Evening star., 1912-09-22
BUSINESS IS BETTER
Distinctly improved Senti-
ment on Stock Exchange.
MANY Confident BUYERS
Banker and Millionaire Pay Little
Attention to Disbursement.
CERTAIN OF GOOD TIMES
It Has Taken Professional Wall
Street Long While, However,
to Be Persuaded.
BY II. ALLOWAY.

L.
improved sentiment shows upon the stock
exchange Not many nor very large ad-
vances are recorded for the week, but
the security market in it's every phase
exhibits new quality that is unmistak-
able and altogether encouraging. Some Of
the bigger operators who have been os-
tentatiously holding aloof seem Of a sud-
den to have discovered fresh light. It
has been realized by veteran observers
that for months past through the dense
dullness and depression there has pro-
ceeded an accumulation Of stocks for the
account Of foremost financial interests
Much attempt has been made to disguise
the fact. but the proofs of it have been
clear enough to those who have ceased to
be Wall street tyros.
In the absorbing contingent, however.
few Of the usually active speculative
traders have participated. 1t has been
the banker or the millionaire client close
to the banker who has been the quiet.
confident buyer, while all around has
risen the chorus Of Encouragement. It
thus develops that the trading element
has been sincere in its long continued
bearishness, for that coteries accounts
are bare of any holding of consequence.
Sudden market Improvement reflects re-
discovery that there has been accumula-
ton by one great group Of capitalists.
This recalls old times-those old times
when the Vanderbilt fortune was q live
stock exchange factor, when the chief
millioinaires Of the country made mar
kets-times vividly contrasting with what
lately came to pass when the entire stock
exchange machinery seemed given over
to brokers and scalpers of tuppenny cali
Der.
room trader active and enthusiastic
just as bullish as he has been bearish-
may be found in the sudden disclosure
that the forces which can dominate when
they choose to dominate have stolen a
march and are ready to take market ad-
Long to Be Persuaded.
It has taken professional Wall street
a good while to become persuaded that
the country really has good times at
hand-already in operation; but the testt-
mony which comes day by day is OF such
quality now that even the most virulent
pessimists have to make acknowledg-
ment. Notable authorities certify to the
genuineness OF the revival in business,
while there Is not { single qualification
put upon the records Of agricultural pros
perity.
Among tQOSe VINO nave tI1lS WCch oCCi
outspoken are leaders who rank actually
foremost in the commercial. industrial
and railway world-not spectators. but
men Of affairs, men who do not have to
guess, men who know-men like Presi-
dent McCrea Of the Pennsylvania, James
J. Hill and Judge Lovett OF the Union
Pacific. From every such authority
statements Of big. broad. Improvement
are uniform. SPECIFIC. unqualified. Every
business man of large Importance Is ex-
pectant Of record-breaking business gains.
They expect a national boom-though. OF
course. there is q grating sound about
that word BOOM which isn't always
pleasing to gentlemen who are quoted.
All of them are ranged on the one side.
not merely optimistic. but confident. A
conspicuous stock exchange frm makes
this apt observation:
1T seems almost superduous to say
more about the crops, but they are really
too good to stop talking about. We
don't often think OF the crops In terms
OF tons. This year. the Department Of
Agriculture estimates, We are raising
l33, ,O16,GO0 tons of all crops. This is -s.3
per cent greater tonnage than the farms
yielded last year. It is 81 per cent above
the previous high record of 1910 and 1872
per cent above 1909. which itself was q
pretty good year. Is 1t strange that 1t is
taking a great deal Of money to care for
these crops and for the business which |
goes with them?"
Money Market Only Bugaboo.