Evening star., 1912-07-21
HEAT AND DULLNESS
Stock Exchange Affected by
Both During the Week.
SPECULATORS LACK SPIRIT
Hardly Enough Interest Shown to
Get Out of the Routine.
RESULT OF RAILWAY TROUBLE
Considered the One Disagreeable Ele-
ment Appearing in the Activi-
ties of the Market.
SPECULATORS LACK SPIRIT
RESULT OF RAILWAY TROUBLE

/
Copyright, 1912 by R. S. Hooper, New York. J
BY II. ALLOWAY.
| NEW YORK, July 2O.-Intense heat-in.
| tense dullness. These are the week.
stock exchange features. No speculate,
| upon either the bull or bear side ha.
had spirit enough to get out OF the limr
routine-though in the grain and cottor
markets there have been some sensa.
tional incidents-all upon the one side
| representing no brokerage effort-sharI
| recessions In price OF products for the
reason that all bad crop talk disappeared
| SUCH gable was all the time foolish. YET
| in some important quarters the tales OF
wheat, corn and cotton damage did fol
| q while exert undoubtable effect Cror
rumor-mongering was this time, however
not stock market enterprise The fable
makers had in view the influencing OF
| produce market prices-though, naturally
enough, bears on securities readily wei.
| coined the daily bulletins that announced
| crop shrinkage. though at no time te
| any such extent as to induce substantial
| stock market operations
| The fact that so large a nurnber-sc
large proportion-Of Wall streets rea
leaders are now absent is one OF the
most influential elements in the current
markets course. for though Mr.. Morgan
| is now returning, there is not a single
| important group Of operators which does
not now count absentees-and indications
are that the European vacation takers
will increase during the rest of the sum-
mer.
Politics has very amiable discussion:
1arlH DugAbOOS are exciting nobody. Third
party proclamations stir no ripples. Con
| fabs at Seagirt and golf pastures al
Beverly are given a Wall street consid-
| GRAFTON delightfully."- gentle. If there Is
| going to be any stock exchange worry and
! furry. any need for financial ambulances
| there Is such precious little indication OF
| 1t up to date that 1t looks as IL the VIC
| Tins will come out of combat waged
| with PLAN leaf fans. with swinging ham
mockS for fOrtreSSes. To induce any Wall
street man just now to believe there Is
| any occasion for excitement. you first
| have to wake the gentleman up.
Railway Trouble Disagreeable.
One disagreeable element appearing con-
tinualy has to do with the disposition OF
railway managers to magnify their neces-
sites every time labor demand develops
| 1t is the ordinary argument of the cor
poration that If further increase In wages
further decrease of hours, further liberal
ity of any sort be required. then the rail-
road is driven to extremity. Not infre-
quently the railway spokesmen insist that
to meet demands will be actually an In
vitation to bankruptcy. This sort of talk
was worn out decades ago. 1t never was
sincere. And actually it does not much
bear upon the merit of the issues that
arise-for, after all, the legitimacy and
nf VIZ hot
buy whether it be labor or material or
what not) can be sensibly considered.
Labor as necessity does not differ from
new steel rails or locomotive repairs or
formly interjected that the railroads
should not pay because they are poor.
1t is not necessary-certainly not neces-
sary in review like this-to measure
the fact and the fiction that may be in
volved In such a controversy. AS mat
ter Of fact the railroads of the country
are not poor
II they appraise new labor demands as
extortion they ought to meet the issue
upon that basis squarely. The position
avoidance Of the question but it excites
hurtful effect upon the interests of the
people who are the owners OF the rail-
roads Clap-trap talk OF bankruptcy
hasn't once favorably Influenced any con-
test. But every time that special plea
is hippodromed the immediate result Is to
deteriorate the credit of railway securi-
ties-the repressive result Of weakening
the confidence Of investors who hold rail
way shares. 1t Is curious tina, this fact
can be ignored. II in high railway ad-
ministration quarters the damage Of 1t
cannot be comprehended. 1T does find COM
prehension In circles of conservative In
vestment sentiment. Who wants to buy
a railroad stock If more pay to locomo-
tive engineers may bring a receivership?
Who will care to continue to hold rail-
way stocks If an extra allowance to
switchmen and brakemen or station mas
ters can threaten disaster? 1t Is a short
sighted policy that can give itself over to
foolish exaggeration.
And it has considerably to do with this
very fact, this official policy of proclaim
Ing weakness, that many observers are
agreeing that when the security market
does improve (when the public is ready
to return with confidence and activity
the Improvement will show first and larg-
est in industrial issues-ratlway securities
handicapped by the hard times talk Of
their own sponsors.
Prosperity in Agriculture. :
Agricultural prosperity (some predic-
tions forecasting billion dollars increase
over last years farm products) is Of vital
consequence in every department of bust
ness-with assurances now beyond cavil
The railways, of course. participate tre-
mendOusly, traffic expansion bound later
to mount vastly. Poverty talk from rail-
way managers-however Pickwickian-
must in the end be brushed aside by the
force of the earnings figures which these
same managers will be recording
But the industrial interests of the coun-
try must profit on scale that none of
the authorities" could contemplate when
throughout the springtime they entertain
ed crop shortage nightmares. In this
particular the business of the country will
benefit even in advance Of the actual
realization of the> splendid harvest re-
| turns that this fall will realize. Already
this is denoted in the orders that iron
and steel manufacturers are receiving
Prophets who make Wry faces are out Of
touch with the fact that not only the
steel trust. but practically every impor-
tant metal handling industry throughout
the United States Is now called upon to
run at full time, full capacity This is no
guesswork guide. 1t is barometer
whose reliability is absolute. And-politics
despite Wall streets slumber-all the
gloom reciters are in comparison pigmies
Insignificant Wall streets talk may be
blue-the countrys outlook is for good
times.
Meantime security issuers are exceed
ingly industrious. New industrial enter
prises come knocking at the general in
vestment door daily, with millionaire
capitalization seeking distribution. It
this new list of department stores, shirt
factories, cracker companies and the
like 1t is pretty much a new departure
but bankers of repute are the introducers