Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-08-18
STREET IS CHEERFUL
Prominent Stocks Show Gains
for the Week.
LARGE YIELD ANTICIPATED
Politics on Other Hand u Given Lit
tie Concern.
COTTON HOLDS ATTENTION
Realized That South Will Be Blessed
by Wonder Crop-0ther
Products Large.
LARGE YIELD ANTICIPATED
lotion HOLDS ATTENTION
By n. ALLOwAY.

| BY II. ALLOWAY.
NEW YORK. August 1.-THE plan
succeeds-the plan OF interests that arc
fmportant-the plans that have arranged
for some activity and a good deal Of
buoyancy upon the New York Stock Elk
change. There Is. therefore, cheerful
ness throughout Wall street-for most
of the conspicuous stocks are this week
advanced. It is interesting to note at
tendant circumstances. Two things are
especially. oonspicuously. clear. Ono Is
that Wall street is sure finally that the
crop situation Is all that 1t ought to be. that
acreage yield is to be large. that market
prices arc to be satisfactory. And the
other has to do with poutics-every
Wall street oracle communicating the
confidence that it matters not at all
whether Mr.. Taft or Mr.. Wilson or Mr..
Roosevelt be elected there IL bound to
be business boom. In view OF some
OF the temper shown this week in Con-
gress 1t Is trif1e difncult to follow this
line OF reasoning with over much en-
| thusiasm.
| But what is most consequential in con-
sideratiOn of market conditions appears
in the fact that the entire body OF Wall
streets generals with their rank and
one side now-an earnest and vociferous
| for higher market prices. In recent
news there has been nothing to Offset
| this cheerful confidence. It is recorded
pands. that in many specialties there Is
| bigger and bigger volume OF product,
and that consuming demands run be-
yoond the yield. 1t is not claimed any
VI, ia "a fhn po3v 49, Nvo
materially-but this is a mere detail.
according to the optimistic proclaimers:
| 1T will be taken care Of later. excellently.
Railway earnings are better. In 50
| far as gross figures are concerned.
Net exhibits are not quite holding up
to what they promised a little further
back. It is unfortunate that most Of
the big railway systems have for the
ing themselves as to maintenance ex-
penditures that they must be embar-
| raised now by having to meet merely
normal demands. One Of the few dis
| uation is that through hard times some
of our chief systems SO cut expenses
to the quick that physical conditions
are impaired to an extent that will
of net earnings very large expendi-
lures that ought not at all to be charge
able to the present. On this account
| 1t is necessary to Offset here and there
some of the enthusiasm which springs
forward.
One Sensational Feature.
Wall street has had one sensational
feature this week-showing In break
of the price Of cotton. OF sudden it
is realized that instead Of a restricted
yield. poor production, the south is to
be blessed with a wonder crop. One of
the most authoritative experts AYERS
that the south this year will raise It's
second largest crop ever produced, ana.
moreover. that 1T will sell for more
money in the aggregate than any cot
product Of the cotton crop. cotton seed
and It's products. will sell for fully
half of the total value reached by
grown up to 1900 On this latter point
| it might be we'll to explain that the
big crop of 1898-99 was 11,274,O00 bales,
and 1t only brought total OF $685.
722ss; Cot. s,, seed was :, eon nsnteu
ago: but SO great an industry has
been built up through the sale Of the
oil, hulls. meal and cake that there
will be realized from these bd1prod-
ucts this year at least $150.0OO.O 900.
Far larger item. Of course. will be the
value of the cotton ITSELF
It is not the largest crop that sells for
| the most money. Two years ago the
the census. was only 11,968OOO bales. It
| brought 1868. 10000. Last year the crop
| was 16 10000 bales, but 1t only brought
$3.50 $4,000 The crop this year may be
bales. Figuring. however. on a yield Of
| IA 600 600 bales, and making allowance
for the high premiums that Will be paid
| for the better grades. such crop would
100000 - approximately $1.OOo. 100000
When you add to this $3.50. 600 for the
| value OF cotton seed and Its products
you have a stupendous amount OF money
means continuance OF the south's onward
march of development and prosperity
| without interruption.
Also Applies to Corn.
| 1t is worth while to quote analysis and
summary like the foregoing for reason
| beyond it's application to the one section
whereupon the influence Of a great cotton
crop is direct. Similar representation can
be made as to the corn territory. as to
wheat-as to the agricultural situation
generally, practically in universally. It
| is beyond any manner Of question OF
bubble that from the crop product view
point the country is this year blessed far
beyond aught that any early anticipator
dared dream-and, all things considered.
far and away beyond whatever hitherto
has been recorded
What is most important in security
| market consideration is the fact that
there Is superadded to agricultural pros
perity the promise of renewed industrial
activity and profit. All Of the great pro-
ducing plants Of the country are run
ming now. and most Of them at full ca
pacity. 1t has to be admitted that there
! is scant margin of profit. compared with
what formerly ruled; but there is some
proft-enough profit to make dividends
sure where uncertainty not long ago was
threatened.
We have a score of pools actively oper-
ating-more than q score-each with its
scheme for producing an advance in its
own particular speciality. To give list
Of these would be practically to write the
roll Of the stock exchange-particularly
energetic work being done in Erie. South
ern railway, Chesapeake and Ohio and
most OF the southwestern railways It is
notable that when anything is doing In
the Hartman issues It looks as II in
siders were leaking out their holdings.
/ In the Industrial list almost every stock
has its bull pool in action. The copper
| stocks. Steel the equipment shares and
wNrrN~ r-IrV