Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-11-19
MARKET IS Strong
Bears Unable to-. Make Any
Noteworthy Progress.
CONFIDENCE HAS RETURNED
Wall Street Has Not Felt So Cheer
full in Many Moons.
ALL CONDITIONS FAVORABLE
Crops Are Satisfactory, Money Is
Plentiful and Cheap, and Europe
Owes Us Big Balance.
ALL CONDITIONS FAVORABLE
BY II. ALLoWAY.



The security market has withstood
much this week. From day to day quota
| tons have been recovering from day to
| day professional bear spectators have
exerted themselves to apply new effective
PRESSURE; but, after all, the interests
| against the market have made scant
| progress.
Such routine news as has developed
shows almost wholly upon the encourag-
| ing side, though some adverse technical
| factors have been 1nterspersed.
| Perhaps the severest influence against
| the continuance of the markets upward
swing comes in the disclosure that some
! notable workers upon the bull side have
Withdrawn from activity-the vacation
takers including Thomas F. Ryan and B.
NJ. Baruch, whose aggressiveness was
more than ordinarily Instrumental in lift
ing the market from gloom into buoyancy
two or three weeks ago, just as the gov
erhment's suit against the steel trust had
got quotations down to lower levels than
had been for a long time previously
reached.
From so the engineers Of this recovery
were able to put Steel common-their ia
vorite-up full 10 points. with other
standard issues sharing handsomely in
LILO UclIc4 lCCIAi6 IAuS 1dOi ASolCA-i
Gated being the word warranted for the
reason that not since the revival which
was the seQual of 19O7's panic has the
New York Stock Exchange known such
adroit. masterful, manipulative leader
ship as during the two or three recent
weeks was evidenced.
Strength in the Market.
But following the relatively slight set
backs recorded at the opening Of this
week there has been such trivial re-
Spouse to bear assault that fair observers
cannot be misled into any notion that
the market is of itself other than inner
entity strong. Underlying it are elements
not for long time discernible. Actually
there comes into view a tendency toward
pronounced public confidence-a condition
which is close to revolutionary compared
to the dumb driven spirit that had be-
come almost Wall streets trade-marked
characteristic. Now the average observer
and commentator finds that instead OF
widespread bad times the country is &C
tually having good times. In this change
there is potentiality Unreasonable. 1t Is
still understood that trade conditions are
not anywhere upon boom. that meT-
chants throughout the country are BUY
ing in volume less than normal, that
shelves are not fairly stocked. that there
is pursuance Of caution In every CONNER
ciaI quarter; but along with this Is the
corollary that candid minds Will regard
the prudent conditions which have been
ruling. the actual shortness of supplies
In stock, must exert invigorating effect
when normal procedure is renewed, When
normal orders go to manu1acturers-the
moment confidence is sensioiy reassertVe;
Wall street Is merely assuming an OLD
role in getting a little in advance OF the
country and it's general sentiment-conf1
dence upon the stock exchange this week
forecasting. it may be, an approaching
confidence still more encouraging IN tne
outside business world. II is one OF Wall
streets choicest boasts that 1t is always
a business barometer-the first to register
the coming of either storm or sunshine
AS in this review it was last week de-
clared, the brave words of James McCrea
of the Pennsylvania railroad scourging
the pitiful pessimists were epoch-mark-
Ing.
Crops Are Satisfactory.
Nothing has changed more significantly
than Wall street sentiment toward crop
statistics. Only little while ago every
spirit was dropping over doleful records
which were going to be made for every
crop In every district. Now when proof
time is come the desolation chorus lapses
into silence. Instead Of depressing crop
results the actual record, speaking broad
ly and taking averages, Is satisfactory.
From the southwest cotton returns are
not what may be regarded as desirable,
and the price for cotton the world over
is below profitable range. But In this
regard cotton is presenting the excep-
tional score. Grain and other products
are making the agricultural situation
agreeable above what has been considered
excellent in many past years.
In this particular the country is IA
vored by conditions which are favorable
this year beyond precedent-fOr. upon
authority that cannot be mistaken. the
average crops of 1911 are yielding per
acre more than ever in the past. This
is due to developments far out of the
ordinary-development which are conse-
quent upon cooperation with the farmers
Of the country upon the part of the ma
tional Agricultural Department in chief,
supplemented by the work Of local agri-
cultural associations. Especially notable
has been this influence in the south.
where In some sections enlightened sys
TENS Of farming have brought yields often
doubling and not infrequently quadrupling
what had hitherto been established aver
ages. Indeed. even such extraordinary
comparisons are in conspicuous instances
surpassed. The west has not yet equally
benefited, the government appropriation
for such work having been so far based
In considerable measure upon specific
southern needs.
r,>,o vlolH