Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-19
ONLY MARKING TIME
Barons of the Street Holding
Market in Check.
INDUSTRIES KEEP ACTIVE
Copper Merger Progresses Despite
Impressions.
GATES TEXAS TALK AMUSES
Central Bank Scheme Finds Few
Supporters-Standard Oil
Christmas Dividend
GATES TEXAS TALK AMUSES
Special Correspondence OF The Star.

/ NEN 1ORk, december Is. lSuS
There is little more than marking Of
time in the stock market these days.
Leading banking interests. which repre-
sent the real control of the finances of
| the street. willed it some time ago that
there was to be no great boom in stocks
before the turn of the year. On their
part it was tacitly agreed that money was
not to be allowed to rise above 6 per
| cent, but that any important effort on the
part of spectators to take advantage of
! reasonable money rates to bull stocks
/ was to be discouraged. This inspired
| word was passed along the line, and for
| the last couple of weeks the market has
| been left to the tender mercies of the
professional traders on the exchange, who
| have contented themselves In the main
| with chasing fractions. This has not
| been hard and fast rule, however, for
/ big things have been going on in some OF
| the leading properties, which have put
! them beyond the limitations of the bank
| ing program referred to. In these proper
| ties there has been continuous absorption
| by the insiders, and there has been going
| on also a steady investment demand In
| not few of the strong industrials for
the account of insiders and those who are
| hardheaded enough to do their own think
| ing and financially strong enough to do
ups and downs of the money market or
the intrigues of the banking managers.
! The, powers of high finance are reluc-
| tant to give encouragement to speculative
| bullish sentiment until after the January
| disbursements of interest and dividends.
which this year will amount to about
S225, coo, 900 at this center, a recOrd-break-
| ing figure. 1t takes a good deal OF money
| to meet this enormous demand, and While
| in one sense it is merely turning over
Of credits in the banks. it in reality
amounts to a good deal more than that,
| and there ensues very general and VIDE
spread shifting about Of capital.
| A fairly good-siZed percentage or the
| interest and dividend disbursements this
| year will undoubtedly go back into Sc
| curtieS, and the buying for that account
| is expected to have considerable inf1u-
! ence. simultaneously the return now or
money from the west and south will set
| in on a generous scale. Altogether.
| wholesome and wholesale lOOsening up IS
looked for within the next thirty days
Situation Optimistic.
| Meanwhile in every department of in
dustry Indications point to increased &C
| tivity. There is scarcely an exception TO
this rule It is also timely to remark
that there is scarcely feature or ele-
| ment Of i'll omen In the situation. Con-
gress may do something further toward
| the regulation of railroads and corpora
tons in general. but Washington has
| ceased to be a terrifying factor. Also 1t
NAV be stated that the real people Of at
fairs i'll the great world of big action are
not disturbed over the loud talk INDUCED
in about impending strikes and demand
| for higher wages.
| time that the workmen throughout the
| country would expect an advance III
| wages either this winter or early In the
spring. and that such advance would
l tIn,r,
| fled The grand scheme of wage read
justment will, for the most part, be the
! result of peaceful conference and arbi-
| tration. There is no desire in any infiu-
| entail quarter to resort to strikes, and
| this weapon will not be used where the
employees are wisely governed There
/ will, of course, be sporadic outbreaks
| Of discomfort, and the walking delegates
| will do their best to stir up trouble How
| ever, as above stated, nothing serious
is expected. state of mind which Is
very plainly reflected In the stock mar
| ket. In almost every case where there
| has been newspaper gossip about threat
| ened strikes the stocks which would be
| affected by tie-ups of that sort have ac-
| tually advanced in the face Of the news.
The Copper Merger.
Despite the prevailing impression that
the copper merger has been knocked IN
| the head, considerable progress has been
made during the last few days toward
| the completion Of the merger. The con-
solidation of the various Guggenheim
| mines, which will be an important part
| of the merger, has been practically effect
ed. although not without friction. Mi
| nority stockholders have compelled Inn
| portant changes In the plan as originally
| mapped out. With other things. better
| terms for Nevada Consolidated we're
| forced upon the Guggenheims after
bitter struggle and angry threats to take
| the matter into the courts and enjotn
the whole proceeding. The concession
| came with i'll grace from the Guggen-
! helms, but they had to yield. There
| IS no better harmony among the COM
| panies controlled by the Standard Oil
Cole-Ryan combination. which takes In
| Amalgamated and a great lot of prop
| critics in the southwest.
! The big producing interests which are
| to get into the combine are anxious to
| have tn edeal completed. for the good
| effect it will have on the metal market.
| Producers are discouraged over indus
trial conditions affecting copper. and they
make no bones about it. They say that
the copper industries have not kept pace
with iron and steel, and they do not
| understand it. They want to see the
| situation brighten, and would like to have
production held In check until accumu-
lated stocks Of the metal have been
! absorbed
There is not much money in ID per
important advance In price until an
enlarged demand appears. Meantime ne
| heavy buyers pursuing their hand
to-mouth policy Charles BROKER, who
does most Of the buying for the Connect
| lieut. manufacturers, who use 25O.OUO,OOO
pounds year or more, continues to talk
gloomily emphasizing his opinion by re-
| fusing to take any more than he has to
| to meet day-by-day requirements.
Called "Good" Trust.
John Hays Hammond has been an &C
tive figure in forwarding the copper mer-
ger. The interests which are behind
the scheme have been putting him against
| Mr.. Taft in the hope of inducing the
chief executive to admit that the merger
| will be beneficent and within the law
that it will come under the definition
| of good trusts" He has also been VAL
| liable In bringing together discordant
elements among the mine owners. He is
said to have met with success in his
missionary efforts in the latter direction.
AS to his influence with the President
little is being said. and the belief is cur
rent that he did not get very far with
/ The Guggenheims, by the way, are
dends and enhanced value on properties
they bought during the last five or six
| years on Mr.. Hammonds recommends
ton. One of the nuggets which fell
into the Guggenheim lap was the Esper-
| ANA NINE 100 miles northwest of Mex
leo. out of which they take about $3OOO,-
OOO gold "A wear This mine is in the rich.