The Washington times., 1912-03-10

umn repeatedly. The principal fea-
lures inclrde an expanding credit bal
merchandise, sold out security mar
ket. ana Il well-liqlidated position
everywhere else, aside from zeal estate,
H. Scme sections, and IN laLor. together
ing low rates, TO these may now be
added a promising harvest outlook. IL
IS, or course, very early to speak OF
crops, and ii Is a long time between this
ana the har"csts, but there has been
an ample precipitation and good snow
covering throughout the territory de-
voted TO the important cereals during
the winter, AMI this affords a genuine
basis of cncour1 cement for general in
dus!rial interests.
Repressing Influences.
The rcpressing influences are equally
we'll known. They also have been re-
ferred to on frequent occasions, and
they have undergone no decided modi-
fications in recent weeks. In fact as
far as their potency upon anticipate tory
or confident business operations Is con-
cerned the restraint seems to have been
intensified rather than relaxed by re-
cent political developments. The in
creasing tension between the Taft and
Roosevelt forces within the Republican
party, for instance, whatever the out
come adds to the uncertainty of the
situation. Commerce and industry have
never given their best results in years
or national campaigns, even under the
most favorable circumstances, and the
circumstances are not Of that nature
on this occasoon, but are accounted as
probably the most disturbed since the
civil war.
Markets, either for securities or COM
modities, do not of course wait for the
actual determination OF events, for fire.
quentlyq and usually they anticipate i'm
portant happenings, but 1t is difficult to
see wherein they anticipate anything at
this time Of the political outcome in No
Nember. for no one has clear enough
knowledge of candidates or issues even
to formulate guess as to results. The
country will, of course, transact bus
ness and large volume of business in
the aggregate, and such features as re-
duccd stocks OF merchandise, good crop
prospects, abundant money, and a large
credit balance abroad are great sustain
ing factors: without doubt we will hear
from all OF them in the future, but
they are not calculated to stimulate
speculative markets today or to in
hueDce extensive anticipatory buying of
merchandise.
Disturbance of Confidence.
Confidence IS still disturbed and un-
der such conditions business always
proceeds cautiously. To the great un-
certainties arising out OF politics.
touching all interests vitally ON tho
question Of tariff revision. and which
may endure for a much longer interva!
than the June conventions or the No
Nembcr elections, we have the added
problem Of general unrest on the part
or labor, at home and abroad and
serious outbreaks in many different
lands. We may be fortunate enough to
escape labor troubles ourselves, but
as the threatened coal strike, and the
situation among the New England tex
tile workers, and aside from that there
seems no end OF Congressional investi-
cation and litigation, calculated to add
to the caution OF Industrial interests.
1t is not agreeable to dwell upon these
features, for after so many months OF
apathy and so many bitter disappoint-
mentS Wall StreeG is entitled to all the
comfort II can extract from an improv-
start or an III advised speCula tive
movement would profit anyone at this
time. for II Is difficult to avoid the con-
ClusiOn, that We are more likely to md
disturbed waters than calm seas and
smooth sailing before us. Such at
least is the opinion Of some very clear
headed bankers and merchants, who are
more disposed to view certain signs OF
bulge" due to low stocks and seasonal
demands than the awakening of a
boom" and some of them express the
hope that such Is the case, for they
have no desire to enter the zone of
greater possible disturbance than at
present. with loans expanded and prices
inflated.
Margins of Profit.
One feature which is attracting very
much attention and which has been in
tensifed by recent reports of industrial