New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-01
The Financial World.

Wall Street-peculiaR 20 vail Street.-The con-
aitioA and attitude Of commission houses. Fhsir
aesDoRasney Is natural; they are running under
heavy expenses. mostly fixed charges whish
cannot be BereeptIbIy cut down; ana they are
earning next to nothing. 1t is not to be won
dered at that the commission house feels blue
and goes to the extent OF thinking the end has
cope-therefore actually discOqraging the out
slider FROM trading. Such aFs the facts But
outside Of the Wall Street arena there Is moth
ing normally disturbing, nothing ia arouse dis
trust, while there are actual indications OF an
approaching turn, Perhaps capital is waiting
for a test. watching for some sign which shall
indieata upward FsaetiaR, Such q test. or sign.
may be furnished by the SUBSCRIPTION for ST.
100000 New York City bonds which Win clSzs
next Tuesday. over-subseFiption would 10
clear proof that capital discouraged ~ Wall
Street sentiment. is seeking other outlets
Clear and salient ara the signs that We ars
making advances. Matters that have long
Ysxed the financial world are rounding out to
satisfactory conclusion. The dissolution OF the
Erie voting trust and the restoration OF con
troll OF the road 20 shareholders closes another
notable chapter Of railroad reorganization.
With characteristic Indifference to facts and
history. attempts have been made from bear
quarters. not only to belittls the Importance sf
~
dissolution into a depressing argument. This
criticism has even run 70 the silly length OF
heraiding this dissolution as a personal defeat
for Mr.. Morgan ana his associates. the contsn-
ton being that these gentleman desired TO
maintain control OF Erie for their own ends.
PrecedsRt enters denial History registers con-
tradietion- ]. PIeFpopt Morgan's chief claim 70
distinction is his success as Fserganizer and
upbuIlder OF properties brought to ruin, or near
necessary 20 quote the record OF properties Ike
Northern PaeihG and Reading to verify this.
He took hold OF them when their outlook was
black; he made them prosperous and handed
them over to their stockholders as dividend
payers and on an enduring sound basis. Doubt
less he could not have achieved all he ala had
not wonderful national prosperity developed.
but that detFacts nethihg fran the credit Qua
him.
Other important events eliminating and van
ishing from the field OF disturbance are the set
Element OF the Panama Canal matter and ths
winding UP Of the Northern Securities case.
The Panama Canal payment has actually begun
is proceeding and will proceed without ths
least friction. without the least annoyance, to
the United States Treasury or the associated
banks OF NeW-Ferk. This particular bugahoo has
for months been paraded BY hopeful" bears
a. transaction which would 30 sntansIs our
money markets as 20 put buying power for q
long time out Of the question, These people
failed to take into account that the transaction
would be conducted by able hnancfars with
the hearty cooperation OF our Treasury Depart
nent and that the sole aim OF all concerned
would be so 70 handle matters to avoid trou-
BILE from any quarter. And underlying ths
whole affair Is the common sense conclusion
that for every dollar spspt We are gstting a
dollars worth or more IN return-Tegardlsss Of
Wall Street eraelss who seam % imagine that
We are throwing $4oOOO.OO0 into the air.
The Northern Securities case ceases to be q
menace. The courts are fFOwning upon con-
tsntiOus litigation and recognizing the evident
readiness Of the majority OF those interested to
conform to the law and to proceed to squitabIs
adjustment Hereunder. Evidence OF this -
furnished By the operations IN tia stock mar
ket involving the securities affected. They
have ceased wild gyFatioRs and settle down To
ordinary huetuatiOn around current prices.
Thus. one by one. what might have been un-
toward events are shaping 70 benehcent out
come and Wall Street tsrrOrs are seen to havs
been mainly phantoms evoked from the realm
OF ROthingness. Is Il not time fer Wall Street
20 recognize these signals OF encouragement Is
Il not time 20 quit the doloFous search In every
nook and Granny for food for pessimism2 Is "a
not time TO realize that somsthing Is going on
beyond Wall Streets conhnes-and Indifferent
to Wall Street when It remains IN opposition 20
the country's onward marCh7