Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1912-06-13
TALK BRIGHTER
THAN BUSINESS
Roseate Conversation About
Condition Is Quite Far
Fetched.
BY 5. c. FORBES.

NEW YORK, June l3.-BuSlneSS is not
so cheerful as the talk about it.
Half a score of Americas railroad and
Industrial giants have frightened the
pages of the newspapers with roseate de
scriptions of current conditions. while no
colors bright enough to paint the future
can be found.
Much of this expressed optimism is
feigned The speakers have discussed
only the favorable features They have
cooHy CLOSED over the factors which
hold them in restraint. The true position
of the United States today lies between
the ultra optimism of some and the ex-
treme pessimism of others who complain
that politics is sending the country to
the bow vows.
The crops are doing moderately well,
Railroad presidents who have looked over
the ground throughout the Northwest
bring back encouraging tidings concern
ing agricultural conditions there, although
it is too early to form definite conclu-
sions as to what the harvests actually
will bring, The governments report on
cotton, showing condition of 70 per cent,
is not inspiring. to say the least; in fact,
this foreshadows a much smaller crop
than had been anticipated, and has sent
quotations sharply upward.
The harvester trust has announced its
intention of producing an Unprecedented
amount of farm implements for which
the management is confident of finding a
ready market Much has been made of
this in Wall Street, but, need it be point
ed out that the action is based upon 'ex-
pectations rather than upon actualities?
Not Like the Migrants Whisky
The avidity with which favorable symp
toms are seized and magnified at this
time is suggestive of the story told of
the vagrant who entered saloon and
ordered glass of whisky rendering ten
coppers in payment. The bartender
served dregs. The customer lauded the
stuff to the skies and ordered another,
paying this time with two nickels. Again
he was served with the worst stuff in the
place He repeated his praise and or
dered another. at the same time laying
down dime
The performance was repeated, and
when finally a dollar bill was rendered a
really good glass of whisky was supplied,
This time the customer had not word
to say in approval of the drink He
started to walk out. Surprised, the bar
Didn't you like that brand? Wasn't
1t good stuff
YES" replied the nomad, that whisky
speaks for itself--it needs no boosting.
Conditions in the United States seem
to call for a lot of boosting.
Metal industries Booming.
Mercantile advices from the West do
not seem to Justify the exuberance now
so generally expressed. On the other
hand. no one can deny that the iron and
steel industry is working feverishly to
cope with the "spate" of orders that are
pouring in. Then copper metal is enjoy
ing a phenomenal rise. The price Is
creeping toward eighteen cents pound,
although from one or two inside quarters
come hints that the situation does not
warrant any such movement. Wall
Street. however, is quite willing to &C
cept, without scrutiny, the gifts the gods
send.
AS for our foreign trade, 1t is booming
as never before-at least when measured
by dollars. although it is well to remem-
Der that high prices have good deal to
do with raising the record Of values.
Turning to financial matters, the most
discouragng feature is the lack of de-
mand for investments, The plain trui h
is that bonds are hard TO sell even when
attractive yields are offered. In not a
held out Investors simply sell their old
holdings and reinvest in new issues The
very extensive disbursements in dividends
and interest at the end of the half year
should, however. bring some new bust
ness.
Berlin Faces Money Squeeze.
Abroad, apprehension is felt concern
ing Germany. That country has Dor
rowed very heavily and placed the funds
In industry and other enterprises from
which they can not readily be withdrawn.
A squeeze is threatened in Berlin before
the June-July settlements are effected.
New York and Chicago have transmitted
considerable sums, while Paris has also
come to Berlins assistance, yet even SO
discount rates there are uncomfortable
high. In France and in England money
is fairly plentiful but the applications
for new capital are so heavy that the as
similation can scarcely keep pace.
American securities are injured abroad
by the political storm here America has
become so accustomed to political wrang-
ling that it now takes the Taft Roosevelt
fighting as a matter of course, but Euro
peans stand aghast at the spectacle. Our
fnanciers are doing their best to min
imize political turmoil Indeed, influential
stock market operators seek to convince
the public that no matter what happens
at Chicago and Baltimore the effect can
only be helpful--another instance OF
boosting
on the New York stock exchange no
genuine weakness has appeared. Fluc-
tuations have been irregular, but adj
vances have outnumbered declines. The
Moore Reid faction still leads. This lead
ership is not of the most commanding or
inspiring kind. II has not succeeded in
drawing the general public into the mar
ket in any considerable number. The
strongest banking interests are doing lit
tie pending political and agricultural de-
velopments,