davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-08
STREET FEELS GOOD
Its estate of Mind Just Now
Is One of Optimism.
GOSSIP OF STEEL TRUST
Retirement Of Corey Regarded as
Presaging New Control.
GARY NOW THOUGHT SUPREME
Carnegie influence Has Been Domt-
nant Ever Since Formation OF
Big Corporation.
GARY NOW THOUGHT SUPREME
BY W. G. Nicholas.

Special Correspondence OF Inc StaI.
NEW YORK. January Z, 1911.
Wall street has been described as "a
state Of mind" that being a definition
given by a great statesman fnancier
in explanation Of its frequent action
in seeming contradiction Of events and
visible currents. The state OF mind
Just now Is that Of rather moro COM
posture than has been experienced Tor
some time past. And this. too. in the
face Of the fact that we are on the eve
of very important events which have
been looked forward to a long while.
Ever since about a week before tho
holidays the stock market has been
firm, and at times strong. with a rising
tendency in prices. That condition still
prevails. Changes have generally been
on the up side, and although the volume
Of transactions is not large the tone
may be said to show improvement.
The most important news event OF the
week was the resignation Of President
W. ID. Corey Of the United States Steel
Corporation. Not that 1t makes much
difference what Mr.. Corey. tho indi-
vidual, may do, or what becomes OF
Of the great hits Of the decade, and his
comings and goings under ordinary cir
cumstances, would mako slight stir.
Means a New Control.
It so happens. however, that on this
occasion his retirement is construed as
the beginning Of the end Of the control
of the great corporation by the Carnegie
crowd. From the outset the Carnegie
influence has been dominant in the prac-
ttcal operation of the huge industrial.
1t is recognized throughout the iron
trade OF tho whole world that the Car
neefe organisation was tho best ever
created. When tho inside workings Of
the several constituent companies of
the big trust were looked into by ex-
merits. after the combination was
FORMED. it was found that the Carnegie
nIants were, and had been for years.
producing iron and steel products at
cost Of from So to IS per ton cheaper
than the best Of it's competitors.
Every man In q Responsible position In
the CarneRte organization was q master
IN his Speciality, and as these chiefs and
heads Of departments and bureaus held
daily conferences what one man knew be-
came in a sense common knowledge of
the entire group. Naturally these men
took precedence in the larger organiza-
lion by reason Of their training and abil-
itv. II had come to be recognized In the
iron and steel industry that this suA
nrernacy OF standing and ability would
continue indefinitely. The retirement of
Mr. Corey Is construed by four out OF
Ave iron and steel men as meaning
new order OF things and the lodging of
control in every department in the hands
OF Wall street.
-.L @~-As~x "a A-a-a.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-08
The World of Finance and Trade.
Washington; New York; London
COTTON MARKETS.
NEW YORK.

NEW YORK. January 7.-Ths failure
OF local trust company caused q little
nervousness and irregularity during to-
days early trading in the cotton market.
but prices soon firmed up and the close
was steady at a net gain Of 4a7 points.
The opening was steady at decline Of
2 points on February. but generally 2 to
5 points higher in response to relatively
steady Liverpool cables. large English
spot sales, the favorable weekend figures
and more encouraging reviews Of tho
domestic dry goods situation. The fall
ure OF q banking institution announced
at the opening appeared to have been in
some measure anticipated. but AZ the
company had been an ofnciai depository
of the New York Cotton I Exchange there
was some Wall street selling and local
idea that the suspension might cause
liquidation. Nothing Of the kind de-
veloped, however. and after the active
months had sold off to net loss Of
on strength IN New Orleans. covering and
bull support.
Realizing checked the advance at a net
advance Of about to points. and
there were slight reactions in the later
trading. but last prices were only or
3 points OF from the top on active posi-
tons. It was reported after the close
that additional ocean freight room had
been engaged for the sh :pment of 20.COo
bales from the New York stock during
January. chiefly to the continent. making
total engagements SO far reported for
January of $1,000 bales The advance in
New Orleans was attributed to covering
Of shorts for over the holiday Monday
and the census report at the opening
Tuesday morning, but there were also
rumors Of q strong bull clique operating
In May delivery in the southern market
The steadiness OF Liverpool was attrib-
uted to an active trade demand inspired
by bullish weekend figures and the fur
Their recent reductions in estimates Of
the East Indian crop.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-08
WEEKS RANGE OF PRICES
Corrected to the Close Of Business January at
the New York Stock Exchange.



o
Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-08
Market Did Not Suffer.

None the less, the change In the policy
and dynasty Of the steel trust did not
produce any unpleasant market effect
that is. it has not SO far. On the day
following the announcement Of the Corey
retirement every body started In to sell
stocks, especially the steel issues. Very
heavy buying orders were rushed In. and
the selling tendency was checked imme-
diately. Not only was it checked, but
the buying was OF such enormous volume
that 1t turned the price up, and Tor two
or three days following 1t continued to
rise. To bring that about continuous i'm
presstve buying was necessary. ana the
Morgan-GaTy party was there with the
orders.
The strength in Steel was so pronounce
ed that 1t affected the whole market
and practically everything on the list
Growing out Of this demonstration there
has resulted the improved tone which
has been g. feature Of the situation. No
special reason has been advanced for the
betterment except that big people are
friendly and have allowed 1t to be known
that they would like to see values mark
ed up somewhat. Whether or not this
Is merely to rescue an imperiled situation
or to give tonic to popular sentiment In
order to unload an uncomfortably large
stock OF goods remains to be seen. Wall
streets opinion on the subject is about
evenly divided.
Experienced operators and trained mar
ket students are awaiting with interest
the very important developments looked
for before the close Of the month. There
has been no marked change in any OF
the deadlocks which have been referred
to In previous letters and which are stiii
hanging over the market. Decisive ac-
tion one way or the other Is expected in
the iron and steel deadlock as = result OF
this weeks conferences.
II it should come to pass that the
verdict Is to maintain prices Of product,
and then II no business should follow Il
Ia morally certain that q number Of in
Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-08
xoNIY LOANED ON DlSlRICT OF C0LUxbl
FHOFERTY.
lowest prevaiiilg rates. Quick ssevies.
Moderate charges.
Heiskell & McLeran,
aAoa m ~ n ~

new orders. This was the program an
nounced by \ group Of independents ABOUT
ten days ago. The pow-wows on the Sth,
10th and nth may bring these insu. SUI. :. =
exceedingly doubtful. They are dead set
against the high-price remedy for de-
preston, and believe as firmly as Car
neRie or Stewart ever did that the way
to loosen things up Is TO marx do"n 'he
price Of goods.
Then there is the copper deadlock ana
the wooden goods deadlock and the cotton
deadlock. The theory is firmly enter,
tanned by q very large and inhuenuai
holdback element that these various SIT
uations will have to be liquidated before
permanent improvement can be hoped Tor.
Railroads are giving 1t out converse
tionally that they are all ready TO go
ahead and buy new material ana equip
ment and proceed Wit, WITH snelr fe e!her
confident that the interstate commerce
commission will rule their way on the
rate question. 1t Is observed, however
that no prospectuses for new bond Is
sues are being published on the adver-
Using pages Of the newspapers or in
the financial news columns. evidently
the railroad managers are still mindfui OF
the saving grace Of conservatism and pre-.
fer to await the official announcement OF
the interstate commerce verdict before
committing themselves In black ana
white The news from Washington as
to what the interstate commerce commits
sion is going to do comes in very strong
these days that the commissioners Will
favor the railroads.
Knew Less Than ONCE Boy.
AS the week advanced discussion over
the steel trust situation became acute.
Those who we're on familiar terms with
the insiders told about the humiliations
to which Mr.. Corey was subjected during
the last three or four months According
to the accepted theory, Mr.. Corey knew
less about the inside affairs Of the COM
pany than tie Office boy. He was the
last man to be advised OF the actual
status Of affairs, from the Official source:
AS a consequence Of this. according to
this same inside source of Information,
nobody connected with the Carnegie
school, has ever referred to Chairman
Gary without connecting his name with
some phrase of opprobium. The prophecy
is freely advanced that before the end
Of 1911 the larger number of the Car
neEie men who are at the head OF the
various branches Of the operating depart
ment will have resigned and gone into
other business. Nine out OF ten OF them
are rich and can well afford to retire.
They have only been held on their jobs
by ambition to stand high in the esteem
OF their associates and OF the iron and
steel trade In general. and also with the
idea that their qualifications would final
moro Importance to them than the money
they might receive in salaries.
With this ambition killed, 1t strikes
them al being more to their advantage to
get out Of active work and enjoy them
selves. This may increase the efficiency
Of the operating department Of the big
trust or 1t may not. That Is for time
to tell.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-08
Suspension No Surprise.

The suspension Of the Carnegie Trust
Company occasioned no surprise in bank
ing circles. where its more or less pre-
carious condition had been a matter of
common knowledge for some time. While
the exact facts are not yet available, 1t
will probably be found that today's cpl
sode harks back to the panic Of 1907.
other news Of the day was OF the
usual weekend variety, including re-
ports from the commercial agencies and
countrywide bank clearings. Trade in
mercantile lines has found much slim.
illus in the west and southwest by
reason Of the colder weather. and job
bers were quoted as feeling optimistic
on the general outlook. Total bank
clearings were less by 81 per cent than
the same week last year, this city
showing a decrease Of over 40 per cent.
Such centers as Chicago. New Orleans
and Baltimore all reported q marked
falling off. while st. Louis alone of the
larger cities showed an increase,
though very slight.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-08
STOCK LEVEL IS Up
Market Presents Scene OF AC-
tivity Unusual for Saturday.
BUSIEST DAY OF Week
Trust Company Failure Did Not Hurt
Securities Values.
HELPED BY COAL ROADS
Favorable Conditions in Anthracite
HELPED BY COAL ROADS
Favorable Conditions in Anthracite
Trade Lend Stimulating In
fuence to Market.

NEW YORK. January I'm spite OF
the closing Of a local trust company, or
maybe because OF ii. today's stock marker
was the most active and strongest OF the
week All the prominent issues particle
pated In the advance. which for the most
part was substantial, with special
strength in the coalers.
The movement In Reading was attend
ed by rumoIs Of early changes In execu-
tive mana gcment OF the company. which
It was averred would make for more
liberal attitude toward the stockholders.
It Is more likely. however, that the squirt
In the stock was largely II not entirely
due to the very favorable condition of
the anthracite coal trade. Baltimore and
Ohio was another strong stock on buy
ing attributed to Berlin. The gas stocks
were again features Of strength on what
appeared to be further accumulation of
those issues.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-08
hatAbout Copper?

During the first seven months Of 1910 ninety
four American Copper mines and metallurgical
works paid S3S 49,, 13S i'm dividends. and from
date Of Incorporation total dividends of $561.-
973. g29-a return of 113 per cent upon the entire
capitalization.
We have just issued booklet, giving the his.
tory OF Copper-its production. many uses and
marvellous proftte IT contains advertising. A
copy will be mailed free, without any obliga-
tion. upon request. Write today for yours.
AUGUSTUS TRUDO & CO.,
2O1 DevOnshire street, Boston, Mass.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-01-08

the Carnegie element and the Gary ele-
ment as to the best way to handle the
present situation-Gary and his party
standing for the theory that the wise
thing to do was to stand pat and main
tain prices at about the present levels
and the Corey faction taking the oppo-
site view. 1t was always Mr.. Carnegie
way to make market in dull times by
would begin to buy. He was never
believer in nursing depression. When
things got stagnant the only way he
knew to loosen them up was to cut prices
until q market was found. In that way
he was always able to break a deadlock
and to start the wheels to turning. That
was the known Carnegie policy. It was
the same policy that was pursued unre-
lentingly by A. T. Stewart, who would
never carry dead stock from one season
over into another, not even II he had to
give away his surplus.
On this point there was an open split
and the Gary party has won out. It is
now for him to make good. He begins
his campaign by issuing still another
tenor. which interview Is to be followed
during the coming week by a series Of
conferences and banQuets at the Waldorf
Astoria to which every iron and steel
maker in the country has been invited.
Nothing Sordid in Feast.
Inc judge IL Careful 10 say Thai IL lic
matter Of prices should be discussed 1t
will be in the most casual and incidental
way. The iron and steel men do not
come to New York for any such sordid
purpose as that. They visit the metrop-
oils to enjoy the hospitality Of Mr.. Nor
gan and Mr.. Gary and the other big
magnates who have their habitat here
and hereabouts. All of which is voted
"tommyrot" by everybody who hears the
talk and reads the printed stuff.
1t has come to pass that Wall street
treats the Gary literary output these
days with open irreverence, and is wont
to refer to the bulletins. announcements
and interviews coarsely and disrespect-
fully as more of the Gary bull con. "
This treatment OF such sacred matter
tends to detract from the influence OF the
recognized mouthpiece Of the mighty in
dustrial. What particularly gals the Car
negie constituency In connection with the
war that has been declared upon that
School is the Gary announcement that
there will probably be no election Of q
successor to Mr.. Corey, and that his
duties will be performed by other ofticials.
That leaves him the self-announced CEN
trail figure Of the trust in his capacity as
chairman Of the executive and finance
committees.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-12-12
The Boy With the U. S. Census.

A typical American youths expert
enees are used by Francis Rolt-
Wheeler to depict the growth and re-
sources of our vast country. The per-
sonal contact allowed the census TAX
er furnishes true insight into the NE
of our country and every type ii po-
sesses. Under the writer's shrewd Sc
lection of incidents and subjects this
book becomes a stirring record of one
of the most wonderful achievements
of the century.
The author enjoys the confidence and
aid of the highest authorities in gath
ering his material, the result of which
has careful inspection before publica-
ton. The aim of the series is to use
an entertaining story form as the
means for making better informed and
more useful future citizens, and this
book like the others, will win because
it deserves to. illustrated by photo
graphs taken in government work.
Decorated cover. Published by 10th
rop, Lee & Shepard Co. Boston; price
SIS
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-12-12
But Don't Eoraet the Postage.

Postmaster General Hitchcock will
lose no friends by suspending Gas he
has done) until Jan. /, the postal reg
ulation forbidding transportation
through the mails of matter bearing
Red Cross seals or other charity
stamps on the address side. From
now to the New Year you may plaster
seals all over your Christmas letter or
package and Uncle Sam will stand for
it. in spite of the kicks and protests of
men who always have an exaggerated
notion of the Importance of their mail
matter.
How long it takes the average mail
clerk to see the difference between a
Red Cross seal and postage stamp
has never been figured out, at least TO
our knowledge, but it is hard to be-
Iieve that mails will be seriously de-
layed because of the presence of the
consumption bullets on the address
side of mail matter.
So. if sou can't get all the Red Cross
seals you wish on the back of your
letter, put them on the front, but don't
interfere with the regular postage
stamp
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-12-12

his "Hennessy's Dream of the in
direct tax which is to pay all the
States running exposes in the future.
so much in fact that an uninitiated
reader might suspect it to have been
a Democratic product. Perhaps the
Globe man thought so.
The men at the head of Names af-
fairs at the present time-the Gov
ernor and Secretary of State-are GER
tainly wonderful financiers, and the
Globes readers are no doubt duly i'm
pressed, but some of the inspired
surs which the writer wove into his
political yarn are likely to react.
What Governor Plaisted said about
"fanaticism. bigotry, ETC. and how
it must yield to the ultimate good
of the whole great State of Maine, ="
is not new to journal readers. He
told the Globe special political artist
that "cities should have the right to
invoke and enact local regulation
within their limits, subject to the
laws of the state. which regulation
in some instances would doubtless
mean prohibition, but in any event
would mean majority rule and respect
for l2w."
We wonder how much more respect
for law the Governor expects they
would have in cities where he thinks
they may vote dry" According to
his own logic and admissions in more
than half of the population of the
State they have right to prohibition:
now does he propose df his scheme
goes through and he is re-elected) t.
| enforce the prohibitory law in proh,
bition territory. and licence law il
his secession territory?
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-12-12

UP a very readable story-to one not
familiar with conditions in Maine.
Mr.. Hennessy starts his Plaisted in
terview with "Hennessy's
Dream"-(or mebbe it was Cy Davis
dream on the way home from Chicago
with the sorrowful comparison of
Names representation in the national
law making body now and in the days
of Blaine. Reed, Dingley, Littlefeld
and Burleigh. In their places lie
called up McGilicuddy. Gould. Johnson
and Gardner.
1t was a leetle unfortunate" for the
introduction of a Plaisted campaign
opener The language in which it
was couched could not overcome the
solemn fact that the people of Maine
ARE a little tender as to the spectacle
when so few years ago she sat at the
head.
1t MUST cause some Democrats to
feel younger but it is most likely to
be those who are getting the biggest
haul from the rum trust.
If Brother Hennessy from Boston
| really knows how the Maine Legisla-
ture made good" last winter, he must
have smiled many a smole While writ
ing about it. Oh. yes; they repealed
the Sturgis law because the executive
didn't want it in the way of his rum
plans but Maine people laugh out
right when mention is made of the
other things they did"
Refer it to the next Legislature, +"
was the standing joke, even among
themselves. That embodied their
most notable economy" about which
the Governor boasts; they referred
honest bills that should not have
lature."
Other rigid economy in State ar
| IdITS, GODSlSLS VI carr NlIB ouL
letter the plans of Governor Fernald
and the only thing that could be don
pay the bills as they come due an
State funds provided are available.
1t is no credit to the Democrat
leaders that they have not stolen tn
money coming from Republican pre-
vision. No one expected them to d
such a thing, because,-well first, be
cause there was no opportunity to
SO. Yet these wonderful financier
seem to think they have accomplishe
understanding never done be
| fore-paid the States bills with mon
, | ey provided from Names sources {
| revenue.
Governor Plaisted made much,
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-12-12
pIaisted Opens His Campaign.

Had you noticed that the political
campaign ball had been set a-rolling
in Maine? Well. it has. That is a
characteristic of Governor Plaisted
which even his political opponents ad-
nire-he gets politically busy early
and he keeps it up. II is a poor day
when Governor Plaisted can't turn
political leaf in his own private calen-
dar.
That there may be no misunder-
standing. or monkeying with the
Plaisted band wagon, he gets himself
interviewed and modestly admits that
he is THE candidate and then just as
modestly declares that there is no
other.
The political man of the Boston
Globe got "hunch' that it might be
well to listen at Augusta, in the face
of the crisis pending. and he lis
tened He listened and heard Audi
tor Stevens monthly song entitled
Debts | Have Seen Paid" He heard
the Governors fayorite why / Did
It." and incidentally listened to little
ditties from lesser performers. Then
Mr. Hennessy went home and patched
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-12-12
JIngIes with Tartar Sauce.

The third edition of one of the most
attractive gift books for young girls.
The message will be welcomed by
parents because of its simple intent to
develop growing girl by appealing
toward cultivation of the right prin-
ciples The original was written on
the authors own stationery with crest
and motto, and has been faithfully re-
produced in all it's delicate daintiness.
1t has been printed with typewriter
type, through a ribbon. on the authors
own note paper. the crest and motto
being stamped in color, all of which is
much more expensive than ordinary
printing The frontispiece. the girl, is
drawn by Pancoast and reproduced in
photogravure. Published by the Frank
Allaben Genealogical Co, West 42nd
ST.. New York.