New-York tribune., 1909-11-28
The FInGneia! World

Guces irreguaritY OF market movernens
1t opened under the disturbing Infu.ncs
of the United States Circuit Court "a
cisiOn adverse 10 the Standard Oil Com
pany. II closed under the weight OF
an attack BY Thomas ". Lawson upon
the pending merger OF controlling con-
per companies. As 10 the court decfxon
the speculative transactions for the osar
side came speedily to grief-sober sec-
end thought realizing that Il was tas
opinion OF a court OF FIRST Instance suo-
Ject 20 review by the national Supreme
COurt-in any event meaning furtasr
protrscted litigation. with legal opinion
preponderant that the Circuit Court de-
cistOn may not stand the test OF con
stitUtionality. But the recovery taas
established largely melted away under
Mr.. Lawson's onslaught. II becomes an
parent that Mr.. Lawson still has a large
following willing % accept his guidance
especially upon the bear side. Tho
rank and hie OF Wall Street traders do
not hesitate 70 sell short when tha
Lawson bugle blows. And apart from
this professional element there IA larga
public adherence.
AL OF the conditions sotsa are Of tech
nical-not natural-charactsr. In no ons
Of them Is involved any destruction Of
value--any threat OF interruption OF
aoounding national prosperity. In the
Iealrns OF agriculture and commerce S.
car1Ly merKet exploitation OK ta1s char
acter meets with absolute ind1Rerence
Inc BUSINESS world IL not DISTURBED
Turning 10 the affirmative or Cd
tinlistic. point Of view, each and every
. n la. .-e
along the line OF increasing solid pros
perity. The steel business maintains
high record. It Is now known that the
month OF November. though two bust
ness days shorter than October. VIII
virtually equal the latter month in
business done and business booked In
copper the price OF the metal stays well
UP at remunerative levels. IN genera.
trade reports OF authoritative comrner-
cal agencies testify % healthy sxpan-
sion Nowhere IS heard single dis
ccrdant note.
And 10 revert 70 that basic. funda-
mental support or the entire national
-sJructUre. agriculLure--It Is a perfectly
safe prediction that the report OF Secre-
tsFy James Wilson. 70 bs made Bsshlic
uneXampled value IN money 10 tie
American farmer.
No Temporary shiftings and shufnings
OF speculative manipulation in Wall
-
any other master OF financial intrigue
can long be effective against the silent
but Inevitable force OK conditions which
exist and whieA bear within themselves
the promise-the assUTance-Of yet
greater progression
The money market ceases 20 bs a
busbsar. Conditions abroad are vasrIv
improved. The Bank OF Francs ana the
Imperial Bank OF Berlin ars IN strong
sound condition. There Is no longer any
talk OF further increase IN the Bank o.
England discount rats-indeed. IL would
seem to be difficult TO maintain the pres
ent rate in face OF the increasing ease
Of money IN London in the open mar
ket. The view expressed in this review
some weeks ago is verified. that the ad-
vance TO > DER cent was due to political
rather than to financial reasons. Our
own money market shows no apprehen-
sion whatsoever. Funds are available
al easy rates, both for short and long
lCenS-tEere is indeed actual plethora o.
funds. Yet 10 is not so long since tha-
the bear party prcfessed 20 have n the
money situation its chief weapon oe at
TACK some other pretext must now Be
found upon which TO base "hopefuT'
argument In eavor Of that national de-
Vastation which refuses TO dsvastate.
wall Street has become much inter-
ested In reports Indicating the separa-
ton Of nnanciers who have been iden.i-
fed with the rounding out OF the Ro,l-
Island systenl--the Messrs- Moore ard
ID 6. Reid dividing interests with B
foakuH. on lines which permit 8Ir
foaklEn 70 take his originally held srop-
erty. the 81. Louis & san Francisco. our
OF the Rock Island systern--to annex 4.
70 Edwin Hawleys crystalizing conbfna-
tfon. YOaxurn -Hawley Identification is
not new, though there was much ex-
preston OF Wall Street surnrise yrher
iateiy II was disclosed that in the Mis-
souri, Kansas and Texas acquisition thev
were partners. Truth is these two prac-
teal railway operators have been parr-
ners many years. their relationship an
tsdat1ng Rock Islands absorption -
frisco lines. When Mr.. Hawlsy bought
Alton. Mr.. YoakUIn was his partner And
IN any combination now announced there
Is merely open continuance 81 relation
slips that have been close and salts
factory for a score OF years.
II the Frisco system is 90 be merged
with Jhe HaWley lines there develops
thus concentrated Northern and south
ern and South Western transportation
f~7-e-N-@ NNA44lGLA4A% -l.uEu al44ES---
ana such an institution is happily stu
ated when II can command the genius OF
1oakum and a Hawley-the latter WITH
established status among the very fore
most nnanclerS Of the country and the
former virtually in class by himself as
practlcal railway manager. Within The
next few weeks we are likely 70 have
important developments in this and
kindred undertakings; but none Yet in
tlmated viii approach what is c0ntenn-
plated IN the Hawley-YOakum program.
Concerning the contemplated merger
or copper companies (Which has so much
engaged Wall Streets attention recently)
the matter has passed beyond the stass
OF sUrrlise. There is no longer any
doubt that such merger is on the eve of
completion and that IL is being broughJ
about with the active cooperation o.
great hnaneiers not heretofore directly
Identified with copper interests. What
Is aimed az. and what is beyond doub,
desirable, IS such adjustment OF the coz
per business as occurred in the steel
business when the United States SEssi
corporation was Organized--ths solidl-
rylnS INTO one coherent whole Of many