Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-05-15

TO nave a succession OF advances, fOlIOW-
ed by declines. which rarely or never
low point, and that seemingly is what
is in store now.
The advance which appears to have
commenced was from dead level. There
was no preliminary running to give It
impetus, and since the beginning of the
movement trading has been rather Of an
Unconditional sort. This kind of action
may be tedious to impatient souls, but
it Is healthy, and an upturn started that
way is likely to continue longer
New Leader for Market.
There is some talk of the borning of
a new market leader in the person of Will
liam Rockefeller and there is just enough
plausibility to the story to give it hear
ing. Mr.. Rockefeller is credited with
having puiied off that bond sale in Paris
for account of the st. Paul Railroad
Company, of which he is the real back
ground control. Mr.. Stillman is another
important factor in st. Paul, and as he
has taken up his abode in Paris per-
manently, he was a live help 10 Mr.
Rockefeller.
Aside from Mr. Rockefellers desire to
help along his railroad. he is credited
with being extremely anxious for bull
movement in the general market IN order
to create conditions under which he can
carry through his ambitious scheme for
huge copper merger. Indeed that is be-
lieved by many to be his main incentive
to action at this time.
AS mentioned in these dispatches sew
eral times the underlying design Of the
copper merger is the formation or a great
holding company which shall take in as
make a blend of stocks which can be I'M
loaded upon the public upon such terms
that holders of the deep-vein high-cost
producers in the Montana district can
ytpt q dxsr6
interests have nearly $3.50, 10000 invested
in the Montana mines. and in addition
thereto they have controlling interest
In the Cole-Ryan combination of copper
mines whose average cost of production
is somewhat below that of the Montana
group.
In order to sweeten the lump 1t was
mao maze "a; attra Sair TO the Guggenhelms to
group. which is turning out copper at the
rate of not less than 2O0,OO0.OOO pounds a
year at an average cost of under 8 cents
pound.
Guggenheims Become Party.
1t therefore occurs that the Guggen-
helms have become a party to the Rookie
felier-Cole-Ryan scheme, and the Gug-
genheim stocks have been particularly
active this week Amalgamated Copper
set the pace in the market rallies that
have taken place lately. and this Is one
OF the things which gave color to the
theory that Mr.. Rockefeller has been
given personal command Of the great
market manipulation which seems to be
under way for Improvement in prices Mr.
Rockefeller was close personal friend
of the late Mr.. Hartman and was assO-
ciated with him and Mr.. Frick in the
big campaign which climaxed last fall
and which enabled these gentlemen to
recoup from the $2JO.OO0.OOO losses they
. arafo f.
Prick is supposed to be associated with
Mr.. Rockefeller in the market Campaign
ahead. The story is not vouched for, but
1t is at least worth listening to.
Many people are wondering why it is
that America has fallen back SO In the
expectation of wheat. The explanation
is simple. America cannot spare as much
as formerly. because of the increased
home consumption. The home market has
not only enlarged its absorptive capacity
by reason of increased population, but
the consumption per capita has also in
creased IN the last twenty-five years.
When our population was under 10000 600
the statisticians figured On four and one
half bushels of wheat per capita. Now
that the population is 10000. 600 1t is dis
covered that our requirements are at the
rate of six and One-half bushels per CAPITA
, The production of wheat has not kept
pace with this increased domestic de-
mand, hence we have less to feed Europe
Securities Not a Burden.
The fashion of the writer's of n large
share of market literature is to dilate on
the alleged fact that the public is groan-
ing and staggering under a stupendous
burden of securities. and that therefore
the situation looks very bad Inasmuch
as 80 per cent Of the securities. both