The Washington times., 1912-05-19

bars and sheets and other material are
peing received on basis OF an advance
averaging from 81 70 81 ton: :.
the basic metals has encouraged indus.
try everywhere. for iron and steel and
copper are barometrtc, and sustained
presaged Improvement elsewhere and
this appears to be working according to
the old traditions now. All the execu-
tive officials of the large railways are
reporting more hopeful. even optimistic,
sentiment throughout the territory ira
vcrsed by their lines, and the CONNER
Gal agencies confirm the report OF this
betterment and assert that politics u
having no adverse effect on trade. The
orders received by the equipment COM
panies from the railways are OF excel
lent volume, and today comes report
from the Amsrissn RatSsS asss az tSs
surplus or idle freight equipment, and,
according to the records there are 57,2OO
more freight cars in active service now
than year ago.
A Basis for Encouragement.
No doubt we have vexatious problems
before uS. many OF them, In the ath-
tude Of 10 Dor, In the high cost OF ma
terials, and In the slender margin OF
profit derived from nearly every depart
ment OF industrial and commercial ac-
tivity. anil while these continue proba-
bly,, they win exercise some restraint,
but what appears clear 10 that the coun-
try has gathered up, or is gathering up
much OF the slack and seeias bent on
going ahead. 1t has eliminated many
problems and appears to have taken
the measure of others. and apparently
II does not find them disturbing. In AL
this there may not be the basis for any
wild speculation in commodities and ma
terials, and there may not be, and II u
10 be hoped that there will BE no spec
uIatiye stock market boom, but there
IS the basis for true encouragement to
| legitimate industry and legitimate liz
vestment operations In securities
Developments bearing directly upor
| industrial, and financial affairs In the
| interval under review were not or .
! speculative nature or calculated to stini'
ulate the speculative market, but they
were not unimportant, or at least 'sucf
| matters as better crop and weather ad
: vices and an excellent Government trade
4 statement for April. showing the larg
est inward and outward movement q
, merchandise in any previous April
the country's history, cannot be con
sidered as matters OF no concern o.
| teneat to the nation. Exports reached
| the enormous total OF 1D0SS,Tf. arr
imports aggregated tl62, I4,6Ss, or $4s
| 100000 greater than year ago. The eS
| cess exports for the month were Sl6.
3i4,055 and for the completed ten month";
Of the iscai year there were $523, ,6s1, go
| Upon but two other occasions have th
| excess of exports been larger than II
the present year,
Bonds and Money.
| While the bond market continued
apathetie, prices were generally bette
maintained, than OF late, but the ten
dencies OF that division are still pug
cling, with The weight OF opinion ap
parently in favor of the belief that In
vestment yields must lengthen, ant
that old style railway bonds will seek
lower price level The interesting de
velopment in the money market wa
the reduction of the discount rate Of IN
Bank OF France from 2ia to per cen
The figures do not signify much unles
one recalic that France established u
higher rate at the time of the Morocco
disturbance. and its relaxation now ma
he regarded as an assurance CT Euru
rean peace. The local money marke
presented no feature of interest, rate
for time and call money and commercis
paper ruling easy and unchanged. Th
bank statement of the day was highl
favorable, loans decreasing $40, ,0S3 q
and the surplus reserve. according
, the figures showing actual conditions
increas sing S., 9S2. 600.