Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-21
UNDERT0NE IS BETTER
Volume of Business, However,
Shows Decrease.
MONEY STATUS IMPROVES
Lull in Speculation in the Equip.
ment Stocks.
GOSSIP OVER COPPER MERGER
Railway Financing Interests Both
Financiers and Public-Southern
Bonds and Cotton Support.
GOSSIP OVER COPPER MERGER
'ecial Correspondence OF The Star.


NEW YORK, November 20. 1909.
This has been a week Of important an
nouncements Of great events in the bust
ness world. Some Of the big things which
have been in process of working out for
good while made such progress that
definite results. could be stated. 1t might
be put down in the record as a period OF
decided Roadway in the evolution of large
affairs. The market effect Of announced
achievements or near achievements was
for the betterment of the general aver
age Of prices. but after all nothing star
Ting occurred.
In point Of fact, the volume Of bust
ness on the exchange decreased rather
than increased. In a general sense. how
ever. there has been a marked improve
ment in the market undertons. The
money situation at home and abroad is
better, in exact confirmation Of what has
been stated specifically in these letters
for the last two or three weeks. Every
confidence and to the disappearance of
whatever doubt and timidity may have
existed in the minds Of bankers. investors
and Spectators.
1t Is possible that the powers that be
the controlling banking and financial in
market break away and launch upon an
other season of speculative expansion,
otherwise known as boom in the stock
market" Indeed, it is altogether likely
that they will discourage rampant specu-
lation until the home market is better
able to finance speculation on an enlarged
scale. There may be delay Of decided
general speculative activity in stocks for
two or three weeks.
1t is one marked feature of speculation,
however, that 1t does not wait upon any
fixed program which may be agreed upon.
It is prone to anticipate-to discount the
future-to grab for dividends before they
are distributed, almost before they are
earned.
Speculative Lull Prophetic.
For instance, there has been a lull in
speculation In the equipment stocks.
whereas 1t is known to all men and the
world at large that every equipment COM
pany in the country has more business
than it can, do, and orders on the books
which insure manufacture to the very
| limit of capacity for a year or more. Not
only that. but indications point to pro-
longed continuance of high-pressure ac-
tiyity in this branch Of industry. In a
market way there are signs on every
hand of a quiet accumulation of equip
ment stocks by inside interests and by
iuVeStOIS anu SpeCuli LOTS ia cloSe tOucLi
with the situation. 1t is the very evil
dent purpose of buyers of this class to
avoid excitement and to get their stock
as cileaply as possible. 1t thus transpires
that in the equipment division of indus
trials there is lull in the stock market,
which Is generally regarded as prophetic
of later signal Improvement.
Coincldent with the announcement of
the virtual consolidation of. the great
telephone and telegraph interests comes
quiet but very influential revival of talk
about the building Of a government tele-
graph system, and as a feature thereof
a telephone System-these to be part and
parcel of the Post Office Department. Lit
tie has been heard on this subject for
several years. but with the country face
TO face with privately owned monopoly
Of telephone and telegraph wires the mat
ter becomes again instinct with life
Enough has been already heard from the
outside districts to make IT plain that the
general public does not take kindly to
| the amalgamation Of the several ostensi-
bly, independent interests. This theory of
the benevolent assimilation Of the West
ern Union by the interests already in
control of the American (BelD telephone
and the Postal (Mackay's companies),
which has been erected in order to bene-
| fit the general service and better serve
| the people Is not being swallowed with
that degree Of innocent faith which the
holding interests would like.
| There is an ominou6 Skepticism as to
the good faith of the enterprise and a
very evident willingness to take the other
| end of the proposition. The public has
not yet forgotten the 25 per cent raise
| In telegraph codes, which resulted In an
additional taxation Of not less than So
10000 q year upon the business they
had to do over the wires. and they see
| In this merger, or near merger, still fur
her exactions. either in the way Of high
rates or a service which will be less
efficient.