The Washington herald., 1907-11-07
WALL STREET NOTES
Values Rapidly Returning
to Normal Level
CONFIDENCE THE KEYNOTE
Men with Money Now Eager to Buy
Stocks Which They Have known
All Along Were Selling Far Below
Their Intrinsic Worth-Praise for
Master Minds of Finance.

New York, Nov 6.-What few brokers
had realized on Monday all saw to-day
that the clouds which long had hung
over Wall street We're rolling away. and
that the rising sun OF renewed confidence
had already burst upon the scene. As
TO the forces which brought this happv
consummation about. or the master mind
that directed them, there was only one
opinion Never in our time had such di
rect and vigorous measures been taken
to avert financial distress, and never had
plans of equal magnitude so completely
accomplished their purpose.
Through all could be seen the financial
genius OF the age contending against
forces almost as strong as those of ma
ture itself and bringing order out Of
chaos-or something Ike it, The dark
ness was put aside and the light came
and once more men in Wall street began
TO act like rational beings Values were
established, and some OF those who had
money showed their appreciation of the
TACT that even this was not as desira-
bic kind of property as stocks selling
far below their intrinsic worth.
The deal whereby the Steel corpora
ton has secured control OF the Ten
nessee Coal and Iron Company was IN
doubtedly an important factor IN the re-
establishment Of the Trust Company Of
America on solid foundation. but its
even more important aspect is in the
almost incalculable benefit which IL Will
confer upon the purchaser.
Tennessee Coal owns ore lands esti-
mated to contain between 7oO.OO0OOo and
S0.0cOeo0 tons or ore, and while the per
centage Of iron in this is not high the
metal IS OF excellent quality. The effect
OF the purchase will be TO make the
steel corporation impregnable. this cor
poration being not only placed in DOS
session OF sufficient ore 10 supplv its
needs almost Indefinitely. but becoming
master Of the situation 10 the extent
that IT can prevent the starting Of new
competition on very large scale. In
the necessities Of individuals. the steel
corporation found a tremendous oppor-
tunity. and its stockholders may con
graduate themselves that those whom
they have elected 10 look after their in
terests have not let II slip.
For some reason not sufficiently ex-
planned, Republic Iron and Steel advanced
sharply on the news Of the completion
Of the Tennessee Coal deal. the general
supposition being that some interests
which had been tied up in the latter
stock were endeavOring 70 turn an hon
est dollar in the stock Of their other spec
ialty. There is. of course, no way that
the Republic Steel can hope to benefit by
the deal just made for the control Of its
former ally.
On account OF its bearing on the Ex-
change situation. the sharp declines in the
price Of wheat was not regarded as a
bad thing. With n lower range Of prices
for the cereal exports should increase to
an extent which would add materially 10
this country's ability TO attract gold from
abroad II would be merely the sacrifice
Of the farmers vision Of luxury for the
general good.
II is now believed that IL the Bank OF
England makes a further advance in its
rate tomorrow, the new rate viii not be
adhered TO very long