The Washington herald., 1912-03-11
WALL STREET NEWS
Business Men Show Confidence in
General situation-Health of
Nation an Asset. :
by THOMAS c. sHoTwELL.

by THOMAS G. SHOT WELL.
New York, March 1O-Action Of the
stock market OF the past week had DEM
onstration Of the confidence that busi-
ness men are beginning to feel in the
general situation. There can be no doubt
about the Improvement Of conditions.
The steel trade is swinging along with
almost record volume. II IS true. steel
prices are low, and the PROFITS are, there
fore, smaller than in some years when
less business was done, but the great vol
ume is a matter OF tremendous impor-
tance to other industrials. and particu-
larly to the railroads that are getting
material cheaper than in decade.
Business men report collections better.
There is no great surplus OF manufac-
tured products, and, for that matter, not
even OF food products. for the governs
ment report Of last week shows that
57s, ,O0a.oOO bushels less grain are in the
farmers hands than at the same time
last year.
with the exception of the ill-advised
sunshine movement Of 1905, the period
of depression has been continuous since
the end OF 1907.
UndcyeIoped Resources.
A few Iong-sighted financiers have
finally recognized this fact. The general
public is still hesitating because it is
paying too much attention to charts and
diagrams. The makers of these charts
forget that this-is the United States, and
that its resources are nearly all unde-
YelOped. 1t can never fall back into a
period Of depression as profound as any
previous one. Quick transportation Of
material and quick transmission Of mes
sages has made quick recoveries from
periods of stagnation possible when once
the necessary liquidation has been COM
pleted. These financiers who have finally
decided that the end OF the panic has
come are buying stocks and making an
honest campaign for higher prices in an
ticipation of a general recovery in all
lines Of business that Will Justify what
they are doing In stocks.
Another element that should be con-
sidered in connection with the stock mar
Ket is the health Of the people. There
is an old adage that says Health is
wealth. and most persons consider that
as meaning that person having good
health ought to consider himself rich.
As a matter of fact, the adage is much
more substantial and should be taken lit
orally. In times of prosperity individuals
become careless in their habits eat and
drink excessively and indulge in dissi-
thus, after a few years, the health of the
whole nation is deteriorated. The result
of this Is inefficiency OF labor, and less
vigor in all enterprises-from the lowest
to the highest
Need Good Health.
Panic follows as a matter of course, for
people in a low physical condition are
unable to meet emergencies as strongly
as when in good health. Thus disaster
overtakes Individual after individual un-
til it finally permeates the whole coun-
try, and brings what is known in busi-
ness circles as a panic, but which is real
ly a case of national indigestion and
nervous collapse. The violence OF strik-
ers and crazy schemes OF politicians are
nothing more than manifestations Of I'll
health. That this view of the situation
is not visionary is proved by the reports
of health departments in large cities Of
America which have recently Been show
ing a marked decrease in the death rate
which can mean nothing more than an
Improvement in the nations health. This
is simply more evidence of the i'm
provement of business conditions, for
with the national health improved busi-
ness conditions will improve as a matter
of course.
Now, with spring at hand, the stored
up vigor of the nation will quickly trans
late itself into dividends, and the move
ments that have been a mystery in the
stock market recently are nothing more
than evidence that there are men OF
means whs recognize the symptoms CT
returning prosperity.