Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-10-08

a fat profit for insiders.
Earket a Thin One.
The market is usually described as
thin" by those who make q study Of it's
technical phases. One cynical commenta-
tor describes 1t as being like drum. pre-
senting smooth surface of apparent
firmness upon which a great noise could
be made. but with nothing behind it but
air. Puncture the top of the drum and
bottom is not found until the other side is
reached 10 10 or 20 points away. The
illustration may be humorous, but the
bulls regard IT as a very grim joke. and
refuse to laugh.
The stock exchange community has
been much interested in reports Of a row
between j. p. Morgan and H. c. Frtck
and frequent mention is made Of scene
between the two men at the last meeting
of the board of directors of the United
States Steel Corporation: 1t wasn't
much of scene after all, but 1t gave
color to reports previously in circulation
that these former two great friends have
latterly been drifting apart. Mr. Frick
used to be the whole thing in the steel
trust, and for years dominated its poll
cies and management When Judge
Gary superseded Mr.. Frick as the real
power In the administration of the huge
machine Mr.. Frick was peeved and has
never been entirely cordial with Mr. Nor
affairs in his own way without consulta-
ton with the great banker and has been
very infrequent visitor at the Morgan
offices. Some of his latest moves. par
ticulariy his liquidation of Union Pacific
holdings. ran directly counter to the Nor
gan policies. Mr.. F'rick has seen fit to
deny any intent to resign from the steel
trust directory, but it has become known
that he has put his affairs in shape for
a long absence from this country He
2DPn0 winter In, nd "
not return to the United States for q
year.
Not at Panic Level.
Prices. although 20 to 30 points under
the highest range of the year, are still
a long ways above the low panic figures
Of 1907. To reach the 1907 low level st.
Paul would have to decline another IL
points. Atchison 33 points. Baltimore and
Ohio 20 points. Erie - points, New York
Central Il points, Reading 70 points.
Union Pacific So points, Southern Pacific
81 points, Copper 3 points, Smelters 2
points and Steel 80 points-these from the
inside quotations made two weeks ago.
The country a whole does not seem
to be doing so badly. The bank clear
ings of more than 100 of the leading cities
show an increase of about 10 per cent
over those Of a year ago. although little
under those of 1869 at the corresponding
date. This is feature that Wall street
in Its present mood pays small attention
to. It's eyes are concentrated on every
bear point that comes In sight. 1t has
no time for anything else.
The fractions and gas companies Of
New York take in about $135, 600, 600 a
year With Brooklyn added, the total
Will reach nearly $17O00O.OO0 There
would appear to be something really sub
Stanfi9l hahind tha va ri mix
resenting these industries. The trouble
with many Of them is that they have
been conducted for stock jobbing pur-
poses and not for the benefit of share-
holders.
Perkins Speech Interests.
The latest address by George W. Per-
kins-the one at Detroit-has attracted
more attention in Wall street than any
of his previous efforts. 1t is the most
thoughtful and comprehensive of any of
his series down to date. One interesting
feature was his open criticism of the
Taft administration. Another was where
he brought eX-Gov. Hughes into the
limelight as the right kind of man to
fill the presidential chair at Washington
in this emergency.
Leading life insurance companies have
adopted a policy which will very greatly
relieve banks and underwriting syndi-
Gates which overplayed themselves in the
matter of bond subscriptions during the
last quarter of the year. There remains
on the hands of these people a great
mass of undigested stuff for which they
have been unable to find a public mar
ket. Now the insurance companies are
coming to their rescue. They have de-
cided to stop buying farm mortgages and
to invest their surplus funds from now
until the end of the year in high class
bonds. 1t is estimated that between
500 900, 600 and $15OOO0. 900 Of the over
burden of bonds will be taken out of the
street and put into the strong boxes of
the big insurance companies. The action
is justified the plea that the Insurance
companies have been putting too many
of their eggs into one basket, and that
1t Is good business policy to curtail in
vestments in farm securities for the time
being.