Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-29

desire to put in orders for new business
and partly for effect stocks. They
do not look for any serious decline in pig
until nearly the close of the year, when
they expect to see the quotation down
around Is
AS though in anticipation of some such
pera ton of events there continues to be
steady sale OF the iron stocks notably
United States Steel preferred and common.
Apparently no heavy liquida ton is going on
but continuous dripping. most discourage
ing to those who are holders and who like to
see prices maintained. No alarm is felt
that dividends will be cut but it is none the
less disagreeable to see your securities sag
when everything looks SO favorable on the
surface. The big corporation Will be able to
show record earnings this year the marx
going very much higher than 1906, which
surpassed all previous records. These huge
earnings have put the company in su-
perbly strong position as to cash and in new
plant. 1t will be able to withstand the
storms OF more than one year OF serious de-
preston.
The report OF the controller of the cur
rency on the condition of national banks re-
veals plainly the hitherto disputed state
ment that the west has become heavy
lender Of money on eastern paper. 1t seems
to show that within the last two or three
years there has been going on a rapid up
building in the cash resources of the west
and south, and that throughout vast
area of country heretofore more or less de-
pendent upon the east the people have be-
come not only Independent, but strong
enough to lend to the section they were &C
customed to draw upon in times OF stress
and for crop moving. l have referred to
this fact several times in my letters and 1t
is nice to find official confirmation In the
carefully prepared reports of the controller
of the currency.
The friendly receivership' program
launched by Thomas F. Ryan for peace
full settlement for the New York Traction
merger complications will not be allowed to
go through unattached The minority stock
holders Of the old Metropolitan Company
are getting ready for an attempt to hold
the marlborough Metropolitan uhe last
holding company responsible for the debts
and guaranteed dividends Of the surface
roads. If they succeed this will drag into
the fight the elevated and subway systems
which are more than Self-Sustaining. There
is more than an even chance that the effort
will succeed. Furthermore 1t may be that
Mr.. Ryan and his associates will be sorry
they lifted the controversy out Of the state
courts into the United States courts. al
though they have friendly Judges in both
Jurisdictions. In this connection people are
calling unpleasant attention to Judge La
combes previous relationship In the trac-
ton people. He formerly associated
with the late w. c. Whitney, at whose So
licitation he was put on the federal bench
by President Cleveland. Now comes Mr..
Ryan, jointly concerned with Mr.. Whitney
in exploiting the street systems of New
York, and asks favor of Judge Lacombe-
favor of paramount mportance-Wh1ch
the same Is granted. 1t IS remarked also
that former President Cleveland, to whom
Lacombe Is indebted for his job, is on MIR.
Ryan's pay roll.