Evening star., 1912-01-14

may be regarded as fairly certain that
many depositors will be disturbed by the
to accept-with the probability that in
substantial volume savings bank funds
will be seeking Investment elsewhere
Were conditions normal upon the STOCK
exchange this could not fail to have
tonic effect upon the security market
Indeed it may not be far wrong to snr-
mise that to some apprecfable extent the
buying orders with which commission
brokers have been favored since New
Year come from this very quarter Oh
what Is closely related.
Business Generally Improves.
It is undoubtabie that business general.
iy improves. United States Steel Corpo'
ration official reports attest this in g
large way-that great trusts orders hav-
ing risen far and away beyond what was
the inside expectation. till now the fore
most mills are running at from so to 81
per cent Of the maximum capacity
against barely 80 per cent registered not
many months ago. In less conspicuous
quarters the same record, relatively.
shows. Nowhere is there excuse for bad
times talk.
It is true that financiers having largest
interests in the coal trade are disturbed
over the apprehension that there will be
labor troubles at the mines this spring
Some affect to be reconciled to strike
which may have long continuance. They
talked much more 81 bly, along this line
in December. though-for If business other
than in the coal trade itse.f Is as brisk as
now It promises to be wage concessions
will be much more readily granted than
would have been the case had Industrial
dullness prevailed.
1t is only a little while ago that Wal
street was mouthing a lot about the ne
cess.ty for ''liquidat ng labor" There has
been no such liquidation: and there Is far
less prospect Of it now than was assumed
to be recently in sight.
Gave Street Surprise.
Meanwhile there crops out here and
there indications that all is not quite
agreeable in some Of the bigger corpora
tions-illustrated by a surprise which the
harvester trust gave to Wall street a
couple Of days ago, in announcing that
1t had felt obliged to borrow $2O,OOO.OOU
on short-time notes to finance current
operations. 1t had been taken for
selves the wisest that the International
Harvester Company was SO rich in sur
plus funds that 1t could never find any
exigency in which 1t would have to turn
to the banks for relief. 1t is only a lit
tie while ago that it was officially an
nounced that in order to capitalize
an accumulated surplus $2O,OOO,OO0 stock
was distributed among shareholders as
a bonus. an outright gift. 1t is a curious
coincidence that the stock then given
away and the money now borrowed hap
pened to total the same number Of mil
lions.
Yet what is probably ample explanation
Of this weeks borrowing surprise is that
the customers of the harvester trust
the farmers Of the country-were at the
end OF 1911 slow payers of outstanding
100000 loan. so unexpectedly negotiated,
can be recorded as representing not
financial embarrassment for the har-
yester trust. but actually the pursuance
of generous policy toward their Gus
toners.
influence on Sentiment.
And this view may be expanded into
what may have political consequence in a
helpful way for this trust, against which
more strenuous local antagonism has been
directed than toward any other Industrial
enterprise of the country-the renewal OF
farmers notes representing the extension
of a courtesy and kindness to the farmer,
going far, perhaps to convert farm senti-
ment from prejudice into friendliness
Unless the opinion of veteran observers
is far wrong, the entire undertone Of the
stock market Is toward betterment. Some
high priced stocks seem destined for lower
levels, and soon; but in the list of those
prices. Some stocks now selling at D
and under are-upOn actual merit-en-
titled to appreciation-and before long l
believe they are bound to command It.