Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-07-16

somebody else besides the farmers has
to pay the cost of carrying farm
products from the producer to the ulti-
mate consumer. The result is a
mighty shifting of wealth. and the bal
ance of power from the city gamblers
to the agricultural regions.
Spectators Still in Game.
A few big spectators still ply their
vocations in wheat. corn and cotton, but
II they stay in the game 1. is because
they shift from one side to the other.
where the money lies. The old crowd
that got rich selling for future delivery
for the premiums is no longer domi-
mating force. Death, bankruptcy or re-
tirement from the active field has cut
down its numbers and reduced its
the lot transferred themselves to Wall
street and are now powerful in the stock
market and banking word.
Farmers are educated 10 the fine points
of the game and are making the money
the same as many other manufacturers
do who know their business. The con-
stituency that has fed and enriched Wall
street is also learning its lesson. IL is no
longer rushing in and out of the stock
market at the behest Of the brokers and
manipulators. but is calmly forming its
own judgment and acting thereon lnde-
pendently and inteligently. /. is not OF
record J0dC the pubic Is yet Uuy iIiS
yachts by the wholesale. but it Is quite
certain that the brokers and commission
merchants do not nave the money to
spend In extravagances as formerly.
They complain bitterly that their old
customers. such Of them as remain
solvent. are doing business directly
through their bankers, thereby saving
their interest accounts and otherwise
cutting into the profits that formerly
went to the middleman. This is one of
the developments of recent years, and
at no time has it been so apparent as
now.
Public Has Large Holdings.
There has never been time when
the public held as many stocks or in
such large volume as now. and there
has never been time when 1t was more
Independent of brokerage house ma
chinery and advice. All told, not less
than 100000 men. women and estates
figure in the list of stockholders Of
record in railroad and Industrial com.
panies. All Of this immense army OF
thinking human beings have been edu-
Gated to think for themselves and to act
on their own motion. There has OF late
been a wide diffusion of knowledge and
g. growing independence of Wall street.
This is one of the reasons why stock
market values are 80 strongly maintain
ed in the face of q strongly professional
bearish sentiment on the stock exchanges.
Those who want to gamble are going
elsewhere. They are embarking In land
and mining schemes, and wherever else
they see a prospect of big returns on
their money. A majority OF them Will
get skinned. as they were formerly skin
ing frozen out at the bottom. but the
desire for quick action cannot be killed:
Speculative capital demands and will
find action. All that Is needed Is the
inducement. and as long as they can an
sucker money in that direction will con-
tinue Just now 1t Is barely dribbling
into Wall street. although at no time has
there been such an enormous mtscel-
laneous investment Of real money in
legitimate stocks representing legitimate
and going enterprises. 1t Is tribute to
the honest and intelligent management
of properties in which an Intelligent and
educated public has invested its surplus.
Grain Crop Reduced.
government crop estimates indicate a
smaller grain crop than last year by a
total of more than 400. 100000 bushels, the
loss appearing in the corn and oats col
umn. The outlook is for a cotton crop of
14,5oO.OOO bales or better. Word that
comes from the south is particularly full
boom 10 developing In that part of the
United States It seems to be building
everywhere throughout the south, from
remotest Texas clear around the coast
and across to Virginia. Canada on the
north is also enjoying a prodigious boom,
and there Is an inflow of population there
of not less than 10000 a year, with
everything that goes with such an inva-
sion OF enterprfsing men Of Drawn and
ambition.
The best information points to gradual
but sure improvement In the industrial
quarter. The iron and steel centers re-
port growing business and there Is bet
ter feeling in the copper industry. Stocks
of copper metal are undergoing slow re-
duction, and there is undoubtedly In
creasing activity in the manufacturing
division. The country seems to have, to a
very considerable extent discounted
whatever may be done In the way of
tariff revision. although, of course, the re-
adjustment cannot be complete until Con-
gress finally acts on the schedules, which
may not be for year from now.
Big Money for Subways.
The city Of New York will have about
800 900 to put into local subways,
either in cash or In credit and the Jack