Evening star., 1912-11-17

| stocks, aSSailed with SuddennesS and
| ferocity, yielded, making lower records
than recently, recorded-the trading
| raids compressed with one hour being
! upon tremendous scale; and then. In
| another hour-with slow, sure. scoring
| resiliency-not only were earlier higher
| prices registered, but what was gained
was held. Experienced security market
| students have seldom known anything
| like this with aught else than an agree-
| able sequel.
Predict Dreadful Things.
/ OF modern wonders few surpass the
ease and rapidly with which great polit-
ical economists can be developed in Wall
street. Every man is greeted now by
turgid tales of dreadful things that are
bound to happen soon because an extra
session Of Congress is to come. Ths ex-
1 ira session bugabOO is discovered, now
ever, a trifie late by the talkative smaller
| fry. Standard Oil oracles were In full
blast of muttering against it weeks ago;
and that group of capitalists were sellers
of stocks upon an extensive scale-sellers
of short stock. And from such sources t
might be expected that a scarecrow OF
such size cou.d be- counted to loom
| arge and direful. 1t didn't. Stocks that
were thrown then upon the market nave
since been bought back by the original
sellers at no profit Genius on parade
cial superiority is not eternally yielder.
Even Standard Oil wisdom gets sometimes
a cramp and a limp. Aga nst the earle.
bear campaigning, just as against this
weeks sorties, there has stood the new
confidence. the new courage that some
| how has come stalwartly into Wall street.
| Yet as in this review has been pointed
out, there is showing in the open very
scant indication that the outside pub ic
is inclined as yet to join in activity.
Many authorities EMIT ed to considera-
ton assume that such outside partictpa-
ton in the market Is certain to appear,
for a long list of reasons that are quot
| ed more earnestly than logically. Truth
| Is that brokerage officers at the middle
Of November are not doing more than at
lNovembers beginning, are not earn ng
more commissions after than they aver
aged before election-thOugh it Is true
undoubtedly that sentiment throughout
the country is more kindly disposed to-
ward financial invitations than for some
| time past has been the rule. That SO
many obstacles have been overcome, so
many bear arguments have been disposed
Of so much pessimism shown to be punk,
that naturally there is even aggressive
counter influence, counter action.
Surplus Wealth Reality.
The harvests Of the country are SO vast.
returns for agriculture mount so high
crop producers are become SO prosperous,
that surplus wealth which used afore-
| time to be SO much dreamed about Is
| finally translated into inspiring actuality.
The glow of good times brightens our
entire country. For Wall street to affect
to ignore this radiating state Of things is
too crude even for Wall street, eternal
lover though 1t be of whatever can be
| riskiest In crudeness. Wall streets con-
fidence now discloses no virtue. no ex-
Ger tional perception. no whit of that
superiority that Wall street itself so much
loves to proclaim in its strut Of ability to
see in advance, appreciate and dis
count Wall street courage at this
| juncture is prosy enough. Not to realize
be stupid. Not to try to get in step with
assured good times would be but business
suicide.
| If Europe is to have war Gand pirou-
| citing cable dispatches are far less con-
vincing than the gruesome faces that In
lternational bankers wear) there Will be
influence and effect aplenty In America.
| But these days are not the old days-not
for comparison-only for contrast. Back
| a third Of a century ago when the
| Franco-German clash impended reasons
| for nervousness here were fOrceful.
| though then as now there existed no ap-
prehension that our armies could be in
volved. Since that day there has been
evolution immeasurable Where then ex-
| listed financial entanglement there is
1 present NEUTRALITY-SUSPICIOUS. then there
was necessity for cultivating foreign
financiers there is today no need for ac-
| commodation, but, instead, stalwart
| American dominance-where at that time
| foreign demands for the payment of
foreign loans could be embarrassing, the
| situation today Is that the United States
| has become the one creditor nation of the
world.
Will Need More Money.
I And if lighted by the Balkan spark
there should tower a widespread Euro
pean confiagration. the financiers of the
world will be busy not grilling from
America, but in making concessions in
order to retain American credits, to bOr-
row still more extensively here-for what
is owed now by Europe to this country
surpasses in figures too big to compre-
| hend any international balance that
| under any circumstances ever before
| existed.
| And bare finance is but a chapter If
| foreign war is to proceed America will be
| alone as a provider for the provision mar
] kets of the world-Russian farmers, Brit
,sh farmers, the farmers throughout
European territory dragooned into car
| rying guns. leaving crops INTENDED. For
food and clothing and all manifold con-
sumption necessities, accommodation
must be sought right here.
| 1t is really a trifle difficult-along the
heartless lines of business-to figure how
European war distress can be other than
an American blessing.
Pressure for While Longer.
| For little while to come 1t is improb-