New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-29
The Financial World.

of gold in connection with the Pansr,.
ment have been completed. Thus pass. 49,.
history the most successful Accomplished. :.
the most important international tr.,..-..
ever known in the realm Of finance
When the Senate ratified the Panarr,
providing for the disbursement OF sac COO 49,
to S5OOOOOOO. a chorus of alarm sws,,..
from Wall Street in tones OF thunder - -
it going to be done? asked the tirn,e -
little Americans who have failed To %
import Of the marvellous results Of ~ Sn'
decade-results which leave the I1nt..s 'ass
transformed from suhserviency to co---.."s
the circles of high finance. How ia !"
to be made three times greater than +b.. '4s
Alabama award without straining III. - Tue
OF the New York banks to the danoa. ss
These and similar nervous apprehens,on '"a'f
made the subject Of daily dissertation - 20"
financial column published. The s.V
market always more than sensitive, haItas "Ns
receded under the weight Of fearful rorsbos,. u
NO account was taken OF the primal sun..4 sS
ual faet that the payment was for t...a
asset Of inestimable value to the N..1N'ls
estimaole not only from the coInmerciar .-
of view. but for valid military ana 10, POINT
sons For, certainly. this country cor,s fsa-
have permitted foreign control Of thu T.. SsVes
OF Panama anns
what has the business outcome sss,, -
disturbance whatsoever between interns,,,. NO
money markets-no excessive effect upon Io,n
markets. Throughout the entire transac,0r
call money In New York has remained bs,o,u o
per cent-time money has kept at fair MARTYR,
with call rates. The only voice Of compI,,,.
that has been heard is that OF the lender corr-
PEELED to accept nominal profit.
There is in this twofold Observation-Disclosures.
the capacity OF the United States 10 hard
out sum Of staggering size with the Same se..
that millionaire would settle a small Vrocsr,
Dill. and With about the same effect ON -.
sources and reserves; second-the comuleta ana
cogent mastery OF financial methods displavad Nv,
j. p Morgan & Company IN their conduct OF m,
payment 1t is now apparent that every dstan
was carefully weighed, every contingsnov q,
teligently foreseen and every possibility of dan-
ger eliminated-and it is fitting that the bank,,.
world should recognize these facts sborId .
knowledge its debt OF gratitude TO the gr.s.
American house Illuminating its career with
this notable triumph.
In the weeks stock market little has com. 20
pass in so far as changing quotations ara con.
eerned' most time and most energy being de-
voted to wearisome reiteration OF dolefuI tale.
BIZ tha
Wall Street situation. Everybody knows tbi,
Members Of the Stock Exchange proclaim, :,
Their clerks echo IL unanimously: and ALI tina
rin-rar OF the curb Join IN the mighty chorus
or desolation. Under such conditions it would
indeed. be curious for US 70 have anything elsa
than a halting. doubtful market-with evsrv-
body suspicious lodging and detected
Now actually what is there vvror,. 9, 49,.
business situation? Ask any real human heinz
who knows the facts and he won't give Won snr
answer that Is depressing He can't. Wall
Street is in hysteria. We are still actually q
Nation. Wall Streets theory Is thar instead
OF ooCo0OOO people alert. alive and consuming
In this country. we have really only an arid
DESERT and debit balance. This HONESTLY Ism.
theory that can be maintained. That's vhy
wheat Doesn't go begging. And there also. NAV
De round explanation ample OF why consurnabla
commodities. whether from the farmers as,s AZ
the anthracite mines. are not depressibIe az the
whim or either Spectator or politician. This is,
after all. pretty real country. a pretty real
age. and-it isn't the minority that determines
betwixt fact and fantasy.
There is a large short interest IN the stocs
market. 1t Is distributed throughout the entire
active list. In some quarters it is unwieIGy.
even IN market as narrow as has been re-
Gently recorded. BY way OF Illustration, we
have had daily onslaughts for a month or more
upon Metropolitan Street Railway securities
Quotations have been knocked around reck-
lessly. Lots OF fool tales have been told about
them. One active Wall Street news agency has
spent much Of its time In the weaving Of TO
mances TO Metropolitan discredit This con-
servative authority insists that II Is difficult to
distinguish between the Metropolitan Street
Railway Company and the international Power
project-both dangerous. And this procedure
in criticism concludes:
at Is q fair conclusion. that In addition 70 tho
N,OO.OO0 scrip dividend the amount Of water
In Metropolitan stock has tended TO Increase
Traction. for which Metropolitan Street Rail-
way stock was exchanged share for share con-
tanned about $25.O0OOO0 water and the scrip
dividend increased this to about S29.OOO,Ooo-
while the amount has apparently been further
increased by heavy capitalization or improve
mentS. At all events. considerably more taan
half and probably two-thirds OF the present
capital Of S52,0O0,OOO is water"
This is criticism despicabIe or humorous-S
the mind Of him who considers may be disp0sd
What is above all other things conspicuoasf
sure Of the Metropolitan Street Railway Is ina.
it controls business to the very utmost limit o.
its capacity.
The current fashion OF pitching into every
thing Is not producing profits. All the takers
and the makers Of noises are sure that marAss
values are going to go down TO nothing 4e.
in the measurement Of what comes to pass N
trinsic value counts all the time. or courSe