The Washington times., 1912-09-15

| brilliant outlook for the crops as
| indicated by the Government report,
| published last Monday, and further en-
couragfns testimany as to the expen-
sion of general trade, the Wall Street
market III the past week moved toward
| lower level. The brokerage conting-
ent continued to search for a reason
to account for the lack of response to
good news shown by the market Ac-
cording to one theory worthy of careful
consideration, the greater financial inter-
ests have planted themselves squarely
across the road that must be taken by
manipulators for the rise, and have
discouraged and will continue to dis
courage any endeavor to start a bullisk
speculation, believing the time most in
opportune for any such attempt
The inopportuneness in their opinion
would lie not In the still unsettled
Presidential contest. nor in the disturb.
ance which might threaten, through the
United States intervening in the af-
fairs OF Mexico. thugs lately much to
the fore, but in the basic element of
money. In tho opinion of the great
banking interests no undue strain
should be thrown upon the cnedit situ-
alton at a period when the crops are
moving and mercantile business is ex-
panding. With the crop moving de-
mand for money lessening as the year
end draws nearer and when prepara-
tions for immense January interest and
dividend disbursements are completed
by the bankers, will he the psychology
icai moment to consider tn. inaugura-
ton of sustained rise in security
prices. BY that time the excitment
attending the elections is likely to have
pa ssed away and been succeeded by a
calmer Judgment regarding the politi-
cal future of the country. With money
supplies again enlargtng an old-time
January stock market bulge might be
attempted with a fair measure of sue
cess.
Trade Moving Forward With Impetus.
In the meantime, however, market
views are much mixed" AS the No
vember election draws nearer the po-
litical situation will naturally attract
growing attention and make for nerv-
BUSINESS. Whatever the outcome.
changes in existing laws are very GER
tain. At the same time trade the coun-
try over is moving forward with impe-
tus, and 1t is only in Wall street that
distinct pessimism shows. Encouraging
reports come from the textile and relat-
ed industries. while on Monday the Cop
per Producers Association reported the
greatest deliveries Of the metal for. do
mestic consumption on record during
the month of August. and while pro-
duction was also at its heaviest, surplus
stocks Of copper were cut down 3.579,OE.
pounds compared with the total OF the
previous month. On Tuesday the
monthly tonnage statement of the Unit
ed States Steel Corporation announced
a further addition to the untitled orders
on the books of 6.296 tons making the
grand total of untitled tonnage at the
close of business on August 81, 6.163, ,375
| tons. 1t is necessary to go back to the
fall OF 1907 to find a record on the books
| of the United States Steel Corporation
exceeding this total. On September 80
1907, untitled orders were reported at
G. 6425,00S tons. since which time until
last Tuesday no tonnage report of the
Steel Corporation has exceeded the six
million mark.
In addition, railroad earnings have
| been improving. while the reports as to
| Idle freight cars reflect heavy en-
largement In the equipment in use on
the roads. Latest returns as to rail-
road earnings in August indicate that
the month will mark a new high record
In respect to gross. The volume OF rail-
road traffic has been steadily lettering
throughout the summer months. But
the most encouraging feature is evil
dence that the roads now have their
operating expenses we'll in hand and
that net returns will show large gains.
Much Depends Upon Labor Arbitration
Decision.
Natural nervousness, however, still
centers about the decision to be render
ed by the arbitrators In the wage dis
pute between the railroad companies
and their engineers. Upon the decision
in this dispute will hinge additional
wage demands by many other classes
of workmen. Should the men be allotted
any considerable percentage of what
they demand, 1t Is likely to prove a very
serious problem for railroads whose
dividend margin on earning power Is
narrow unless way is opened to them
for a general increase in rates. All
that was heard from the arbitration
board this week was the statement fol-
lowing the decision of Oscar S. Straus
the Progressive nominee for governor of
New York, to continue as chairman of
the board. that the arbitr ators were
making progress" Sessions of the
arbitration board were being held daily.
So far as the Government crop report
of last Monday is concerned, 1t was In
all respects satisfactory. To the wage
Garner. weighted down by high living
costs, 1t promises much. Not only are
the forecasted wheat and corn crops
enormous, but there has been a great
potato crop grown, with the oats and
hay crops of the heaviest. There is cx-
cellent promise that these great yields
| will be followed by lower prices for
meat as well as for agricultural prod
ucts. An anolysis of the crop report
| shows that remarkable gains were made
! by corn and oats, the condition OF the
former rising from 500 per cent on
August l to S21 per cent on September
1. while the condition of the latter i'm
proved from 90.3 per cent on August 1
to 92.3 per cent on September /. In
| terms of bushels. the indications con-
! tanned in the Government report are
that favortng weather In August has