The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1911-04-03

New York. April 2.-There is no doubt
that to moderate extent business over
the country Is being held in check b.
the pending uncertainty as to the char
acter of the decisions of the Supreme
Court in the antitrust cases; and in spec
ulative Wall street there is a strong dis
position to criticise the court for what
is TERMED its delay in settling the matter.
1t seems to be forgotten by many i'm
patient folk in Wall street that the record
in the Standard Oil and American Tobac-
co cases is enormous, constituting in and
of itself almost an entire library, and
that long time must be allowed to the
Supreme Court to examine this.
II is doing the country good to have
stock exchange speculation held in check
just as a public service is being per-
formed in a continued and close inspec-
ton of corporate and private eXpendi-
ture. If all this goes on for reason
able, time further the patience of those
who are now content to wait will be
richly rewarded, for there is every, inuI-
cation that at the end of the period, which
cannot in the course of nature be very
long postponed, the country will find that
a basis has been laid for one of the
greatest forward movements in business
and finance that it has ever known
1t is probably because of some such rea-
soning as this that people of great power
in national business affairs are making
no decided effort to disturb the fetch
of the decisions in the antitrust cases
which seems to exercise such a dominant
influence for the time being over the pop
ular mind.
No Hard Timcs.
The vitality encouraging aspect of the
present status is that for considerably
more than a year now-in fact, ever
since January l, 13l0-peopie have been
economizing and talking hard times,
while as n matter of fact times have
not been very hard and business Profits,
although reduced, have been considerable.
Extravaganza and even ordinary enter
prise in this period have been kept down,
and buying of goods of all sorts in every
direction has been small. The result of
IL is that underlying conditions are really
a good deal better than appears On the
surface; and 1t has not escaped attcn-
ton that in particular lines or trade
activity has been pronounced and profits
correSpondingly large. one phase of the
contains ground for hope as to tho gen.
eral business future of peculiarly strong
nature.
What is known as railroad buying over
the country has in the last SIX months
been minimiZed and has lately been
forced down to the limit OF irreducibility
by the decision of the Interstate Com
merce Commission in the railway freight
applications. There never has been
time before since railway organizations
came into existence in this country when
the orders of these companies for ma
terials from the iron and steel mills have
been so small comparatively as at
present.
The preparation for the April I fnan-
cial settlements, an event that is not in
frequently accompanied with financial
strinSency. passed off without lifting
money rates a hairbreadth, and il was
said at the end of the week that money
was offered, if secured by the best col
lateral, for a years use at the phenom-
enaIly low rate of 81 per cent Although
April ! is usually time when sterling
exchange hardens in response to de-
mand for remittance of interest and div
idend payments in Europe, sterling last
week declined sharply, because instead
of having to send money abroad our
bankers chose to call in a small quantity
or the large sums OF money now stand
ing to their credit in foreign capitals.
Government Bond Issue.
Probably within a short time the gov
eminent will announce an issue in the
neighborhood OF $4,000 600 Panama Canal
3 per cent bonds, these bonds being de-
prived of availability as a basis of bank
note circulation. This will give a test
for the first time in many years of the
rank Of our government securities consid
cred upon an investment basis pure and
simple. There seems to be some question
whether the government will offer the
whole or a large portion of the new bonds
at public sale; that is, in such a way that
they can be readily subscribed for by the
mass of the public and by small in
vestors.
The condition of affairs in Mexico is i'm
proving. The Diaz government there
must make concessions and inaugurate
reforms If it is to live, and there is every
Indication that President Diaz at last
sees this as clearly as any one, and that
he will shortly give the reins of power
into other hands.
Presumably, the Canadian reciprocity
bill will pass Congress quickly, as also
one or two measures reducing the tariff
duties on certain schedules, but these re-
auctions seem to be those which are
stoutly called for by public sentiment and
will be greeted by rising stock markets
rather than falling ones.