Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-06-30
Volume of Export Traffic.

The great companies like the United
States Steel Corporation, International
Harvester. the tobacco trust and two or
three others of almost equal caliber have
attracted most attention because of the
magnitude of their sales, but they by no
means monopolize the volume of export
traffic to the old world and to all parts
OF the western hemisphere also. The
sale OF more than q billion dollars of our
manufactured goods in the year that
closes with this month brings this fact
clearly into the foreground and goes far
to strengthen the faith of the American
people in themselves, and in the bound
leSsness OF the field for trade expansion.
1t is that consciousness which is really
great inspiring factor Of the incipient
Doom we are now seeing. Confidence
grows as the facts about our trade de-
Velopment sink into the understanding of
the people. Taking this big, broad view
OF the prospect, it is easy to conceive that
even the biggest politics cease to be re-
garded as paramount in making calcula-
tons for the future Some such idea
runs through the entire speculative and
business situation as 1t is now found.
Iremors and hysteria have been replaced
by firmness and courage. The better
sentiment is all prevalent
The average of stock quotations is two
or three points below what it was year
ago. 1t is not surprising that values
should have been so well sustained A
great many people of sound Judgment
are saying that the improved general
conditions would have justified a sub
stantial advance over quotations ruling
last summer. That is true in a sense,
put the same rule does not apply to all
branches of activity. The largest ex-
pansion has been in the industrial quar-
ter. 1t is the railroads that have been
under the harrow. Statisticians find that
railroad earnings for the fiscal year
19ll-12 Dune estimated) will foot up ap-
proXlmately SG0,oOO.0o0 in excess Of the
preceding twelve months, but that the
entire Increase has been consumed In
operating expenses and that the net
figures will be between 100000 and
$40, 100000 less than last year, instead
of keeping pace with the gross The high
traffic keep the railroads poor compare
lively speaking. Investors see and I'M
Gerstand clearly that the interstate com
lnefce commission is proceeding relent-
lessiy along the ordained lines of restric-
ton. and will not be likely to change
their policy until directed to do SO by
congress. That makes the investing pub
lie hesitate to plunge on railroad
securities. There is more room for specu-
latlVe expansion in the industrials and
speculative as well as investment capital
is giving preference to the manufac-
turing and utility stocks.
Steel and Copper Industries.
The. street derives its greatest en-
enlargement from reports as to the en-
larging business in the steel and CONFER
industries For little time it looked as
though manufacturing in these specialties
was being overdone, and that production
would again overtake consumption. caus-
ing a setback in activity and reduction in
prices. This theory seems to have been
a mistaken one. In both steel and copper
a a fS hsNA
now going on at the rate of more than
5o,poOOo tons year. The steel trust
alone Is producing pig iron at the rate
or lo.ooo,ooo tons. or vastly in excess Of
anything Yet accomplishment this,
mind you, at steadily advancing prices
Mills are getting 81 to $3.50 per ton more
than they We're six months ago a. diff
ference which means S6OOOO,OO to S75,-
Oo.UO more net for the year, Ii the pace
is Kept up and prices continue at the ex-
listing scale. Steel men say that before
the year is out there will be a
still further important advance in prices
Quotations for securities in the steel COM
panies and allied businesses have held
strong with an advancing tendency. al
though not decidedly as yet. Con-
trolling interests appear for the moment
to be content to let the public become COM
pl .tely familiar with the prevailing range
like a bull movement.
At the same time. the street is full of
rumors Of pools and syndicates and in
dividual SPECTATORS, planning to take
advantage of bullish sentiment and bull
ish conditions. First in order of inn
portance among these stories is one to
the effect that two tremendous plungers
are organizing campaigns in Steel and
Harvester, with a view to getting back
the money they are supposed to have
spent in promoting the Roosevelt cam
paign for third term. The popular Wall
street estimate of the amount they in
vested in that enterprise is more than
ST 600, OO0-quite a sum 10 tax specula-
tors for in order to recoup. However
81 100000 or 100000 or even $5OOUOOO
would not be unusual results from
stock exchange manipulation by these
two parties. One of them is reputed to
have Jnade s9.O0O.0OO in paper profits on