Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-08-25

by those particular millions. Tales circu-
late that are silly. disappearing what
this. that or the other member Of the
Standard Oil coterie proposes politically
The fact IS that there is the same main
tenance Of mystery as to their politics as
there is in finance. 1t looks as II in both
cases waiting game has ben determined
upon-which from the stock exchange
viewpoint. at least, IS exceedingly dis
agreeable.
In two or three quarters some Of the
younger Rockefeller generation were
busy only a little while ago and SEEM
ingly disposed to get buster. 1t was. in
deed, upon their initiative that an up
ward swing started In the copper stocks
1T was upon trade revelations made al
most directly through their own chan
nels that sentiment was favorable to
expectation of increased dividends for
One youth Of the inner circle was even
credited with being at the head of a pool
able to swing and ready to swing virtual
control Of the copper trust market
wise.
1t is interesting, therefore, and much
out Of the usual when of a sudden such
alertness deadens-and experienced
theorizers are sorely perplexed In try
ing to learn why the old fosas have I'm
tervened-why it is that earlier appar-
ent paternal approval has been with
drawn-why the millionaire elders sud-
denly come to town, why the millionaire
juniors are dispatched upon vacations.
1t isn't ordinary. 1t looks as II a stall
wart sequel or two may be coming.
Favorable Aspects Presented.
Most current trade records have favor
able aspects 1t max be said moderately
that general expectation is surpassed by
the earnings which the railroads are
showing. by the increased output which
are selling. by the very
marked improvement in the tone of
sentiments expressed by the retail mer-
chants of the country.
1t Is as true now as for more than a
year past has been manifest that COM
mercial and industrial business is living
from hand to mouth. The producer is
producing and the consumer is buying
only what Is Immediately required-the
middleman, the Intermediary, the mer-
chant. In no instance anywhere exceed
Ing the limit Of day to day necessities.
tically bare. Surplus goods are piled up
nowhere. The situation in this regard is
FAR and away abnormal. And the quick
result. the effective result, is bound TO
be lnspiriting the very moment We get
back to what in times past has been the
natural condition-and the logical sequel
to such situation can be even a COM
prehensive trade boom.
Against the good times showing, in
actual contempt of it. is ranged one
group of spectators who In guerrilla
fashion have sometimes won temporary
successes. Their raids and smashes and
retreats have won for them
some prestige as ones to be reckoned
with. They are making much fuss with
bear arguments which did duty back
at New Year time and afterward fell
fat They lay vast stress upon the large
expense accounts of the railroads-urg-
ing that this ratio cannot be reduced,
but is bound to expand. while the rail-
roads. unable to obtain any license FOR
better traffic rates, find themselves at
that cannot be overcome.
They cite conspicuous systems as pay
ing dividends that are not earned. prop
critics like st. Paul and Illinois Central,
while longer list is barely able to pre-
sent balance sheets that come out even
This sort of campaigning is specious
and transiently can be effective: but rea-
sonable holders Of stocks seem just as
much diSinclined now, as for a long
lime past they have been. to give heed. |
much less be swayed. And II Isl obvious
that unless a genuine scare can be Gre
ated, genuine liquidation started. there |
Is scant risk VI anything ike serious
for market values. Present
quotations have become pretty thor |
Dushly seasoned