Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-21
Financial News Letter
BY w. G. NICHOLAS.

NEW YORK. October 20.-The stock mar
ket promises to run in a narrow groove I'M
til after the election and possibly for quite
while afterward, until the tide of
money now performing the mission of crop
moving sets in toward the reserve centers
The return swing of money usually begins
the latter half of November. 1t is the prov
ince of speculation to anticipate and dis
count results. however. and the stock mar
ket may now await the beginning of ac-
tual transference of coin and currency
from the interior to the cities. It's way
the stock market sometimes has of fool
ing the people who refuse to believe any
other evidence excepting visual. and who
demand to be shown" before taking a
step. Such people commonly defer pur-
chases until prices are well along on the
upward path. They watch the wheel
spin a while in order to pick a sure win
ner. and then when they do move 1t Is with
DOUBT and trepidation.
Closest scrutiny fails to reveal lfQuida-
ton by important interests unless 1t be
some quiet feeding of Erie by the Morgan
office in testimony of dissatisfaction OF the
Hartman supremacy in that property
Stock thus supplied is bought and will stay
bought. There may also have been some
inside selling Of Amalgamated Copper by
the Rogers party, but if that was done 1T
was to aid in accumulation. for the copper
situation is growing stronger every day
and the stock of producing companies more
valuable Great as the increase in copper
production has been it has failed signally
to keep up with the demand. Present prices
will stimulate mining as never before but
even So consumers are In semi-panic lest
they will not be able to complete vast en-
terprses that depend upon supplies Of the
red metal Persons who five years ago
would have dared to SOLELY predict predict
a / TO-DAY
would have been voted wild dreamers I'M
worthy of attention. Yet the door Of cop
per development seems hardly to have
opened
Sober business sentiment seems to have
set in strongly against political change
this year. Trade and industrial conditions
are so uniformly satisfactory that bust
ness Judgment does not readily reconcile
itself to the thought of a change or to the
encouragement of agitation looking to that
end. The prevailing sentiment seems to
be based on the philosophy that it is not
the part of highest wisdom to borrow
sumption (the farmer and wage earner) is
an eager buyer and has the price The
volume of business was never larger than
now, the future for another year seems
assured, collections excellent, supplies
of money, while not over abundant, are
enough to go round and enough to en-
courage enterprise. Speculation will have
to pay highest prices for funds, but with
be paid and will be paid without murmur.
News developments are not of the thrill
ling sort. They tell a plain. unadorned
story of steady progress along healthiest
lines and find cheerful expression in divi-
dends of increasing consequence and in re-
ports of swelling earnings. They add no
fuel to the fires Of discomfort and furnish
no ammunition for noisy apostles of the
sorry gospel of unreal distress. Every
financial fact spells prosperity and whole
sale content. There is no contortion or
fireworks--just progress progress. progress
-tireess, incessant, overwhelming. 1t may
have a finish but the end is not yet in
sight. and what's the use of stunning sun
shine in thankless pursuit of gloom
Transactions on the exchange have be-
come restricted in volume and it is clearly
the settled purpose of the banking interests
to repress public participa ton in the
gamble for the present. if that be possible.
They can't go very far to check the grow
ing disposition to play with mining shares
because that is cash, but they can and do
exercise reasonable restraint on the general
stock market. The mining share market
affords the only open vent at the moment
available. Take the weight off the saletJ
valve of the big market and see what hap
pens.
Mr.. Hill makes lofty and indignant dis
claimer to c. H. Venners charge that he
chiseled the stockholders of Great Northern
out of matter of $1O.000.000 in the Zeal
which resulted in the transfer of the Bur
lington system to Northern Pacific and
Great Northern on basis OF 500 share.
Another eminent fnancier confirms the
Hill position by coming to the front with
statement that he knows the charge to be
false because he was fellow-director of
the several acquiring roads at the time
and it could mt have happened without his
being cogniZant of the infamy. In broad
and at the same time specific terms tie
accusation is 'prepOSterous' and none of
Mr.. Hills friends will pay the slightest at
tention to the reckless indictment, etc.
Sc &c ;frr
person. in the estimation of many rich.
industrious and powerful bankers IF Wall
street. He Is one of those chronic hti-
giants who have nasty habit of cutting
in uncomfortaby with suits at law to cor
rect alleged irregularities in corporate
business. usually after an issue of Stock
or bonds has been authorized or combi-
nation has been put through-all but few
finishing touches. The worst feature is
that he sometimes makes his litigation
stick and substantiates his charges The
big fellows would give pretty penny to
get a twist on Venner, but down to date
he has outgeneraled them and continued
his sharpshooting at his own pleasure
There is a good deal of curiosity as to the
outcome of his move against Mr. Hill. Ills
point is that Mr.. Hill bought Burlington
worked it off on Great Northern and North
ern Pacific. which he controlled, at 500 per
share. pocketing the difference. 1t is bad
for the Venner contention that the invest
ment, even at $ZOo snare, mas ABOUT
doubled in value since Mr.. Hill pulled off
the deal. 1t was certainly a splendid thing
for the Hill roads. whether or not the great
constructor profited personally ON the
side by the transaction 1t is not as though
he had put his companies into bad ba.-
gain, although Venner holds otherwise.
seeing no moral difference.
The pig iron market threatens to go bug
house." to use the expressive language of
a specialist in that branch of the metal
trade The price of pig has advanced
nearly 80 per cent since last spring and
buyers are still running each other