Weekly Arizona journal-miner. [volume] (Prescott, Ariz.) 1903-1908, 1908-02-12
STANDARD OIL HAS CONTROL OF
SHELTERS.

NEW YORK, Feb. 5-The aftermath
Of the October panic has been seen in
the events of the past week in New
York. Three weakened New York
banks, which the clearing house has
been supporting, have been allowed TO
fall, the props having been removed.
The conservative bankers at the head
of the clearing house association de-
cided that these banks must liquidate
and 90 out of business and they have
deliberately wiped them out.
Many careless students Of the market
and of financial conditions see renewed
cause for alarm in the closing Of these
banks, but the well informed see mere
~ additional proof of the fact that the
financial condition is now safe and
sound. The allied banks of New York
could not afford to let these banks close
last November. They can afford TO let
them close now.
Liquidation is still running its course
not only through the stock markets,
but also in all lines of commerce. The
locomotive is slowing down to take on
new coal and water for another fast
run. The stock markets are hesitating
One day there is good buying and a
healthy tone. The next day sees liquid
alton of accounts. IL is the general
belief that the market for rails and in
dustrials will hesitate for several
months. In the meantime the techni.
cal position of the market favors pur.
chases on all rccessions.
, Bear influences Of the week have
been the renewal Of the government s
attack on Standard Oil through the
bringing Of several new suits, and the
beginning OF It's promised attack on
the Union Pacific.
Z In the meantime Wall Street is pre-
; pairing to bring all its resources to the
D support Of Hughes against Taft.
The announcement is made positive
. " though not officially that the con
4 troll of the American Smelling & Re
. 6ning Co. has passed to the STANDARD
A Oil-Amalgamated interests. The writ
A er Of this review gave out this N
n news more than two months ago. TIT
A fact is that this control passed in tn
3 darkest days of the panic last fall
a 1t was the price which the Guggen
/. helms paid for support. There ha
II been no denial of the newspaper r.
is ports SO boldly printed this week tina
Z. the Amalgamated is now the chic
|, owner in the vast interests controlle
70 by the Smeltor Trust.
,e This is the most important news O
decade to the mine owners of III
west. II means more stability to I'll
p mining INDEPENDENTLY to III
copper mining industry-thsn it hi
yet ever enjoyed before.
The curb and mining markets ha,
shown steadiness throughout the wee
- There has been much buying Of Nevad
~ Consolidated, Cumberland Ely, m
e' Consolidated Arizona. The public
hg not selling these stocks now. II HI
w confidence in their future.
Butte Coalation is up more than
o' per cent from its low point. Dav
es DAILY has removed several points OF
~ loss. The Heinze issues are shown
en life. The coming to life of Stewa
Mining has been one Of the sensation
E" The Heinze people act as If they d
'n not want United Copper 20 advan'
" They know 1t is selling far below
nc set value, and would be glad TO pr
'co up such stock as il for sale II tney b
~ the money.
iP Lawson's Nevada Utah campaign
ne tagging, but the stock is steady and
is believed generally that Lawson W
Tx carry out the program he has alrea
'at announced. This program includes
zen vancing Nevada-Utah to ten and p
$50 ting Nevada Utah, Trinity Balakli
I'M and Consolidated Arizona together
'e' one big company.
ma DONALD G. CATLlN