Evening star., 1909-05-09
MARKET BAROMETERS
Steel and Iron Trade Now in
the Lineup.
INDEPENDENTS AND TRUST
Strong and Continuous Stock Move.
ment Anticipated.
ABUNDANCE OF CHEAP MONEY
Cheerful Feature Of Business Outlook
Is Evident in a Plethora OF
Financial Backing.
ABUNDANCE OF CHEAP NONE
SpecisI Dispa atch to The Star.

Special Dispatch to The Star.
NEW YORK, May S.-Once more the
steel and iron trade is taking its naturai
position as market barometer. The war
between the trust and the independents
seems to be over and peace restored AS
matter of fact there is no need OF quaiin-
cation The war is over, with due empha-
sis on the is. The independents learned
their lesson. After endurance had been
worn to a frazZe and the trust was forced
to take the offensive, not an Independent
won out a contract the trust wanted. For
several weeks the fight was kept up and
the harpoon was sunk deep into the hesh
of the SHINING ones who had imposed on
the good nature of the Levfathan. The
trust gave an illustration of what 1t could
do when aroused and when in a mood to
administer discipline. Never again Is
the maxim Of the independents. who
lima gined they could play horse with their
big rival and cut throats for business
whenever they pleased.
1t is not likely that there will be re-
sumption of the hard and fast agreements
entered into with such cordialfty at Mr.
Gary's periodical Waldorf Astoria ban
uuets whenever a manufacturer In the
country ate his canvas-backs, drank his
wine and entered into a pledge of good
fellowship and maintenance OF high
prices. Such agreements will not be nee
Gary will be spared the expense OF these
| feasts The independents will be good
without that heretofore social incidental
1t transpires that just about the time
the independents were bowling their necKs
to the yoke and the most doioroue cries
| Of agony were being Issued and the at
mosphere was surcharged with gloom the
big insiders were covering their shorts
and taking the buying side OF the stock
market Close friends OF these same In
siders are now telling their 'acquaintances
that they were getting a tip to buy at the
very moment the public was being told OF
the hopeless decentralization OF the iron
and steel trade. That was when steel
common was selling under As and steel
preferred under no. From which 1t would
appear that the activities OF the big IN
sders in the steel trust are not connned
to the manufacture and sale OF IRON ano
steel products. 1t has been said that the
difference between the farmer and the
agriculturist Is that the farmer farms tine
soil and the agriculturfst farms the farm
err Similarly, 1t may be said that on oc-
the steel trust farm the public on the
stock exchange.
Inside Information o. X.
There is nothing criminal and, from the
Wall street viewpoint nothing morally
wrong In taking advantage Of inside In
formation to make a big turn in the
stock market: yet 1t might strike an un-
educated and uninitiated public that 1t
was hardly the square thing to be filling
the press with official and authorized mis-
Information as to the known trade stu
alton to frighten the outsiders into let
ting 30 Of theft stocks in order to take
| in the liQuidated stuff. Just such turn
as that was made on tine New York stock
| exchange. Things OF this sort may ex.
plain why the magnates and CAPTAINS OF
industry are able to buy private cars.
steams yachts. country homes. pearl neck
laces OF fabulous value. project the con-
struction Of private theaters and indulge
| in all the luxuries that imagination ana
bottomless bank accounts can suggest.
There are many foundation reasons fer
anticipating a strong and continuous up
| ward movement in the general situation
| and for a wholesome and pronounced re-
takes considerable nerve to prophesy ma
terial advances In stock market prices
| above the current high levels. Yet there
| is no apparent good reason why this
dance of cheap money. and it Is no longer
| held away from people who want It. Wali
| street still has the call on vast amounts
| OF capital. and there Ia still good safe
| the banks at per cent call and per
cent time and invested In securities pay
ing to per cent.
Big People Have the Cue.
| The big people who have the inside
grasp on these funds are beyond doubt
still employing their credit to drag OF
| this handsome scalp" and they are
likely to. continue to do SO until competi-
| ton for funds gets stronger and wipes
| out this chance of reaping 1 to per cent
margin In the stock market. That will
come along in due time when the revival
| in trade and industry progresses some
what further. In the metal trades the
| talk is now all one way. The country
| has gone through two years without re-
newals. and the wear and tear on every
going thing is making demands which
can no longer be ignored Iron and cop
Der and every other kind of metal must
he converted into manufactured articles
for use on a growingly large scale from
now on.
In the textile trades the same conditions
prevail People have worn out their old
clothes, and renewals are everywhere en-