Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-24
ELOPMENTS OF THE
WEEK IN WALL STREET

money by great railroad system. which In
absolutely required in order that II may
keep up with the times. The magnificent
Pennsylvania plan il the embodiment of
American progress and strictly typical OF
the sagacity and courage of the men In
charge Of our large affairs.
The factor which Is Of the greatest inn
portance in the general market situation Is
being almost wholly overlooked these days.
1t u force which IL at work every hour
OF every day of the year for the uplifting
Of prtces-not necessarily OF values, but OF
quotations. which the same is our best
index OF values. ! refer to the production
Of gold. which In proceeding at an increasing
rate and which has reached volume or
reinforcement OF the worlds basic stock
of money Of nearly 100000 a day, to
which may be added an increase of paper
money OF about the same extent, and on
top OF this an increase OF bank credit at
the rate-of TO l. for every additional dol
lar OF money introduced into circulation.
In this period Of the worlds greatest IN
dustriat and commercial development It
seems proyidential that natural means
should have been found for increase In
the volume OF money, without which the
onward and upward movement would have
been retarded. Who 10 there to say then
that the period is not one of healthful ex-
pansion rather than dangerous imitation, as
30 many fearsomeiy contend Ia the truthy
Had the world been listening to the Jere-
miahs and TO the woeful cautions Of the
timid. it's progress would have been in
deed slow. We might not even yet be
emerging from the day OF the stage coacn
and OF the siow-moving sailing vessel.
Indifferent to Stock Market
The public IL slow to realize what seems
clear to the bullish element in Wall street
1t hesitates to believe by the advertised
tokens that the banking interests are really
going to lend active support or encourage
ment to speculation for a rise in stocks Or
1t may be that the great mass of people who
have money to invest are so busy with
other enterprises that they have no time
to give to Wall street or its affairs. What
ever may be the cause the unpleasant fact
remains that the public appears to be more
or less Indifferent to the stock market. So
long as nothing OF a iagrantly disauieting
or alarming character shows up the public
appears not to be especially interested. On
the other hand any notable advance in
prices IL merely hailed az corroborative evil
dence that general conditions are healthy
and the country getting along all right.
This sort Of thing may be satisfactory to
the outside world, but 1t does not pay COM
missions contribute to the discharge of
current Wall street expenses
The street received with passivity the Of
fetal announcement that the Pere Marquette
system has been unloaded on Erie, and that
the Cincinnati. Hamilton and Dayton sys-
tenn would be annexed to Chesapeake and
Ohio. This conclusion had been very plain
ly Indicated for a good while back and no.
body was surprised when the deal was ac-
tually put through. Mr.. Morgan's stable is
already too full OF white elephants to make
further additions to the list desirable. He
therefore, lost no time in getting rid Of his
latest recruit, the c., H and D.-Pere Mar
Quette combination. 1t is not believed that
Mr.. Morgan either made or lost on the
deal. He might well be satisfied to come
out even.
Playing Against Marked Cards.
The slump in Interboro- Metropolitan was
one OF the sensations of the week on the
stock exchange. It was regarded. however.
as strictly local and had no far-reaching
effect on the general market The terrific
drive against this stock and the apparent
collapse of the pool which has been sup
porting 1t for the last four five months
Is still unexplained and Is likely to remain
more or less OF a mystery. 1t IS quite
probable that the drive was engineered
from the inside and that Its purpose was to
frighten holders of about S12,0Oo,0C0 of old
deal or juggle on the terms laid down by
the Ryan-Belmont syndicate. This New
YORK traction stock juggle Is very much
involved and complicated proposition. 1t Is
full Of intrigue and sharp practice and any
attempt to explain 1t would lead one into
a hopeless maze Everybody who has tried
to follow the play in the market has been
badly burned. Outside of a close corpora
ton of half q dozen men 1t is very doubt
full If anybody can tell what Is going on
or what the ultimate purpose Of the manfpu-
Iaton is. The only thing the street Is real
ly certain of is that the stock broke eight
points on Tuesday, land then some." and
that lot of Tammany politicians and
their friends suffered heavy losses. Hun
dreds of deluded spectators In the down.
town Offices were similarly unfortunate.
Anybody who CANDLES in this stock Is play
ing against marked cards.