The Washington times., 1911-12-31
SOME OF THE HAPPENINGS OF 1911
AND THEIR EFFECT ON STOCKS
Year Not One for Favorable Rehon Busting Of
Railroads Increase Rates Give the Market Distinct ShokPcs
Heartess Deserton Severely Felt
GRANT DATER.
PuSlioatens

ton q. that great corporation ia now
one Of the most important matters with
which wall Street has to deal
Stock MARKET Contraction.
As a result Of alternating hopes and
fears the stock market Of the interval
has been highly Irregular, and in COM
pairing yesterdays closing figurss with
those Of year ago one Is struck by
the wide variations in price changes,
some very substantial advances appear
Ing In contrast with extensive declines.
Naturally. the recoveries which have
taken place In recent weeks or since
signs Of Improvement In the steel in
dustry have. become clearly defined. are
Of such net gains as are disclosed in
tne nna1 figures. 1t would seem as
sn9lgh uncertainty which has been the
s.r,kng characteristic OF the interval
ished businsss. the total dealings In
stocks. 12S,74S,l15 shares, being the
smallest OF any year. on the exchange
since sin notsG lsoe. Highly irregular changes
Here again % contraction a H1no i. osGos notsa. for
are about sssocc @ 90 sSove ss q The ''s total Of
islo: they fsiI nearly stoo, ooo, 600 below
.versxs nSss o. u s0g sso snd '00oooooo below the
Industrially. 1911 has been a year Of
extreme conservatism with the con-
sumptive demand OF the nation falling
" all lines This is very well Indicated
by total bank clearances Of Sl5s 500, :
00o. 900 compared with Sl63. 900. .oO0. 900 in
iSl0. showing reduction in the total
g os S'is sSs su'ns.' RSs n sns Sas
not been without favorable features,
however, as IL indicated by a somewhat
smaller volume Of commercial defaults.
the nsurss being slss. 600 600 n lsl1 com-
1910. But the best feature Of all. in
dustrially. has been the expanding vol
ume OF foreign business, the exports
Complied eSr pss year With smSpns!ss sS s lSS 5
gain Of s23o, $4,000 Although, unques-
tionabiy. q large proportion Of this In
crease resulted from a sharp reduction
Of the price Of goods sold in export, such
sales have established an extensive
credit balance abroad which will great
iy aid refrigeration, when restraining
influences have passed away.
Looking Ahead.
Naturally the financial district is
deeply concerned in the prospects for
1912. Will 1t prove a better business
year than 1917 On this point II may
be said that opinion 10 widely divided.
In closing days sentiment has certainly
been more hopefully inclined, based
very largely upon the Improvement in
Iron and steel. copper and the textiles,
and upon the continued ease of money
But Wall Street has experienced SO
many disappointments In the past, the
market has made 30 many false starts
and the public has shown such a dis
inclination for securities, which Is q
pronounced feature at this time, that
many persons are distrustful, even Of
the batter ssentausnt aoms fear that
1t ts merely q reorudescense of year
end optimism which may pass away
when the actualites of the situation.
political activities, trust investigations
and the like, regain full sway.
There are unCuestionRbly some favor
able features, such. for instance, as re-
duced stocks, of merchandise every
already noted. also In the case of money
and the expanding credit balance
abroad. But the harvests Of the year
were not up to expectation, except in
the case Of cotton. and such develop
ments an poor or unsatisfactory rail-
way earnings and the large recent in
crease In surplus railway equipment,
lead some persons to fear that there is
less reserve material In the country to
sustain industry until the next crops
mature than on some former occasions.
present time engage In predictions OF
the future without prefacing their re-
marks by saying that everything de-
pends upon the degree of political dis
turbance and the outcome of the next
harvests. AZ these are matters which
cannot be determined now 1t really
seems as though one mans guess at
this time is as good as another upon
what the future has In store.