Evening star., 1909-04-18
MONEY MART CHANGES
Bankers Now Hunt the Man
Who Wants Loan.
STRAW FOR WALL STREET
Other Encouraging Features of Trade
Situation.
MARKET AT BEST SINCE PANIC
Doubling Element Continues to Keep
Good-Sized Short Interest-Chi-
cago Wheat Corner Gossip.
MARKET AT BEST SINCE PANIC
Special Correspondence OF The Star.

anybody applying for loans. Collateral
| was scrutinized closely and all sorts Of
questions were asked as to what use the
| borrower intended to put the money
Every kind of new enterprise was dis
couraged and a person trying to borrow
money to embark in any sort of untried
venture was put into the unsafe" class.
Only the most conservative people OF
seasoned credit were given accommoda-
| tions. Now things are entirely different.
| Bankers are chasing the borrowers and
trying to place their money. Loans are
gladly made in quarters where a few
months and even a few weeks ago there
was nothing doing. 1t is the testimony
Of men Of good standing and credit In
| every line of business that they have no
| trouble borrowing money at their banks.
1t is very clearly the opinion OF the
| banking fraternity that business is once
more upon a sound basis and that 1t will
be safe to put money out where 1t can be
earning something. This time 1t is the
| borrowers who are chary. Now that 1t is
possible for them to get hold of money,
| they are the ones who move cautiously
and ask questions. This change in the
| attitude of bankers is regarded in Wall
| street as an impressive sign of the times
| and IN marked way significant Of rea-
sonably certain and permanent improve
ment in conditions. This feeling is re-
! fiected in the securities market and is in
| reality behind the upward movement In
prices which has distinguished the stock
market during the past few weeks.
Another encouraging feature Of the gen.
| eral situation is the decided increase in
! activity In the iron and steel trade. This
| is particularly noticeable In structural
1 iron and steel, In tinplate and piping. The
latter speciality is one in which the gen.
eral public takes small interest, yet 1t is
an important branch Of the iron industry.
| 1t is at this writing very active. Munic-
ipalities, gas and oil companies are par
| ticularly in evidence, although orders are
by no means confined to them. There are
also Indications of an immediate resump-
ton of activity in the copper trade and
the patient walters. who have been hold
ing copper securities through a long Pc
ried of dull times. are in fair way to be
Rewarded for their nerve and endurance
At the present moment there are large
visible supplies OF copper metal and pro-
duction is going on at a rapid rate. A
few months of resumed life in this in
dustry will produce a wonderful Change
! in the general copper situation, and the
day of unwieldy visible supply will pas.
away.
| Basis for Optimism Doubted.
Those who form judgment on presen,
conditions are not willing to admit that
q basis yet exists for the optimism which
is felt in the stock market or for the
confidence with which the big people and
the bankers are now disposed to look a,
things They see nothing In railroad
| earnings or in the volume of actual trade
upon which to build rosy hopes Of ar
| Immediate return of good times. This Ii
the element which is too prone to look
at the landscape from the rear platform
They only view the scenery from the re-
ceding viewpoint.
| The optimist on the locomotive looks
I.f- @l,>
leading the way. At present the mar
on the engine is In command OF the sit.
uation and more especially In command
Of the stock market. Prices Of most
railroad stocks are now about at the aver.
| age level reached at the climax OF the
great bull movement OF 1908. Some Of the
industrials still lag behind, but the gen.
eral average of the whole market is near.
ly at the best since the panic year age
last October.
! The recovery since the reaction OF Jan.
uary and February has brought the
principal favorites to nearly where they
were at the end Of the great bull cam
paign, and the promise is that the mar.
ket will continue its upward course with
occasional reactions. There has been some
realizing on the rally, but nothing tc
indicate important distribution. At the
same time the doubling element continues
| to be in sufficient strength to keep q
good-sized short interest in the market
which is just what the bulls want. The
speculative spirit is full of confidence and
grimly looks upon the sacrifice Of bear
money as one OF the features Of supreme
folly on the part of those who refuse
| to take the rosy view OF things.
Minor Stocks Prominent.
i During the last few weeks a number OF
the minor stocks have pulled sharply tc
the front. This development has beer
without the approval of the waisted
contingent who see 70 coed reason for
any kind Of an advance In the lesser
properties. which have been more OF
less under the hammer and which had
fallen into disfavor. Conspicuous in this
/ list Of revived stocks is Columbus and
Hooking Coal and Iron. This is a stock
which has been kicked around the stree,
/ for years and had fallen into distinctly
| bad odor on the exchange and in the
| offices. 1t suddenly began to move up
ward about six weeks ago and climbed
with very little reaction from low dowr
in the twenties up to nearly sixty. A,
first 1t was looked upon as rank manipu
lation and was the subject Of much Ill
sharp shooters Of the press and the street
The advance continued, however, will
such force and determination that the
doubling Thomases and the numeroul
constituencies that had sold the stocl
short began to sit up, take notice ant
make inquiries. They made the discover,
that the management of this property
which lies out in southern Ohio, had beer
engaged for a year or two in developing
and bringing into action one of the
Largest deposits of clay in America, anG
that its 1900 acres of land was in g
fair way to become the center of a new
Oil field.
The large owners of the property coule
easily work out of their holdings at cur
rent quotations at a very large profit or
the original investment, but with
| strange lack of consideration for tn,
feelings OF outsiders they refuse to de
| this and some Of the most enthusiastic
fore the year is out. A new oil fielc
opened up about a year ago has beer
working south and good wells have beer
| struck close to the northern limits oI
the company's possessions.
Some Of the big stockholders are finan
ing the sinking Of a number of wells or
the land to determine whether or no
| little incident illustrates how q long deaC
! proposition may be resurrected anC
turned into something substantial. Il
shows also that IL men hang on to {
stock long enough 1t Is mighty likely a.
some stage to give them an opportunit,
to make big turn.
Speculation Over Patten.
Patterns wheat corner is at last arousins
considerable interest in Wall street. Nc
| pretense is made Of intimate knowledge
Of the Chicago situation. but the predic.
tion is freely made that the corner will
| bust the man behind 1t. even as It ui6
| "Joe" Letter, l.. w. Harper and a dozer
! others who have tried the same thing or
| the Chicago Board of Trade.
L n-x aIkL 10.