Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-04-30

,usly constructed machinery for manu-
featuring enthusiasm, gave the stock mar
het a great impetus, which was com
nunicated to many branches OF bust
ness. The setback began before M Mr;
on now for the better part Of two years.
Big crops this year, Anal Interpretation
Of the law governing trust organizations,
now overdue, and the release OF enor-
nous accumulations Of capital in the
at large a safe and sound excuse for
going ahead. The court decisions which
are likely to be handed down before the
Supreme Court adjourns for the summer
will be the first signal, and 1t Will nSt
be at all surprising II a general move
ment did not begin In a very few weeks,
which In the course of few months
would easily develop into a splendid and
ndsts look for. and in truth there is
better reason for the hope than has ex-
listed at any time since the 1907 panic.
The average Of stock prices Is not I'M
duly high. and on the basis Of present
income returns a great many good bar
gains are to be found. especially among
the seasoned dividend payers The
danger is, however that the managers
of the many great railroads and In
dustrial properties will feel 1t incum,
bent upon them to issue bonds and
stocks ahead of actual business recovery,
to such an extent as to keep down quo
tations. Wall street, which Is the center
of the stock and bond making industry,
is not at all modest, and persists in
feeding the demand as fast as it can
grow.
Prop From Under Copper.
The news feature of probably greatest
Importance this week was the decision
Of the Amalgamated Copper Company to
abandon attempts to artificially hold up
the price Of copper metal. Announce
ment to that effect was made through
the United Metals Selling Company,
which recently passed under Guggenheim
control. The position long held by this
hind it in the position Of SPECTATORS in
the production. not only of their own
mines, but also of most Of the indie
pendents. 1t was false position. and
no doubt cost an enormous amount to
Amalgamated interests. as well as the
Guggenheims and other large producers.
Will sell production as the copper is ready
for the market. That was the position
and other leading independents. who have
contended that any other policy was
Illogical and contrary to sound business
principles. The incident Is arousing es-
pecial interest and discussion from the
fact that the new departure is In direct
opposition to the policy pursued by the
United states steel Corporation, over
which there has been continual conflict
and struggle among the insiders ever
since the corporation wos formed ten
years ago.
This ISSUE which was supposed to have
been permanently settled among the va
rious factions of the iron and steel in
dustry on the occasion of the last Gary
dinner some three or four months ago,
hobs up again as an excuse for acute dis
cussion. 1t Is q ghost that will not down.
All of the principal iron and steel manu-
facturers will be in New York during the
coming week and the question will be
gone over once more In all its phases.
Weapon for Insurgents.
The determination Of the copper pro-
ducing combines to abandon the "um-
brella holding policy gives the insur-
gent iron and steel men an effective
weapon which they are using without
mercy to force an abandonment Of that
policy in the iron and steel trade Judge
Gary may win out this time as he has
before against all opposition, and by
giving the independents to understand
once more that II they are bent upon
having a free market for f1nisaed products
can keep up with and which may spell
ruin for many. The trust officials deny
with every appearance OF indignation that
they ever threatened the Independents.
mere technical denial Of a plainly rec
ognized attitude. This situation is one
Of the things which deters buying of
stocks and which excuses the big people
from taking a bullish stand. The FORTH
coming Gary dinner. with its attendant
conference, Is a matter Of prime stock
market importance.
The Hawley combination Of railroad |
stocks has been one Of the heavy fea- |
lures of the market for some time past.
Mr.. HaWley and his associates are spread |
out and that ambitious railroad general |
is not having an easy time. Hts roads |
extend from Newport News Oh the south |
east to Chicago and the Mississippi In the /
northwest and from st. Louis down into |
Texas in the southwest. It is an extern |
sive and scattered mileage and Is stag !
gering along under a monumental burden |
Of debt and capitalization. Fresh issues |
of bonds are made and worked OF on
the public whenever opportunity offers. a
strong stock market contingent is operat-
ing on the bear side Of the Hawley Sc I