The Washington times., 1912-07-21
BUSINESS WAS ON RESTRICTED ORDER,
BUT STOCKS MADE SUBSTANTIAL GAINS
Big Holders Sitting No Evidences of Uneness
Political StuatonRank and File of Room Traders Fol
low 1cker-Gossp.
JOHN GRANT DATER,
Munrcy Publications

year and disclosed the largest volume of
international business In the, country 9
history. Imports for the twelve months
aggregated $1,653 426,174, while exports
and outward movement Of 1885,. .64S,257.
The excess of exports over imports
constituting our merchandise credit bal
ance was $3.50, 1884 which has been ex-
ceeded but three times in our history.
This Is a fine showing and indicates
clearly enough that any complaint of
business contraction, cannot concern
our Import and export trade Total i'm
ports, however, $96, 462, 900 in excess OF
the previous high record, discloses that
there has been a great pinching or econ
omizing In luxuries, and our extrava-
CANT purchases abroad constitute the
least favorable feature of the year in
international business.
General Industry and Politics.
Despite the uncertainties arising from
the political, situation, which cloud the
future, general industry, according to
the recognized trade authorities, has
been very well maintained and this
seems fully confirmed by such criteria
Of business as bank exchanges, which
are still expanding, building operations,
which show a similar tendency the
country over, and the conditions as re-
. ported in the basic Industries such as
metals and textiles. Railway gross
earnings, however, are not as favorable
as they have been, and the tables pub
lished In Dun's Review, comparing the
traffic returns for the same corpora
| tions for the first week Of May, June.
and July. show steadily diminishing
ratio. This, of course, Is not definitely
| conclusive of falling business the coun-
J try over, but indicates cross or counter
currents in different sections.
There Is. Of course, little or nothing
which foreshadows speculative opera
tions In merchandising or manufactur-
ing, and that Is not looked for, in view
to be fought out along the lines OF
| tariff revision. While bankers and
merchants are putting the best face
upon the matter they can and are show
| ing no undue alarm over II, they have
no intention Of going into the critica
observers, in consequence look fol
a continued interval of exceedingly con
| servative buying and non-speculativt
operations. until the issues of the cam
paign are more clearly defined. In thii
certainly there is nothing alarming ant
the disposition manifested for quiet
| steady business is far better than II
men were inclined to plunge in the
matter of business operations.
News Developments and Money.
or the developments Of the week. nei
ther the order Of the Interstate Com
merce Commission. ordering a whole
sale reduction of express company
rates, ranging from 10 to so per cent
nor the opening up of the hearings be
| fore the arbitration commission In th'
| wage dispute between the locomotive
engineers and fifty-two railways in TIT
central traffic and trunk line territory
| found reflection in the security market
though both are matters Of great i'm
Ir ortance. Neither can 1t be said tina
the rumored findings of the Stanle!
committee. which it is said will advo
cate the dissolution of the Steel trust
was much OF a factor. Under othe
| circumstances the reports which fillet
the Street of the findings of the Stan
ley committee would have been highl!
disturbing. but with a Government sui
in progress to accomplish the purpos
favored by the committee, the financia
district found no basis for extra alarm
| However, the recommendation Of tn
committee on the proposed amendment
to the Sherman law will be awaite'
with interest.
! As was to have been expected, none.
rates eased of slightly as a result o
the Improvement in the banking posi-
ton. This was due, however, more l.
the depression OF call rates than fre
offerings of time money. Business oI
the Exchange Is so slack that broker
see little occasion to borrow on tim
and this prevented the banks from
maintaining the higher rates on tern
borrowing. Todays bank statemen
showed still further improvement, whicl
was due in large measure to a shiftin
of accounts However. the gains Il
cash holdings were much larger thai
were anticipated and the surplus re
serve increased 200 in the averag
land sS.459,000 In the report of actua
conditions.