Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-11-29
CASH HELPED MARKET
Supply Of Cheap Money Big
Help to Stocks.
EASY FOR BULL OPERATORS
Effect of Revision Clamor on Deal
ings Slight
INDUSTRIALS ARE NOW SECOND
N. P. Distribution Starts Discussion
EASY FOR BULL OPERATORS
1NDUsTR1ALs ARE NOW SECOND
N. p. Distribution Starts Discussion
on Virtue of Keeping Assets
Hidden From Stockholders.
,ecial Correspondence Of The Star.

Special Correspondence Of The Star.
NEW YORK, November IS, 1908.
Rarely indeed has the money situation at
this time Of the year been as friendly as 1t
is this year toward the stock market. 1t mas
been the great supply of cheap money Tor
the last six months which has made the
remarkable bull campaign OF that period
possible Without cheap money and the
ability of the great manipulators of the
stock market to command it We would
not be seeing such prices for stocks as
are now obtaipable on the exchange.
Call money has ruled from 1 to per
cent throughout the larger part of the
spring, summer and autumn. Inc can
rate now Is IL to 2 per cent. The rate
for sixty-day money is 2A to 3 per cent;
ninety days, per cent: four months ga
per cent, and five to six months. 31s 10
per cent. 1t Is very apparent that there IS
not going to be an end OF the year sun.
gency period, which is the great buga6oo
along about this time. The PROVISION lon
which Congress made for $oO,oOoOo
emergency money has contributed very
largely to the ease In the money SITUATION.
True. there has been natural pliinS
up Of idle funds due to the liauloa i. tIoi I,
and hard times Of the past year. but that
OF itself would not have produced the
shirt of ease and confidence which now
prevails. What was needed was tIe auueu
sense of security given by the law, max
ing it possible to go and get all the re.
lief that might be needed by the Issue VI
an emergency currency.
1t was an illustration In a large way
of the old story Of the woman who wanted
her savings out or the panh IL ohe
couldn't get the amount. but VINO. Hau ho
use for it II the bank could pay. IL was
%I,of hn
If she wanted 1t that gave the old iady
satisfaction and complacency OF mind;
The emergency currency act mas served
that useful purpose to the community at
large The mere fact that SooO,oUooo
was available if needed did the business
for the stock market and bankers in gen
eral. Easy money made the bull market
possible and easy money gave us falr
assurances that prices will be sustained
around the sharp corner or the new !eai.
It may also give assurance that Fdlues
will be maintained for a still longer Tune
ahead and that business men may proceed
on a we'll defined theory that season OF
stability has been inaugurated. mat, at
least is the comfortable assumption or
Wall street at the present time
Stir Over Tariff Revision.
The stir which has been made In re-
gard to tariff revision has only dis
turbed this sense OF equanimity In a
minor degree The idea still holds
that Congress, in its proposed re-
vision of the tariff, will do nothing
to seriously disturb business. The but
ting in Of Mr.. Carnegie tended to shake
this confidence for short Whlle, OUT the
apprehension did not find deep root, al
though there may be serious alter-el-
feet to the agitation which Mr. Carne-
gie's magazine article started In some
quarters there Is a feeling that TINS agl
tation may ultimately force congress 10
do some genuine revising OF the Schedules
for the benefit of consumers ds wen as
producers and manufacturers. The very
evident Congress view is that the people
voted for a revision which would create
the least possible disturbance to busi-
ness. and from the tenor Of reports re-
ceived here that appears to be the Wash
ington program despite all this talk that
Is heard about a desperate clash between
the President and Uncle Joe Can
non, representing the organization and
the machinery of the lower pra Hno o.,
is in intimate sympathy with the ruling
spirit of the Senate.
Wall street is inclined to look upon
Uncle Joe as a sort of a raw-wild western
proposition entirely out Of touch with the
incoming administration and it's alleged
soothing strip intentions. The prints
hereabout have much to say about MS
lack Of dignity and a widespread desire
is voiced that more of that sacred quai-
ity might be invested in the man elect
ed by the next House to WELD the gavel
There has been so much dignity In high
position In Washington during the last
few wears that it would b. a great hard
ship if the Speaker of the House OF Rep
resentatives should not come up to the
high ideals in this respect. At any rate
there appears to be somewhat OF lull IN
the excitement occasioned by recent de-
velopments in the tariff hearing before
the ways and means committee.
II is suddenly remembered that the
Congress which will do the revising rev viii
March. and many things may happen in
the interim The sentiment in the stock
market. which may be called a reflection
of tariff expectations, is a slight falling
off in the interest In the industrial div1-
sion. For a time the industrials led the
railroad division in popularity. Just
now it is the other way. the rails being
in the lead in point of activity and in
bullish feeling.
Carnegie's Fliphap.