Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-08-21

holders of Steel common. should induce
them to disregard sympathetic downward
fluctuations.
Copper Management Poor.
Holders Of Amalgamated Copper are
In different situation. There is no
management there akin to Steel cor
poration management. There Is, on the
contrary, secrecy and mystery. There
Is. OF course. no pretense that Amalga-
mated should sell where it does on its
pitiful dividend basis Its present range
or quotations reflects nothing more
than gambling hopes. OF course. gam
bling hopes sometimes find fruition-
more often they do not. curious feature
or the situation Is corresponding weak
ness in American Smelling, which
causes much Struggling of the shoulders
In Wall street. Other industrials are
not giving any particularly good &C
count OF themselves. The equipment
companies keep sluggish because of the
road orders will cause their business
to shrink in the near future.
General business holds up much bet
ter than was expected. Reliable mer-
sale trade in pretty near normal con-
ditton for this time Of year, remarkably
so. indeed. considering the freakish
weather conditions which the country
has suffered for so many months. Evil
IDENTIFY the ,cOnsumptive power Of the
American people has suffered no serious
impairment up to date. OF course much
OF this Is due to the continued pros
perity OF the agricultural community.
Prosperity for Farmers.
And this agricultural community bids
fair to continue its prosperity. There
has been serious crop damage, notably
Of wheat; there may be more before
corn and cotton are harvested; but on
the whole 1t seems reasonably certain
that the products OF the farms will be
great in volume and will command
prices that mean additional wealth to
the American farmer. II this prove to
be true the agricultural situation will
sharply Offset trade uncertainties.
Another element which Wall street
begins to turn attention to is the
political situation. The party in power
is convulsed with factional strife-and
sectional strife. 1t does not seem pos
sible that machine domination can be
perpetuated. The congressional cleo
lions OF 1910 are likely to reopen the
vexed tariff issue-a prospect never
pleasing to American business men. A
republican House divided against itself
would be in much the same position as
minority practically dictates legisla-
tion. This chance may come to the
democrats even should they not sue
coed In electing a majority Of their
own. Moreover. there seems to be no
escape from further paternal legisla-
tion affecting the business world-all of
which Is not relished by Wall street.
This may be far cry just now, but
IT will be heard more loudly and loudly
as November approaches.
1t seems inOppOrtune to call attention
to special stocks just now The market,
however fantastic it's movement may be.
moves up and down practically as a sim
gle entity. Individual properties do not
receive individual consideration. Did they
do SO. attention might be called to the
remarkable Improvement going i'm
Erie. Erie earnings are much larger than
for some years past and the physical
condition Of the road shows vast improve
ment. Erie first preferred has attracted
considerable Investment buying of late.
Disturbed by Hawley Stocks.
The Hawley stocks continue to be an
element Of unrest, though trading in all
OF them. except Chesapeake and Ohio,
has come pretty nearly to a standstill.
Chesapeake and Ohio is strongly held by
recent buyers, though Mr. Hawley dis
plays no unusual personal interest in this
property. But when the market turns
weak, Chesapeake and Ohio slides down
smoothly and swiftly. The question Is
pertinent: How long can its present
dividend be maintained?
On the whole sensible advice from re-
liable sources is to the effect that 1t is a
good time to wait. q good time to refrain
from speculation. but also a good time to
buy outright for investment properties OF
which the earning capacity is ascertain
able and which are selling below that
standard to which they are entitled on
dividend yield. There are many such,
even after the recent advance.