The Washington herald., 1911-03-12
By THOMAS c. sHoTwELL.

New York, March 11.-Strcngth Of
Canadian Pacific, weakness of Central
Leather. and q loss of surplus reserves
by the banks were the only things to
attract attention to-day in the dullest
market of the year. Trading for the
entire session amounted to only about
C5.00O shares.
The governments monthly report
showed that exports are still largely
in excess OF imports, and are gaining
over last year There vas the usual
Saturday expectation of Supreme Court
decisions for Monday. with no more
than the usual excuse. Leading fnan-
Ciers would not be disappointed if these
decisions did not come until about the
1st Of May.
Stocks nad practically no market at
IL throughout the week. and If there
was any tendency at all in prices. It
was inward Securities are Cornered
by the big men who have been COM
PEELED to take such vast loads that
they lave now taken a defensive posi-
tion that makes il undesirable for any
persons 10 sell. Professional selling
is discouraged by putting the stock
market up after every attack. Invest
mcnt selling is discouraged by drop
ping the pr.CC on the appearance OF
liquidation by holding it firm in its alb
scnce Thus an equilibrium is estab-
lishcd that is without precedent in the
history of Wall street.
Withstands severe Blows.
The market in the past week has
w:thstood blows that would have
caused wild havoc under almost any
other circumstances. The extra ses-
sion Of Congress caused no selling AZ
all because it is now understood that
,hc Democrats Will avoid any radical
programme OF tariff reform.
The Copper Producers Association
showed an increase in daily output OF
the. metal for February. and mate
rial increase in The stock Of the metal
on hand
rhc Tinted States Steel Corporation re-
rprIrd an increase Of HntA'd orders on
hand March |. amounting to 2N9o-+ tons
~ compared with the previous month.
This WAS something Of a disappointment
t. The street. bat il really Is favorable,
ne,.:.usc tH,. plants Of I'll" company nave
been operated more extensively.
Market Pleased at Condition.
Concentration Of the American army
m the Mexican border ,reatcd consider
able excitement politically. hut it WAS
-'';L-STIlIS 10 Inc LlliIildl "Ol H. <NiLSi'0
,aIs- nave, about $L"1,"l,cn0 invested in
Mexico. Of which about one-third is in
rail. oads and nearly onc-Aalf in mining.
I'r"~.uc,. Of the American army in Texas
ins.r"s the safety Of this vast invest
,nout and ta. Iu,i~h investments OF
tUI'. S1oo~4'.n'a in tue republic are also
irsrr,.i. Tho rlr'Ilz.d nations have fully
4-"-'.n'"9 invested in Mexico, and even
-'.,".}l rh" Nu.,rt-an army cross the bo--
4.r rl.> wound feel safe. Thv incident is
."j r l,".I~n arguucht On stocks.
e. New York central reduced its diVi-
5,r.u !at. from to % per cent and the
rrk I.u(cd that il has discounted the
.ar",. Dlvid'nI reductions are eN-
i'r ',.I cl~oN hero in the list. but they
HII nor he h,"srl-h arguments.
T'l' l;ank Of England reduced its dis
,'.'l rate from - to d; per cent. World
'l&.. ,Il~,. Of money is one Of the most
.".uo"Janr features Of the situation and
r :i.count~ Toy a great deal Of the
~l~,u-th in the market.
Every WHERE. except in Wall street
,h-orr.I reports are made Of business
,ouditi"ns. a-d chief among these is the
1"Iu!; ;hat ,h. farmers have carried
"v'~ ~" largest volume Of grain on
ro.ola. anu arc preparing to plant
'"snrd acreage of all IN" principal crops.
T-. fact point to year Of increasing
prosperity. with continually improving
r.-i,,a for stocks and bonds.