Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-10-11

The conclusions set forth in the fore
going may be all wrong, but the story Of
what is going on in Wall street and on the
stock exchange would be ANONYMOUSLY
incomplete and untruthful IT It did not
contain them about as l have pictured.
The corner stone of the market and
about all there has been to 1t of late is
politics and speculation as to the outcome
In November. This is one of the times
when the verdict of the ballot bex will
be all important as a market proposition.
Every big bull you speak to admits under
eROss-exa mination that stocks will take q
big tumble If Bryan should win out-and
then they add. But he can't win. II is
absolutely impossible that he should win.
He hasn't . change on earth. But" they
add with long drawn breath, If he
should win the devil will be to pay"
The European war scare is only feebly
reflected as yet in Wall street. Every
body knows that If the great powers OF
Europe would become involved In seri-
GUS dispute that hundreds Of millions of
dollars of American securities would be
dumped upon this market by foreign
holders. The feeling Is deeply grounded,
however. that the trouble will end peace
ably and with nothing more serious oc-
curing than the trimming of Turkey
That is a catastrophe which the whole
civilized world can be reconciled to very
easily. Hence 1t is that European war
the International banking houses and even
they do not seem to be deeply disturbed.
The railroads all over the country have
gotten their affairs we'll in hand. They
have pared expenses to such a point that
they can now plan with def1niteness for
the future. A years steady work econo-
MIXING and pruning in every direction has
SO reduced expenditures that the result
is shown in net earnings greatly to the
comfort of stockholders and those ia
trusted with the operation of the big com
panies. In bringing about this result
earnings of more than million EN-
of the hard times Is thus widely dis
trjbuted There has been surprisingly
small srumblng on the part of the work
men. They have recognized that they
ships resulting from the panic. The lesson
has been disciplinary to the rich and
poor alike. The enforced necessity for
economtztng and retrenchment has taught
all classes the danger of running wild and
becoming extravagant as a feature of
good times. Should the expectations of
a resumption of prosperity in the near
future be realized there is not likely to
be a speedy return of riot of profiigacy
To that extent the panic and its claim Of
usefully 50. The year has been one Of
preparation for healthful recovery in
every department of business. The ire
mendeus and continuing gold imitation has
made tho period of recovery shorter than
would otherwise have been the case and
has hastened the day Of resumption of
every form of human activity. The great
rise in the stock market which has been
proceeding for more than three months
represents the foresight and courage OF
the men Of large affairs. They have bet
their whole fortunes and their credit on
their judGment, and SO far they have
won out Events have proved the cor
rectness of their estimate and the accu-
racy of their reading of the trend.