The Washington herald., 1911-10-23
Signs of Encouragement Are Not Wanting in
Financial and Industrial CircIeS-No
Fear of Steel Trust Suit.

New York, Oct 22-While talk in Wall
Street last week was busy over the pros
pective abroga ton Of the lease of the
Great Northern ore lands by the steel
corporation, with discussion as to the
chances of success of the American To-
bacce Company's plan of reorganization
and with varied comments upon Presi-
dent Taft's and Attorney General Wick
ershams daily utterances, little was
heard about one matter that was far
more important than any Of these-the
vast Improvement that has lately taken
place in the condition of the soil Of the
agricultural section of the country as
regards moisture.
One year ago a state of drought was
general, and the winter wheat crop was
planted under conditions that gave a
poor augury of a full harvest; and while
the agricultural weather in the spring
and summer this year was also adverse,
yet the dryness of the ground last fall
and winter presented at the outset dis
tinct obstacles to a satisfactory growth
of grain.
The amount Of rainfall in the country
taking the last four years as a whole
is still below the average, but II is
gratifying to note the great change for
the better in this respect that has taken
place in the present autumn and when
justifies much more hOpefulness for next
years harvest than could have been en-
tertaned a year ago. The truth Is that
II is the play of forces of this kind rather
than anything that Mr.. WiCkersham or
Mr.. Taft may do or say that is really de-
rerminative of the progress of business
and the course Of the stock market.
There is no denying that a great factor
In the fall in security prices this sum-
mer was the Indignation and apprehen-
sion Of business men over the attitude
displayed by the government regarding
the enforcement Of the Sherman law; but
an influence far more powerful was the
ceaseless operation and interworkings OF
the vast silent impulses OF economic
production and consumption which Will
in due time elevate prices just as 1t
previously lowered them and in calm dis
dRin also of politicians and candidates
for office.
1t must be said that at the moment 1t
does seem as If tTemOrs arising out OF
the antitrust law and what Mr.. Tar
and Mr. WiCkersham may decide TO DO
about il have about discounted them
selves in the security market and are
1aily becoming less of a factor with
thoughtful men. The minds Of people
nave been so burdened for so long
time with forhodings Of a government
suit against the United states Steel Cor
Doration and there has been so much
selling Of the shares Of the corporation
because Of this, that there are shrewd
SPECTATORS who hold the opinion that if
suit against the steel corporation was
brought the securities of the corpora
ton would rise rather than fall.
on the other hand. signs of encour-
agement are not wanting. The low
prices generally made now for all our
articles of commerce have increased the
,ountry's export business so that
great trade balance is heaping up in our
'avor; and the showing Of the current
1scaI year in this respect bids fair to
equal even the magnificent exhibit Of
The year preceding.
The most pleasing feature here is that
il is the COuntrys exports Of manufac-
tures that are particularly increasing.
Formerly and still a great agricultural
nation. we are becoming an even great
rr manufacturing nation. The figures
as to this. compiled by the various
government departments, are really
startling. Last year the value OF our
farm products was S, ,9o6 0O0 900. but the
value Of our manufactures was almost
81. .OOO OOO,O0o. There is plainly not a
little basis for the statement that our
co'-ntry seems to be in much the same
condition as that in which England was