q very
serious reflection upon the business judg-
ment OF the management that entered
INTO the deal. There is no getting away
from this conclusion, and before the
incident Is fully closed the reasons why
the contract was made, carrying with
nr,S what ~ Is now ssG ssid 70 be an excessive
Until one asoertains, also. how the cor
poration's expenditure of from 1900 900
to 500 600 In developing the ore prop
shGyy~h esty II .S. to be % cared for i seems q.
for the. restraint OF enthusiasm which
many OF them manifest over the week 9
most important announcement.
A. for the general industrial condi-
lions, trade reports are generally more
encouraging except in the single con-
spicuous case Of iron and steel, where
active composition has reduced prices
Soraton to fni wss snse the Steel Cor
has stimulated some buying Of iron and
steel, however. and in consequence this
development may work out its own cor
mestic business generally is moving
along conservative lines, low stocks OF
merchandise have tonic effect on man.
ufacturers. for when orders come 10
supplied from overloaded shelves and
from goods withdrawn from warehouses.
They must go to the mills to be worked
up In process. and this has set machin-
tile lines. from which one hears encour.
aging reports.
The Money Market.
rhe money market Of the week pre-
sented no general change from condi-
tons recently reported. and the abund-
ance Of funds at low rates acted favor
ably upon the investment market, which
ruled strong. Bond dealings on the Ex-
change showed q decided falling off.
however. In consequence of the lessened
activity OF American Tobacco Company
| Issues. A sharp advance in sterling ex-
change attracted considerable interest.
and naturally revived discussions as TO
the likelihood Of a resumption Of gold
exports, but It has been made clear
that this country is lending extensively
to Europe at the present time, and In
consequence gold shipments would have
no terrors for the Street. They would
prove interesting. however. for the light
they might throw on the foreign money
situation. Today's bank statement, both
the report Of actual conditions and that
made up under the old system OF aver
ages. showed q large increase in sur
plus reserve. due to a heavy contrac-
ton Of loans and deposits. With the
money market as easy as II is, however,
and with the stock market largely pro.
fessional, little attention was paid to
the bank statement.