Evening star., 1909-05-02

entire output for 1909 may approximate
$45OO, 100000. This is exclusive of state.
munlclpal or fnterurban trolley bonding
The bond market is in such condition
that anything which will stand scrutiny
meets with ready sale. The absorption
OF bonds during the last few we ks has
been on very large scale, and has ex-
tended into almost every division of is
sue. one day last week transactions of
bonds on the New York Stock Exchange
were In excess of $10,0OO0OO.
Harmony Among Iron Men.
Specialists In the iron and steel trade
are singing cheerfully. They are in
very amiable and hopeful mood. They
are fully convinced that the iron trade
Is at last on an upgrade that spells
1or permanency and for continued i'm
provement and widening out The inten-
slty OF the fight between the big corpo-
ration and the independents has softened
noticeably. Little is heard these davs
OF war to the knife and Survival of the
ilttest The feeling now is that there
is going to be enough for everybody If
an attitude of patience and common
sense is observed. True, the productive
steel capacity of the country is now at
lts maximum, and that further new con-
struction is being planned, but among
!ie Wlsest and most experienced men in
the industry the conviction is deep seated
Will be more than enough to go round
year hence-this in the face of III.
TACT that the steel trust. with its IA. 900 :
oOo tons capacity, will represent only
aoou. .l 90 per cent of the total. Rapid
as the growth of the trust has been dur-
ing the last six years. the independents
nave moved at a still more rapid rate.
Whlie the trust has actually fallen
pack IN the percentage of it's capacity, as
compared with the whole the indepen-
dents have gained ground The trust may
uitilIiateiy become a monopoly, but therr
Is nothing Of that sort discernibre at
this writing a.
4 distinctive market feature is the very
evident play of the big leaders to en-
courage short selling. Prices are let
doWn easily and traders are given the
chance to feel the ground yield easily nm
uer oHerlngs. This imparts to the situa-
raia ,.oil laise sense of weakness and the
raiders jump in TO smash things only To
ma that On the breaks offerings are
iiched up with stealthy appetita that
cannot be satisfied. This sort of thing
mas been going on for days and weeks.
No Fears Over Tariff Bill.
Inc news from Washington fully con-
nrms the preconceived theories of the
men who represent "the interests From
the beginning they have been frank to
say they had no fears that Congress
would do anything to really injure the
business interests of the country. They
iully realized that tariff revision was in
the hands of it's friends, and the latesf
analysis Of the Senate bill proves that in
the main what revision is going on is nm
ward rather than downward ON some
accounts this outcome is regretted by the
longer headed representatives Of the great
interests. They feel that unless there is
rea! revision downward agitation will
continue until the party in power is
changed and something drastic nut
through. pa
AS insurance against this calamity
however. 1t is noted that the leaven of
protection is working almost as strongly
In the democratic party as in the rennhli.
can ranks. This is held to be guaran
tee against anything actually harmful be-
ing done in Washington. now or at any
time for many years to come. injurious
10 the protected industries and allied busi-
nesses All of which tends to promot
confidence in the stability Of the general
situation and in the permanency Of quo
ta.lohs: BY the time Congress gets
buoyed up the great combinations of cap
ltal VIII be borne in upon, the general
public, 1t is commonly believed hereabouts
ne annual report of the General Elec-
trlc affords an illustration of the in
creased cost of manufacture. These fig
ares snow that the cost Of production has
increased 10 per cent during the last seven
years, having advanced from IS to 93la.
hC icdSeu volumes or business gives
larger aggregate for distribution as
dividends, however
Outlet for Rogers Road.
H. ii. Rogers and the Ream-Ryan com
bination, which have built railroads from
the east and southeast up into the West
Virginia coal fields are beginning to look
anxiously and earnestly for an enlarged
outlets for their products to the north
ward. 1t is all right for them to be able
to carry coal from the mines to the sea-
board, but they already realize the vital
need of an enlarged and broadened mar
ket for the coal in that great area north
of the Ohio river. Ii the Chesapeake and'l
Ohio, which is already planning to be-
come trunk line to Chicago does not
give them the desired facilities, it is more
than likely that they will press forward
into these northern markets independents
ly. The outlook is bright for the develop
ment of West Virginia
Wall street takes only languid inter-
est in the revolution in Turkey. The only
effect it had on the securities market was
a mild reflection of action in London