The Washington times., 1911-08-27

I ment. As to retrenchment II may be
said that no railway in the country
policy than the Hartman lines in
consequence of the abundant sums
expended upon them for renewals, re-
Placement. and equipment In the last
ten years.
AS tc the threatened labor difficulties
on the Hartman lines, no one at this
Wrlt,ng can safely predict the outcome
Aovlces from the West have put a very
serious aspect upon the case, and as
suredly general strike of the shopmen
on the system might develop a situa-
tlon fully as serious as that described
in the Western dispatches. Among the
company's officials, however. the opin-
ION Is expressed that the strike VIII not
develop It is pointed out that no time
could be better than the present for
bringing the issue to definite conclu-
sion. A lessened volume OF general
bus'ress along the lines Of the system.
II is asserted, would enable the COM
pany to handle the affair better than IL
the lines were overburdened with traffic
and shippers were clamortng for mer-
chandise.
Foreign Selling.
A feature of the week which at
tracted considerable attention was the
extensive selling OF stock for European
account. The common explanation Of
this in Wall Street was that IL reflected
an unfavorable turn In he Moroccan
negotiations between France ana Ger
many, but when one studies the quota
tions and notes that the extreme de-
cline in French rentes was 3 centimes,
and that German Imperial IS did not
fluctuate an eighth during the entire IN
terval. II seems clear that Pnris ana
Berlin were in no wise alarmed over the
matter. AS a matter of fact, IL looks
very much as II Wall Streets nerves
we're 30 overwrought at the present
time that II sees disturbances, on occa-
sions. where there are none;
Late in the week an explanation was
forthcoming of a different character to
explain the foreign selliag. and that
was 10 the effect that European bankers
had awakened TO the fact that certain
rather important interests here' bankers
and brokers, had woefully mis)udged
the American market and had put their
European correspondents long OF stocks
on the initial declines, on the ground
that these had resulted entirely from a
bear raid and would be recovered speed
lily. Realizing, now that hquidation was
al tie center of the decline. II Is re
ported that the European bankers sold
out on short notice. Il Is. OF course,
we'll known that the New York market
was misjudGed on several occasions re-
Gently, notably so on the declsion IL
the STANDARD OH case. at which time
number OF brok ers loaded up expecting
an active and higher market In the fan.
Their selling, with that OF the for,
eigners, has undoubtedly accentuated
the declines.
Business Conservatism.
Naturally the liquidation and unset
Element of the security market Is ind
ing some reflection in industrial quar-
ters and conservatism Is pronounced
in practically all important mercantile
lines. Despite this the iron ana steer
Industry Keeps up surprisingly well.
and, according to the very best advices,
the chief producer is transacting a
much larger volume OF business than
Wall Street bears profess to believe
with textiles the situation appears TO
he the reverse, and, according 10 state
ments made during the week, the cur
tallment OF production by cotton manu-