The Washington herald., 1909-11-22

utcdIlt easier last week, duQi III SouSe- 4
uuence, the tendency OF security prices was I
to rise In Wall street a number OF pro- /
fessiOnal spectators who were previously /
expressing disCOuTugoment over tho hesi- /
tating and uncertain attitude Of the stock
market and were becoming half way
''bearish" I'm their views regarding tho /
immediate future. began TO take on re-
newed hope and confidence and 20 mako /
moderate ventures for the rise
This changed condition Of affairs was
really noticeable at the end of the week /
before last, when f. became apparent that |
the Bank Of England was gaining gold /
largely from other European centers and /
that the Golfers OF the Bank OF France 4
in particular were releasing gold for Eng !
hsh account Day after day following 1t /
became evident that the Bank OF Eng /
land was heavily fortifying its position. !
and the great extent 10 which this move /
ment was carried was revealed in the \
banks weekly statement OF condition |
published on Thursday showing a pro I
portion Of reserve TO liabilities that has /
not been surpassed at q corresponding 4
date since 1895 and 1896. Upon this all the .
stock markets OF the world took heart, /.
for the likelihood was that there would /.
be no further advance IN tho Bank OF
Englands discount rate this year. and /.
that whatever crisis there had been in
the general money situation was passed.
There should be. Of course, normally a
sharp advance in tho price OF money
toward the end of the year. caused by tho
usual preparations Tor the January set
Elements But q rise In money at this
time rarely troubles the security market,
especially when speculation has been pre-
viously kept down. since the temporary
character Of the advance is o6v!ous.
Whether or not however hope should be
INDUCED in OF any great relaxation In
money rates Tor a considerable time 70
come after January ] seems more or less
doubtful
May Mean UpheHvaL
Asking in theory an abolition Of all
privileges, an equal distribution OF taxa
lion, aud an exemption Of any class OF
the community from the general burdens
Of the support OF tho government tho
demand that has sprung mp In England
is I'm fact for the grant Of special privi-
leges TO the so-called poorer classes, a
heavier taxation upon the rich than is
laid upon others and for the specific
exemption Of certain sections, and these
not necessarily the weakest. from Obuga-
lions which ought 20 be shared by all.
How clearly this is tho case in our own
country is shown In the demand of Mr..
Gompers and his ilk that tho railroad
and corporate interests of the country
should be enjoined under penalty Of tho
most rigorous antitrust laws from con
ferring together and making trade agree
ments, while labor unions should De al
lowed ON the other hand 10 make boy
colts and cOnspiracieS at their pleasure.
Likewise Western farmers. while urging
vehemently that manufacturing corpora
tons shall not enjoy the protection %
high tariff duties. stn strongly insist
that high duties shall be maintained upon
their own products. and. similarly. while
standing for the stricrest governmental
supervision Of railways. so that these
railways shall be debarred from making
more than a limited profit, yet contend
that the antitrust laws shall not DO
construed as 10 prohibit aEriculturists
from combining AZ will IN order 20 bring
about higher prices for wheat and pork
and corn. that must needs be paid by the
taboring population Of tho Eastern part
n the country.
Capital VIII Rebel.
It IS. OF course, true that neither IN
France. nor England. nor tho United
States can water be made 90 run up hill.
nor gross injustice be practic6d upon one
class OF the community with economic
benefit 90 the community as a whole
Capital. unfairly taxed under speclous
pleas. or without the color of any plea
whatever, VIII recoup itself through the
operation Of natural laws. just as it al
ways has done in the past and always
must do. so that the injustice that was
sought 60 be perpetrated viii recoil upon
those who attempted Il. All this Is 20 be
duly borne in mind when there IS talk.
as there As Just now, of a furthe~ agrees
sive continuance at the next session OF
Congress OF what has come 10 be known
lu every conservative and intelligent part
OF the United States as 20 the policies Of
Theodore Roosevelt.
Whether. therefore, I'm the weeks or
months near at hand. the security mar
kets here and I'm Europe VIII De called
upon 10 take account TO a greater extent
than they have done thus far in the
present year OF policies or measures con
celved by governments as factors I'm de-
terminirg current fluctuations I'm values
Is something that everybody interested I'm
the matter should carefully ponder. and q
corolary element I'M the situation may
be, too. the high cost of personal living
that has come about and the high range
of commodity prices that Is increasing
corporate and individual expense ac-
counts
No doubt the stronger undertone ex-
hibited by the stock market last week
was In part due 10 the upward movement
OF various special stocks and 10 rumors
of impending deals regarding particular
railway or Industrial properties The
most Influential of these was the advance
In Amalgamated Copper. and I'm many
OF the stocks OF the copper mining group,
owing 70 the plans now openly making
Tor the consolidation Of many OF these
concerns into one holding company.
VIII BE Beneficial.
The reason actuaung all this seems TO
be the fact that for some time past the
Amalgamated and Guggenheim conner
producing interests have not been acting
IN entire harmony so that copper metal
has been often necdlcssly forced to a
sale in the market. when by more judi
cious management the price Of 1t might
have been more probably sustained. The
idea now IS as appears, 10 gather to-
gether a large number OF copper proper
ties. mostly those located I'm the western
md southwestern sections Of tho country.
md including. OF course, the Anal
,amated and Guggenheim properties. so
tat the marketing OF the greater portion
O. the, country's copper production can he
clrefully conducted and that If neces-
siry. a curtailmeut Of copper production
can be enforced
The news OF the absorption. or what
was conceded 20 be practically such. Of
tn Western Union Telegraph Company
by the American Telephone and Telegraph
Company, and OF the probability that a
general merger Of telephone and tele-
graph interests Is consequent upon this.
was in the main favorably received in
" ufroof bonsr.go moe boIFn,.,1 a., A..