Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-07
RAISED CASH EASILY
Financial Incident Failed to
RuffIe the Market.
PRICES CONTINUE FIRM
rimidity and Uncertainty About
Cash Fade Away.
oPTIMISTS DOMINATE DEALS
West and South Taking Better Care
of Money Needs-''Pennsy's'
S4OO. 900 capitalization.
oPTIMISTS DOMINATE DEALS
pcciaI Correspondence Of The Star


covering from the depression of spirits
caused by the prospect of scarce and dear
money. The one thing that ccasioned
greatest alarm last week among these two
elements. mainly the trouble that was to
ensue on count Of financing the S20,
$4,000 or S3O.COa.OtO worth of American
securities being turned back upon New
York by foreigners, hardly caused a rip
pie of excitement in the money market.
No trouble whatever was encountered by
those who had to raise the money. They
got all they wanted and there was plenty
left after they got through.
There was so much. i'm fact, that rates
softened Immediately and word passed
along the line that there was no real
need for further alarm. This is in exact
accordance with the view which appeared
in my last weeks dispatch in the shape
OF a statement from leading interna-
tioilal banker. He had no hesitation In
taking Il position contrary to the great
preponderance of opinion and declared
chat there was no danger or serious
monetary stringency, and that he was
satisfied there would be plenty of money
TO go round at a cost which would not be
oppressive. This is turning out to be ex-
actlv the case, and the turn for the bet
Ter is taking place ahead of scheduled
time.
Th., market effect Of the money relief
which is being experienced has been the
almost complete disappearance OF the
feeling of timidity and uncertainty. The
market mas acted stubborn all week and
has shown a marked power OF resistance
against the feeble attacks of the probes
sional bear contingent Where stocks
declined the loss was insignificant. There
was unmistakable strength of undertone
and seemingly moderate though steady
accumulation in many quarters me
volume of business indicates the presence
sx-nlx-
bClish public and one more than ever
convinced that il is a bad time TO sell.
From that attitude IL is only short step
10 resumption of buying.
The accumulation for investment ac-
count seemed to be most strongly seen
in the standard RAILROADS. and in the sea-
soned industrials. There was halt I'm
the buying of the big stecls and in
creased activity among the minor indus
trials notably American Car and Foun-
dry. Pressed Steel Car and other equip
ment issues. Colorado Fuel and Iron
took another jump, just why NOBODY APP
peared to understand, unless 1t was 10
make good the innumerable tips that
have been in circulation in regard TO that
stock.
Amalgamated Copper Leads.
Amalgamated Copper took actual mar
ket leadership at times, and the air was
literally drugged with stories about the
merger of low-cost producing properties
and the Amalgamated. On merit ANAL
gamated Copper is apparently fifty points
100 high. but mighty is the power OF
manipulation.
1t cannot be said with positiveness that
insiders to unload at high prices. but II
such were the program the machinery
would probably be operated about as we
see day by day on the stock exchange.
Amalgamated at best is blind pool run
for stock market purposes. 1t has never
been anything else. 1t has been a mighty
good COW to milk for the insiders. but
at the present disproportionately high
range Of prices its usefulness In that role
seems to be about over Hence the de-
STABILITY of unloading on the public and
letting the price down to where il belongs.
There is unouestionably a largely increas-
ing demand for copper metal, but produc-
ing capacity keeps ahead of consumption
aud the new mines are almost entirely
among the low-cost producers. If Anal
.amated is worth 30. then Steel common
would be cheap at 30. based on earnings
and prospects.
Trust was at the rate of nearly 15,OOO.OOO
tons a wear The rate for November will
he even greater. The output OF pig iron
for the last quarter Of 1909 for the whole
country will be at the rate or about 32,-
100000 tons year. or fully 100000 tons
per year above the high record or
1917, when the production reached its
total of %, $4,000 tons This increase OF
5000 tons is figured by railroad tramc
experts to mean 3O.OOO,OOO additional ton
mage for the railroads. At the low rate
of 81 per ton freight, this would mean
s:n,O00,0O0 i'm new income for lo10 over
The best figures heretofore. An Increase
Of that amount would be equivalent to
tho freight revenue on about 1J0,OOO.O00
bushels of wheat from the county gran
AIRY to tidewater.
New York Central's Progress.
New York Central is perceptibly i'm
proving in Wall street esteem. 1t is
operated more cleanly and to better ad-
vantage than in many years. Every
wheel is rolling, and every dollar that
i; is possible to get out of the property
il being secured. II could do 10 per
cent more business If it had the equip
mert The deficiency in this respect Is
being remedied as fast as possible by
the addition OF new cars. which nave
been ordered by the thousand. For the
first time In five years or more William
X Vanderbilt is taking "a live. aggressive
interest in the property. He is person
ally ION the job, and IL he has pa
thence and persistence of purpose enough
TO stay here the system ought to make
very important Roadway within the next
year. and pull up substantially in Its race
with the Pennsylvania. The danger Is
That Mr.. Vanderbilt will get tired quickly
and try once again the unsatisfactory
plan of running the road from Paris and
the cabin OF his yacht as IL cruises in
foreign waters.
IL was that sort OF thing which was
largely responsible for the roads slow
progress In comparison with that OF its
big rival on the south. Mr.. Vanderbilt
mad such scare. however, that II snay
lac ne will attend TO business more strict
j. in the future. IL was clearly Mr. IIar-
riman'S intention To back Mr.. Vanderbilt
up off the boards ana take control of
New York Central That he would have
done this had he lived is altogether prob
able He had the Vanderbilt regime going.
n the experience results in "A reiuvena-
lion Of the Vanderbilt management the
stockholders In the company will have
much tn he thankful for.
IN n money way the west is taking bet
ter care of itself this fall than ever be-
ore and the south, too. is working into
. stronger position. There has been less
call Tor money from the west I.an in
years. The demands from the south are
also app-eciably diminished This is
not because Il takes especially Jess to
finance the cotton crop. but because
mat great producing section is getting
richer within itself year uy year. About
IS much money Il required To handle
small cotton crop at high prices as
a big crop at low prices. The increasing
Giversification of interest in the south is
building up that great region i'm i way
which commands the attention and re-
spect of northern capital and intelligence.
The new south has attained that stage
% development and progress which puts
II on parity with the most prosperous
aud adv ion of fl<N nnyth nd