Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-12-10
Poor-Times Talk Popular.


From the viewpoint of traders who take
their position and make their calculations
upon what is superficial there Is encour-
agement in presentations like the fore
going-they who are inclined to be bears
finding warrant for extreme pessimism.
But at present 1t seems to me that
this professional attitude can prove dan
gerouS. So much pOOr-times talk passes
current, popular is 1t to recite or to
hearken to what Is dismal, that they who
stake their Wall street fortunes upon the
blue side are not unlikely soon to find
themselves handicapped by too much
company. It never has been profitable O.
safe to sell stocks short upon news of
calamities already known to everybody.
Yet that is what Wall street bears right
now are doing.
Business is slow. Collections are not
quiet up to averages that are normal. But
there is nothing fresh IN this info. NATION.
Quietude OF trade-commercial and In Aus-
trial alike-has prevailed since away back
at the start Of the year. 1t is no sud .en,
surprising development To become ois-
tressed and disturbed and speculatively
active on any such account Is merely to
be a confessed leftover.
Reversal at Hand.
No reason is discoverable for any
change in the opinion hitherto expressed
cation of it-that with the turn of the
year We are likely to have complete re-
versal in Wall street sentiment. BY that
time We will have scheduled long lists
Of political handicaps. tariff and trus.
laws, and all the other perfervid misceI-
lanies will by January have been all
hung out on the national clothesline,
and while for a little they may flap
parade is not going to be at the end any
more affective than seeming to be at the
start. The worst Washington view il
always the first Washington view. And
precedent if when once the adverse things
are known there does not come with
promptness and with thoroughness a re-
vusion on the side Of sanity and better
ing prices.
Stock Market Division.
In the list of conspicuous stock ex-
| change issues there are many that invite
special reference and direct analysis,
many whose fortunes seem to be at
crucial points. But between this and
new year time it would be hardly op-
perfume to make discussion In any quar-
ter specific. Some rules are always
rules incontestable, rules that cannot be
put aside.
In the wholesome instance there is
openness of accounting. fair dealing with
the public. a proper maintenance and up
| building OF physical property. In the
other there Is persistent mystery. the ex-
! ploitation of a blind pool. Wall streets
stock market can fairly be divided into
| these two parts And when. after awhile,
something like assertive progressiveness
begins we are undoubtedly going to have
quotation exhibits whose inspiration and
whose support will be closely keyed to
this that is fundamental.
Business Improvement.
Canvasses disclose some Improvement in
the countrys business conditions. The
recognized commercial agencies say this
much. Private and independent authori-
! ties are still more agreeable In their re-
ports. Iron and steel show in their No
vember returns a record better than for
any month preceding for the year
Prices don't advance, but the volume of
business expands materially. and more
business of course, means the opening
of opportunity for larger profit. Taking
United States Steel for criterion, the in
dustrial situation may be regarded as dis
tinctly encouraging. Steel commons div
idend is better earned at the end OF the
year than it was at the years beginning
Yet the large opportunities for profit
opening to stock market follo"erS, "netn-
er investors or spectators. are onered by
stocks selling away down at almost IN
signifcant figures II is not a short list.
The stock exchange has score Of con-
spicuous properties ranging at bank
ruptcy prices. In perhaps half OF these
examples there are w ba toand
| ably superior to what current figures
| quote.
This is peculiarly period for becoming
prepared for a market entitled to harden
and to broaden.