Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-08-04

Auc puUAC0lOu VI pHO,VUOJVOV oaEncO ny
the steel trust during the last quarter had
q singular effect upon the market. That
such unprecedented income should not have
been accompanied by an increased dividend
on the common Stock even ever 20 slight,
struck tho trading element as conclusive
evidence that AomethinG was wrong. The
verdict was at once arrived at that the
paragraph Of the report to act upon, waA
In orders TOR remote delivery. The market
was found to be In about tho frame of
mind Of Addison Camnaack when Jay Could
made that famous window display of &c.,.
100000 Of unpledsed assets. The exhibit
was for the purpose Of inspiring confidence.
Good 0odr said Cammack. HAS the old
devil got that much stuff yet to SELF" He
thereupon fell upon the market and beat 1t
to a pulp. Great scott!" said the crowd
when they heard Of the colossal steel trust
earnings. IF the trust is making all this
money and can't pay It's stockholders any
thing then there must be something rotten
in Denmark" Bin!
simultaneously with the boomerang eff
feet Of the steel trust report came a flood
of evil reports bearing on the money mar
ket conditions here and everywhere over
the world. Nothing seemed to safety, and
every ear was alive to the receipt Of unfa-
vorable developments. The eye and the un-
derstanding could take In nothing that was
hopeful or rosy. The industrials felt more
| than most people were willing to confess
the demonstration by the Ohio republican
committee of an intent to favor a Taft plat
form for friendly tariff revision. This Issue
cannot be ignored and which gives genuine
alarm to the standratters. True the man
ufaoturers In convention assembled not
many weeks ago declared for this kind Of a
platform. but real progress along that line
Is nevertheless disquieting.
~.
Not much has been heard about tho North
Carolina incident except expression OF gen.
eral r6lief that the railroads had the good
sense to amend their policy Of resistance
to popular sentiment by taking a more pa
cifc course In bringing the issues before
the Supreme Court; Strong measures were
Just now Wall street is extremely sensitive
and willing to make almost any concession
to escape aggressive attack. In this par
ticular case the railroads really lose moth
ing by the shift made, and no great princi-
pies are sacrificed.
The New York Central has been one of
the roads to suffer a distinct loss Of con-
fdenoe on the part Of the investing public.
1t has become known Of men that the
prosecution Of the stupendous work incl
dent to tho reconstruction and improve
ment Of the New York terminals and OF
work in Buffalo and elsewhere along the
line has been sadly handicapped by alb:
boHto0 IIkdud8oIQeht. AucT0 utSFo oSSoA'9
vexatious delays in every quarter, and
universal complaint Of acknowledgment eng
Of misdirsctea effort is heard. This has
been going on for months and Is unqves-
tionAbiy having . stock market influence
This thing Of directing the affairs q 2
mighty corporation like the New YORK
Centrdl from Steam yachts In the Mediter.
rAneAo and tho race courses OF Great
BritA1n And the continent has IT. draw
hs ~ Vanderbilt ono,., oontro, has a.
weyS 1nsisted on personally supervising
every Important expenditure, and the his:
tory. Of the pest year and e halt 10 fun s Of
teoause OF Inability to connect With W. X.
Vanderbilt and his personal machinery and