Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-04-30
MARKET LNENS Up
Considerable Increase in VOL
ume of Business Shown.
OUTLOOK MORE CHEERING
Belief Expressed That Business Re-
vival Is Near at Hand.
SURPLUS STOCKS ARE Low
No Great Volume Of Old Goods to
Work Off When Tide Of Pros
perity Sets In.
OUTLOOK MORE CHEERING
SURPLUS STOCKS ARE Low
By W. G. Nicholas.
ecial CORRESPONDENCE of The Star.

special Correspondence OF The Star.
NEW YORK. April ., 1911.
The stock market has been doing bet
ter this week. 1t has not only broadened
out in volume Of business, but prices have
undergone some recovery from the low
prices ruling the last Of the week pre-
ceding. Total sales have been running
$50. 900 shares to $4,000 shares a day, as
against 10000 to 900 shares for the
better part Of the month. Real activity is
reported in the bond market. with short
time notes Owo and three years. having
the preference.
The printing presses have been busy
with bond and note issues ever since the
first of the year. An aggregate Of both Of
these class of securities has been about
$576, OOO, 600 in a period of four months,
and that, be it stated. is going some"
The recovery in prices of stocks was
due in large measure to the covering
of shorts. although that does not account
for the whole movement. Strong inter-
and had to buy good many stocks be-
fore the decline was checked. Under ex-
listing conditions the buyers of long stock
In bulk may not hold their purchases.
Indeed, there Is we'll defined theory that
the stuff will be sold again as soon as the
operation can be proceeded with without
loss. The general public is not back in
the market yet by any means. 1t con-
tinues to hold aloof out Of respect for the
position Of the great banking syndicates
and also in recognition of the fact that
general business has not improved to any
noticeable extent.
Health Of Fundamentals.
Financial writer's and the publicity
agents for stock and bond selling houses
continue to harp on the healthfulness of
fundamentals. but as a matter OF fact
these fundamentals are not as encourage
ing as many might wish. The manu-
featuring industries and mercantile fea-
lures of the situation are far from being
satisfactory. The prospects of tariff legis-
lation and the uncertainties surrounding
in a continuing contraction in business.
From the producer of raw material clear
through to the ultimate consumer,
hand-to-mouth policy is still being pur-
sued.
The result of this is being shown in
steady reduction in supplies of COM
modities everywhere. especially those
having to do with manufacturing. In
the end this will be found Of immense
advantage. for when the Improvement
really sets in there will be no old stuff
to work off. This feature has been re-
ferred to several times in these letters
and 1t really forms what will be the
strongest and healthiest development, al
though while the process of contraction
is going on the country is being filled
with discomfort. That, however, Is an
unavoidable incident to the enforcement
Of wholesale economies.
Four Years Of Hard Times.
The country has now experienced more
than four years Of hard times In the
varying stages. and 1t is time q change
for the better should take place in
the natural order of things. Real re-
covery in the broad sense Of the term
has been delayed by the action OF great
combinations of capital to bolster up
prices and start things going too soon
after the panic of 1901 This demonstra-
ton, led by Mr.. Hartman and a marvel