Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-03-31
Heretofore Been Under Value.

As to common reasons for the better
nent which shows in market prices there
Fan be no better, fairer statement than
that quotations hitherto prevailing have
simply represented differentiation. No
body informed would have undertaken to
Justify market prices prevailing for year
oast-fgures being depressed for the dou-
Die rea son that there are no new buy
ars in the market, that the public was
absenting itself, and that taking advan-
age of the technical situation the pro-
seSsional talent of the stock exchange
rad been pushing quotations down. Stocks
which four years ago had been paying
dividends were much under the har
-ow as new issues having no other rec
ommendatio nthan ardent prospectuses
ssued by promoters. Anomalous to the
almost degree has been the markets re-
lection in quotations. Intrinsic value has
counted nothing. this not spasmod-
cally, but over a period months on
months, running beyond a year.
All good business Developments have
been belittled or ignored; the slightest
1iscouraging element has been eXagger-
iied eXtravagantly. Under such circum-
stances. all the professional influence be-
ng upon the Oppressive side ii would
ave been strange indeed if there had
'een discoverable at any time any trace
,f Strength-much less buoyancy-much
Else than anything other than shrinkage.
The entire layout has been upon the bear
tide.
Yet now, as Wall street is awakened by
hat brisk business prevails throughout
ne country-that there is no need any
where to apologize for bad times No
boom projects itself into the heavens
out substantial business every where is
evident. and everywhere is evident the
act that such good business conditions
are still further improving. Consumption
SutrunS prOductiOn-this is a record not
reached in half dozen years past-this
+ record today paralleled nowhere else
n all the world.
Agricultural conditions are agreeable.
~rop prospects are all that may be de-
hred at this period of the year. Yet in
he agricultural staples we have the saw
Lgest lock of horns among Spectators.
of sudden Wall street has had revealed
% IL that copper metal. seeming to be
worth almost nothing only little while
Igo. comes now into such demand that
]1e price per pound outreaches the high
,st points for years past with reasonable
prospect OF much further advancing.
This eXample-not at all agricultural-is
zone the less suggestive as to what may
.ome to pass in cotton and grain. All the
REGULATORS are bearish upon the staples.
They think wheat is 20 cents too high.
They are sure COTTON ought to sell around
cents "A pound They have 70: months
,een forecasting liquidation bound to in
ict dreadful consequences upon all plant
.rs. But. somehow. wheat and corn re-
h1se to go down and cotton shows brisk
iess in it's strength very different from
What the speculative schedule is The
ng upon one side, the adverse side. makes
not only possible, btu probable. that ma
erially higher prices are TO be expected
N every product quarter. If of a sudden
Inything should develop TO scare the
'ears in the cotton market there might
De rush from around 10 even up to Is
cent cotton The spectators have been
Werpaying and are still overstaying
heir manipulative depression campaigns
lin the agricultural staples, precisely as
hey overplayed and overstayed in stocks.
4 has been a trife too popular-because
90 easy-to trade against the country.
Midweek Witnessed Reaction.
Not strangely the midweek witnessed
uock exchange reaction, some stocks
Yielding to an extreme OF three or four
,oints-but the recession was slight COM
pared with what were preceding adj
ances. and any blue feeling that develop
I'd showed forthwith its tranciency.
This reaction was coincident with the
ueel trusts announcement of an unex-
,ected $300o0OOO bond issue. All the
ioleful folks jumped at once to the con-
:lusiOn that the steel company had
ound itself in sore need and had hur-
ned into crude measures to relieve its
treasury. Such theorizing arguments, of
course, reveal woeful lack of knowl-
~ a = U0n6 y the steel trusts imam