Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-12
On reHeCtlOn, CIC SIlIII SU6IIIS 20 DC IIhc'
now that it's true meaning Is understood
Halt In Iron Trade.


The halt in the upward high-pressure
movement in the iron trade, which was
detected by the experts three or four
weeks ago. has now become recognized by
the public 1t is not that there is any
thing like a reaction, for that is not the
case 1t is merely a letting off of steam
and a subsistence of excitement southern
pig iron has eased off somewhat, but the
decline represents really nothing more
than a let up in speculative headWay.
Production is going along In an entlreiy
sat sfactory way at a rate OF about o,oOo,-
600 tons better than the record figures OF
1907, and that must be considered about
all that could be reasonably looked FOR.
The output is proceeding at the rate OF
more than 81. 100000 tons year.
Lake navigation has closed with rec
ord of about 43, COO, 600 tons of ore brought
from the mines-a record breaker. Inc
expectation for next year Is around o.
600 600 tons. An interesting feature OIL
the iron trade is found in the very large
increase in the manufacture Of bar iron,
due to the enormous enlargement of the
manufacture of agricultural implements
anu to the very large increase In the use
Of twisted iron in the reinforcement OF
cement construction.
the active management of many OF the
properties with which the Gould name mas
.een identified for three decades is very
I'M eresting development OF the times. Inc
GouIu methods have been sadly out OF
d..e The Goulds could not or would not
keep step with the rapid march OF their
competitors and they are being forced ln!o
the background About the only big thlng
they still retain control of is the Missouri
Pac..c system, and that, too, may be
more than they can conveniently take
care Of The acton Of the Missouri rail-
road commission in threatening the Mis-
souri, Pacific with receivership in order
to compel the expenditure OF SiJO,OOo LOT
absolutely necessary repairs and mainte-
nance of Missouri Pacific lines is fair
illustration of the Gould methods. They
have an almost unconQueraDle pre1uuice
against spending money on their own
properties to keep them up. and that IS
driving them out of the arena OF active
management
Goulds Outclassed.
1t is predicted that within the next
half dozen years they will disappear into
the retired class. The Goulds, while no
where near as rich as they were five
years ago, are still possessed Of large
fortunes and can maintain themselves
among the very wealthy families of the
country, even though they do not do a
stroke of work. That they were obliged
to liquidate on heavy scale during the
panic Is now well known, and their losses
were large They were not equal to
the occasion and could not travel in
the high financial company they were in
They were outclassed by the Harrimans
and the Hawleys and the Reid Moores
and the Hills and all the rest of their
councillors The result Is another case
of the survival of the fittest.
The New York public service commits
sion is very much perturbed over a late
court decision, which defines and mini
mixes it's power over corporations in
the state The commission is judicially
advised that while it has the authority
to prevent the unrestricted issuance of
watered stocks and bonds of New York
corporations, it has no right to interfere
with or hamper or dictate the policies
or legitimate development of such cor
porations.