Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-06-28
Actual Trade Versus Psychology.

The President has found peculiar
pleasure in publishing the letters received
by him from various parts Of the coun-
try attesting the fourishing condition of
general business in their respective ter
ritory. And SO he should. There Is moth
ing so gratifying as the assurance that
business in some lines at least Is sur
passing previous records, even though
such prosperity not being enjoyed in every
section. After ALL it is the aggregate
that counts, and the official records OF
the bureau of commerce, as well as the
authentic reports of reliable agencies
show an unmistakable contraction. 1t
is to be applied to business, bu
all means let it be optimistic and not
the reverse; but let it be amenable to
plain facts and figures.
Careful and wide inquiries made by
such a reliable source as Dow, Jones
& Co. show remarkable degree
of depression. This Is emphasized by an
unprecedented number of idle railroad
cars a progressive increase in the bank
ruptcy statistics. both in the number
and volume of failures: a large proper
ton of unemployment, an absence of new
orders. and complete unwillingness to
lend money for that speculative enter
prise which in normal times appeals
to the American nature, and has in
deed been the handspring Of the coun-
try's remarkable growth. These matters
are serious enough, and 1t may be pointed
out that they cannot represent any sort
of combination to discredit the admin
istration. People do not go into bank
ruptcy with that end In view: nor could
all the financial power In the country
combined induce the railroads to keep
thier equipment idle with business offer
ing. or business to restrict production
with labor cheaper and probably more
efficient than it has been in years.
Steel Industry Unimproved.
There seems to have been no improve
ment in employment or production in the
great steel industry. This is usually a
duh time of the year. and the large pro-
ducers are not hopeful of material change
in the immediate future. 1t Is, however,
a mitigating circumstance. and significant
OF their wider view, that they are only
selling at current low prices for the
third quarter of the year, and decline to
make contracts at that level for dates
further ahead. Some improvement in
the demand for dry goods, and especially
cotton manufactures. is perceptible. 1t
is important to know also that the mill
owners are not forced to production,
without profit or an actual loss, merely
to avoid idle machinery and the disinte.
grafton of labor forces 1t would be DIFF
ficult to reassemble on a sudden improve
ment in consumption. Present conditions
of business all over the country are in
dicated clearly enough in the decline in
bank clearings on the week. That ba-
rometer does not. as a rule, point very
far ahead. and is an index of current
conditions rather than of future posi-
bilities.
The Presidents antitrust bills are now
before the Senate, and 1t is evident that
that body will be compelled to pass them
before being allowed to adjourn even for
brief respite. 1t is quite apparent,
however. that general interest in the
bills has considerably waned, and that
even in Wall street their influence will
not be as deadly as some people had i'm
agfned. 1t is characteristic of Wall
street that it first works itself up into
passion, becomes violently excited,
and then relapses into Quietude and for
gets Its injuries