The Washington times., 1912-02-18

I ume of the country's business is consid-
| eraple; current developments are by no
means unfavorable as many persons be-
| lleVe; some OF them, on the contrary,
| are very good indeed; but, owing to
| uncertainty and to an utter inability at
the present time to see the way out,
| Important interests take no part in new
enterprises and the stock market is left
| to professional hands.
| II might be we'll at the present time,
| II Wall Street would recall the familiar
German saying that I'VE never eat
our soup quite so hot as 1t is served
| to u.s. The situation, will admit,
| leaves much to be desired, but II cerS
tainly does not Justify Judge Gary's
nkenlng II to that which Immediately
preceded the French revolution. There
| Is much demagogism, much incendiary
| speech, much in the way of cultivating
| the prejudices of thoughtless persons
I this Is a prosperous country filled with
1 well-ted citizens, not q horde or starry
ing peasants who had just grievances
| against the ruling classes, as q result
OF centuries Of oppression.
| We might desire things somewhat diff
| ferent tnan they are but we are a long,
long way from the situation which
| prevailed in France prior to it's revolu-
ton.
Confusing Remedy and Ailment.
Quite naturally. in view OF Judge
| Gary's prominence as head of a cor
poration which is the largest employer
of labor in the world. his remarks be-
fore the New York Lehigh University
Club have attracted a great deal OF at
tention, more attention, in fact, than
would be accorded to almost any other
| man in the country, and probably his
views are held by other persons who
DO not fully comprehend why they
should not be permitted to go on. with
a conduct of their affairs as in the past,
| ell
! the disclosures made in connection with
the life insurance investigation in New
| York, and most persons realize II, in
Cluding Judge Gary, who, in his address.
| said, We men of great influence have
not always done exactly right"
| This admission, one would think,
might suggest the basis for the condi-
tiOn and the agitation on which Judge
does 1t not suggest, also. that corpora
ton managers may be confusing the
remedy with the disease. Assuredly,
very much Of what Is going on, and par
ticularly so in the case OF the Govern
ment activities in regulating and su-
pervising railway and industrial cor
porations, is in the nature of cor
rective for just such things as Judge
Gary must have had in mind when he
said: We men of great influence have
not always done exactly right"
Probe bly, the wrongs done are not as
great as agitatOrs would have ahem ap-
pear, and certainly they have been tho
result largely of an unfortunate sys-
tenn which the corporation men now
recognize. Perhaps the pendulum will
| swing toe far In the other direction, but
what must be manifest is that the
process, though painful. IS corrective.
Foreign Developments.
A little more attention tnan OF late
was devoted to foreign developments,
because these features found some lie.
Election In our markets, but the infiu
cnce was not uniform Thus. while at
the outset of the week the reports Of a
settlement OF -he Anglo German con-
trONersy influenced Il sharp leCway in
consols and some little foreign buying
Of American securities; the discussions
among the British operatives later on
caused a selling movement in cotton,
under which the staple broke severely.
4 reaction in cotton was not uneXpeCt-
ed however, in consequence OF the Wild
outside speculation which had dcvcl-
oped N that market, to which uisgusted
gamblers had turned in consequence OF
apathy in stocks.
with bonds the situation is highly per-
picking, for though several new issues
offered on an attractive basis. like the
SIS, OO0.(OG Milwaukee. Sparta and North
western As, CuaraEteed by the Chicag }
end NOrthw estcrn. and the s.. $4,000
, Omaha dcbenture SIS, offered during the
week. found a ready market, the estab-
IlSneO ISSUES on Tue eScnatSc were neSl-
tant and irrcG ular, ard numerous EcSO-
tiatOns for early issues Of new short
term notes We're reported.
This would seen, t. indicate that tho
buying in the market was rather that
/ of institutions seeking temporary en-
ployment for surplus funds than the
operations of personal investors. The
short-terln note is convenient security
for a bank, but is costly temporary
financing, and such issues arc not as
sCCiated with confident Investment buy
ing.
Money Market Affairs.
The gold exports to Paris, which we're
the mystery of the market Il week ago
were not in evidence during the current
, interval. A slightly firmc.' tendency
, was reported in time and call money.
This, however, was not attributed 20 an
increase in borrowing demand but u
the employment of funds hy banks m
D.. she rt-term notes, which are tre&ted as
3 loans, and which give a more profitable
: return on the money than if loaned di.
, rect to Individuals The hank state.
ment today attracted little attention
] The report dealing with the actual con.
:. ditiOns OF the institutions showed a de.
e crease of $6,120,O00 in deposits and an
( Increase of but SS75,0OO in loans There
= was a loss OF 81 61N. 900 in cash holdings
e and a decrease a Sl,il3, 900 in the surplus
reserve. which is now $36, 2O2, 80 above
lr,ya