The Washington herald., 1912-04-07
A. G. PLANT s. CO.,
BANKERS AND ,<,oc,
BROKERS, 1919 u Sr.
The Business Revealed by Iron and SteeI-The
Week and Month and the Years Outlook
Business Sentiment Railroad Pros
perity Coming-The Market

II this rate OF production continues.
1872 will show I.40o.OoO tons larger than
any year in the history OF the United
States.
The general trade OF the country is
indexed by activity in iron and steel,
which has always led the army of
progress. There begins now to be. among
business men even. a feeling of conf
dence and cheer. We say even because
Notwithstanding that the financial CEN
ters5 have for some time been quite op-
timistic, business men throughout the
country have not participated In these
opinions.
The change Is due to a transformation
! in their own industries similar to that
which has been taking place in iron and
| steel. namely. growing volume accom-
panied by some hardening of prices, en-
abling business to be done at last with
this at bottom is that the weight has
been taken on and confidence has begun
TO grow. The beginning Of this state of
affairs took place when II became evf-
dent that trust prosecutions for political
purposes and seeking headlines in the
newspapers, were proving a failure and,
that while the law was to be enforced
this would be done for the benefit of
business and not indiscrimtnately against
all business.
Railroad Prosperity Coming.
The traffic returns of the railroads fur
nish further index of the favorable move
ment In general trade. The completed
reports for February or the most i'm
portant systems show large Increase in
gross and in some Of them the increase
In net is also reassuring Such reports
come from systems like Pennsylvania
and New York Central In the East. and
Atchison. Northern Pacific. Great North
ern, and others In the West, and there
are Indications that the March returns
viii show similar Improvement.
The Hadley Railroad Securities Com
mission declared that the necessary de-
velopment Of railroad faciuties Is now
endangered by the reluctance Of investors
to purchase new issues OF railroad securi-
ties In the amounts required and tina;
totally inadequate to supply the facilities
needed This situation is due to the fear
that by reason of rate reductions, capital
invested In railroads may not be able
10 continue to receive its proper reward
The Market.
The advance in the stock market has
been compared to that which eliminated
In November. 1911. its simusriIy consist
ing in its continuous character After
the November rise and during the. early
days OF December. TIE market fiuctuated
irregularly around the high levels and
then began a steady decline. That ad-
vance. however. followed the low swing
of August and September. when the busi-
ness situation was at its gioomiest under
government prosecution. with. the Steel
suit and its sensational brief in the lime
light The swing up was the natural re-
action Of the wave which again, after
the upward impetus was exhausted. in
evttably swept slowly downward. The
present rise, however. began not as
result OF severe decline. but from a
more steady level and rased on the
soundness OF conditions and growth on
confidence. Aside from naturas reactions
IL does not appear that this movement
Is at.its apex. A. c. PLANT & co.