The Washington times., 1911-04-16

orders in March would maintain the
basis Of increase disclosed between
December 81 and January 81, last,
when the bookings of the trust in
creased 436,162 tons, but all things
considered, the showing made by the
corporation on Monday last in report
ing the unified orders on March 81,
at 3.447,3a1 tons, was not unfavorable.
The increase of 46,75S tons over the
1s small. but still II Is an increase, and
the untitled business on the books at
the end of March Is 1884 tons. or
more than 25 per cent greater than
at the outset of the year. and is the
largest volume of prospective busi-
That the general trade movement
throughout the entire country Is disap-
pofntingly slow Is admitted on all sides,
but the soundness Of fundamental con-
petent. observers. This was noted dur
ing the week by men who view a posi-
ton from points of view as widely di-
yergent as Frank A. Vanderlip. presi
dent of the National City Bank. who
has just returned from a 1,00o-mile In
spection tour Of the country, and John
w. Gates, the stock plunger, just back
from an examination Of his Texas oil
properties. Both the banker and the
speculator, while acknowledging the les
excellence of crop conditions, and both
based optimistic predictions Of the fu-
ture upon the harvest outcome.
Political Restraints.
These views are Indorsed by prac-
tically every recognized trade authority
in the country. That the early promises
Of the year for increased activity have
not been borne out Is disappointing. but
the unexpected special session Of Con-
gress. with it's program of tariff re-
vision, Is chiefly responsible for the re-
lapse in the greater Industries. En-
forced economies on the part Of the
railways and the long-deferred Supreme
Court decisions in the trust cases, con-
tribute their share In restraining in
dustry, but at present the merchants
seem more concerned with what may
follow in the way Of tariff revision after
the Canadian reciprocity measure and
the farmers free list" measure are out
of the way, than with anything else.
favored the Democratic oar
ty in the November elections, and, in
it Is in no position TO
complain over any restraints imposed
upon business by the legislative pro-
gram of its new found allies, and, In
fact, Wall Street Is so much taken up
with the Supreme Court matter that II
Is giving little attention to politics or
else. This was fairly We'll IL
Illustrated by the manner in which II re-
sponded to Judge Sanborn's decision in
the Minnesota rate case. Upon any
other occasion a decision of such i'm
portance, holding the action Of State
in establishing non-compens-
atory freight and passenger rates un-
would have stimulated
stocks. but 1t fell fat in the market on
Bonds and the Money Market.
As the market was closed on Friday,
It Is impossible to determine the in
fuence, II any, arising out Of the high
Iy successful sale Of 1o,oo0, 900 New York
State per cent 50-year canal bonds, |
which brought the very high price of
l04. 30, or about a $50 per cent interest |
basis, and were subscribed for to the |
extent of $115, roo, 900. The general bond !
market has continued dull with prices |
strong. as Is natural in view OF fur |
her slight ease in money: Loans carry
ng over the year or having January, |
9l2 maturity, were made during the |
week, in one or two instances, at 81 |
per cent.
The bank statement reflected a heavy |
,ash increase, specie and legal tender |
holdings increasing Sc. 6S2, 100 In the re-
port Of average condition and $685., 100 |
n the actual report. The average loans |
decreased $754,600 while the actual in
creased s2,sS5,5O0. Deposits increased |
9, 13l, 800 in the average and 81, SS4, 800 in |
he actual report. The surplus reserve
was augmented by Al2,55 and now
,tands al sal, ,6o6, $50 above legal require |
nents, as reported In the statement Of |
,yera1eS