Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-07-09

crop are being accepted more generally
at their face value than was the case
when they first came out. These Official
estimates did not agree with private ad-
vices as to conditions In the southwest.
but even with admitted damage in that
part of the cotton belt there is still held
forth good promise of a crop of at least
14,OOOOO0 bales. with a possibility OF L.
OOOOOO bales additional should there be a
late fall. Upon one point the burden OF
information Is In accord, and that Is with
regard to the hay crop. According to all
accounts. that IS going TO be short. and
as 1t is third or fourth in agricultural
Importance the loss may make an inroad
OF measurable size in the money results
with farmers and railroads
Banks Still Full of Cash.
The banks are still grooming under an
ovef burden OF. cash. 1t is the mOneywhich
has accumulated by reason Of the fact
that 1t cannot be used to advantage In the
ordinary channels of business. 1t is the
direct result IF general business contrac-
ton. and II fiEds its best employment in
the stock markets.
This is TIE phase OF the situation which
has been frequently referred to In these
letters and 1t still remains the great con-
trolling factor in the maintenance OF
1t offers unyielding resistance to bearish
attacks on stocks, and has been the dis
ccomfiture and overthrow OF many a
well organized raid on the exchanges.
The people who have invested their
funds in securities because they could
not invest it elsewhere see nothing In
the situation to become alarmed about
and refuse reSolutely to be stampeded
into converting their funds into liquid
cash to remain in idleness in the bank
- yrt G<.d xrvftt he ott IL
alton as ii stands and are unwilling to
make change Until they see real bust
ness revival and q chance to employ the
capital in mere familiar places. Rail-
roads are not earning as much money
as they would like to, but they are get
ting along fairly we'll, and there is now
no danger of important reduction in divi-
dends in any Of the seasoned stocks.
Railroads have their expenses Well IN
hand and see plain sailing ahead. Their
treasures are full Of borrowed money
and accumulated earnings and they are
feeling easy for the tire being.
See End of Lawlessness.
Leading bankers and their spokesman
still pretend to be more or less put out
because OF the tendency on the part of
the politicians to investigate the affairs
OF corporations and of combinations In
restraint OF trade, but they are really not
so much alarmed as would appear. They
realize away in the background that IL
the people who are accused or conduct
ing business in violation or the laws
would try half as hard to do business In
accord with the spirit as we'll as the let
ter of the laws as they do to evade and
circumvent these laws they would get
along smoothly and probably do just as
we'll in the end
The intent and meaning OF this popular
Lob, t. hal No
movements referred to Is the enforcement
of laws so that they may bear equally
upon the rich and the poor and lead to
the adjustment of special privilege This
is what the movement Is working toward
and its meaning Is as fully and as clearly
understood in Wall street as in the most
remote townships Of Iowa and Missfs-
sippi and in the councils of the socialists
and the gatherings OF the populists.
No amount OF kicking and grumbling Is
case. The country has made great and
substantial progress in the general direc-
ton of universal fair play during the last
twenty-five years. as much as this state
ment may be denied or criticised. All or
which is to the general advantage Of the
millions of big and little partners In the
organized business Of the nation. 1t is
growing guarantee that the little people
will get all that is coming to them In the
future and eventually be saved from the
plunderng Vaccinations of insiders. Ii
is the coming triumph Of publicity in cor
porate affairs.
Price Level Little Changed.
In spite Of the serious break In prices
which occurred the middle OF the week,
the net average changes in quotations
have been unimportant. They have not
been sufficient to dislodge stocks In any
large volume and the position OF the real
ly influential elements remains as 1t was
a week ago, a month ago or sixty DAYS
ago. The great forces In control are In
no mind to let market prices on TO any
appreciable extent. Fluctuations of suffi-
cient swing to keep alive tho spirit OF
speculation is about as far as the con-
trolling elements seem willing to go at
this juncture. OF course. any such thing
as a broad. sweeping crop catastrophe
front, but nothing OF that kind Is now In
sight.
There is a disposition to regard Judge
Gary's international steel love feast as
of joke. although the press
dispatches give the affair serious treat
ment There is a suspicion that the
Judge is taking himself and his fad alto
gether too seriously-that, like many an
other great and good man who has be-
the limelight, he has become fanatic on
himself This is usually a harmless pro-
ceeding where the victims instincts are
i'm the right direction. It Is an awful
however. where the impulses
are Napoleonic.
May Be individuals.
Sir Thomas Ehaughnessy has seen ft
to enter forma. and official denial OF any
deal between Canadian Pacific and Erie.
His denial was followed by q sharp break
In the prices Of both OF these stocks, ana