Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-11-12
STREET CHEERS Up
Traders in Stock Market
Growing Less Pessimistic.
McCREA LEADS 0PTIMISTS
Pennsylvania's Chief Tired of Hear
ing the Croakers.
BUSINESS NOT UNHEALTHY
Reports Generally Indicate Pros
perity Where Methods Are
Sound-Many Foresee Boom.
McCREA LEADS 0PTIMISTS
BUSINESS NOT UNHEALTHY
BY n. ALLoWAY.

4
! Special Dispatch TO The Star.
NEW YORK. November n.-Wall
street persists in trying to be cheerful
has broken most of its records In stay
ing consistent on this tack for almost a
/ fortnight. AS yet the talent is not
| through considering and dilating upon
last Tuesdays election returns. Each and
all affect to find some optimistic ray.
Actually. Wall streets politics. as need
hardly be deliberately explained, whites
always down to what favors Wall street,
even less liberal in these days than IN
| those old times when Jay Gould. under
oath. explained that the genuine financier
was ever for the democrat in a demo-
| cratic district and for the republican
| where there was republican majority.
| 1t pieases the stock exchange to hold
| politics" responsible for whatever woes
have been coming along. And so ardent
on this score have some of the oracles
become that troubles are even invented
to make sure that there is safe and
sane explanation for speculative dull
ness. declines and decrepitude.
| 1t is the merest fact that the United
States record is not at present represent
| ing any such bad times as Wall street
| has long been bewailing. Present times
are good times-certified in almost every
business quarter the country over Some
great Interests are indisposed-some
are put at disadvantage by law process.
| But where there. is pursuance of whole
some business policy there is with scant
exception business prosperity.
Distresses It's Chief Asset.
Over and over in this review the fact
of this has been insisted upon and at
testation Of it comes in outspoken testi-
mony from sources whose possibilities
for knowledge are complete. But, how
ever homogeneous the statement may
seem. Wall street has excited itself into
| the feeling that almost its chief assets
now are its distresses-what 1t suners from
politics. what somehow is going some
| time to be resented and properly punish
ed by an uprising of the public No mat
ter how satisfactory may be any business
progress, Wall street is bound to try to
| construe it into melancholy.
II was therefore a very breath of fresh
| air that blew in Wall street early this
| week when President McCrea of the Penn
| sylvania railroad-as If in utter disgust
| with fashionable pessimism-came plump
| ~ out with the declaration that the coun-
| try is all right that business is all right.
| that present conditions are not disturb
ing, that the future discloses only what is
| inspiring. This sort Of talk does things.
| Anonymous vehemence Is disposed Of by
| such straightforward asseveration-from
| such source. Mr.. McCrea's unequivocal
| optimism is characteristic Pennsylvania
| railway incident-for in that quarter there
never has lurked national distrust nor
preparedness for surrender. Again and
| again and again and again in times
| past when confidence has needed leader
| ship that leadership has had Pennsyl-
vania railroad origin. and again and
again and again such leadership has
eventually generally promptly found eff
iva Ac n a
/ funess has been marked by PENNSYLVANIA
| progress.veness. Pennsylvania prosperity
has mounted. Upon this account Mr.. Nc
/ Crea's outgiving-in specific refutation of
| professional Wall streets whimpering-is
/ commanding among current events.
A Matter of Mood.
Speculation is forever matter of mood.
A good digestion ranks with plethoric
bank balances in any stock exchange ac-
| counts that are under way. APPLY illus
| trative is recollection of phases following
the panic of 1898. Henry w. Grady, as a
voice crying in the wilderness was calling
! upon the world to witness that the old
south. with its bitter "reminiscences, its
prejudices and its partisanship had ma de
way for new south determined upon
! progressiveness-its look forward, how
ever tender might be membranes.
The northern financial world barely lis
tened till one day 1t was disclosed that
/ back of the thrilling Grady elOquence in
unequivocal spirit stood southern capital.
! New York then became familiar with the
names of Inman. Verdery and Gordon of
Georgia. Calhoun of Carolina. London OF
Alabama. Baxter OF Tennessee and
| Branch of Virginia. No easy campaign
was it that these Forthcoming champions
undertook. Yet SO earnest was their opti-
| msm, aggressive their condolences,
1 before
/ those who had been frostieSt became en-
thusiastic protagonists. and then of a
| sudden Wall street took for its chief toast
/ The New SOUTH with tens on tens of
| ern investment-and southern stocks in
| the Very forefront of stock exchange
| popularity.
| Whatsoever may be the rule elsewhere in
| the world. there is naught comparing in
| Wall street with cheerfulness in which
confident men participate.
Current Business Conditions.
| In measurement OF current bu-iness
| conditions, these are factors of conse-
quence.
Good crops-good crop prices-volume OF
| railway business normal-rally net earn
/ nings even better than gross-labor we'll
| employ ed-banking exchanges expanding
| American bankers lending not only to Eu-
| rope but TO Asia hundreds of millions
home industries financially accommo-
! dated on easy terms-agriculturaI exports
i immense-manufacturin exports running
i hey ond records--.n the worlds balance OF
trade credits heaping up to america stu
pendously. to America alone.
| And, per contra, what is the status:
| What but the pettiest pessimism?
| IN the early part of the week as had
been anticipated in this review, there
/ came a substantial reaction from the
rapid upward pace that ruled a week
| ago-steel common selling abruptly down
| from 10 to 3S This disclosed that the
| ing which started fortnight ago had
not far won public cooperation, remained
/ confined to professionals. But Thursday S
/ market felt the bracing influence Of the
/ decision rendered by Judge Lacombe' S
| court upholding official terms proposed
Tor toll raadiliEfmeDf erhe