New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-28
The Financial World


oracles work overtime; but the security nArksk
displays sensible indifference to all the attempts
at creating scares. The fablemakers having run
their utmost lengths in destruction by hot blasts
are vocferous proclaimers Of extinction ~
frost Wheat being out Of danger. they con-
centrate upon corn-and to corn and trostA
just as has been the record in wheat and drought
and scorching winds, there viii be IN the end
sure exposure of the fact that approximately
one hundred per cent OF crop expert" kilograms
to Wall Street are dispatches inspired by spec
ulative interest unworthy Of confidence, actually
intended to deceive
AS in proven crop conditions. so In the sscus-
ity market there develops no change except tow
ard betterment. Much effort Is expended By
those who continue pessinlstic to create the I'M
preston that the markets expansion-tn scstv-
ity and strength alike-is unnatural. that 1t Il
in short, so wholly professional as to be lIabls
to collapse. They point Electrically to the
Chairs that stay empty In commission brokers'
offices. insisting that this proves the utter alb
senee of the public: and they become eloquent
over the theory that market can be SAFE, can
last. be other than dangerous unless Oh.
public is actively participating. Veteran su
thoTities. however are not at all agreed thai
great markets must start by Wholesale and In
discriminate public buying. Truth is. no nota-
BILE market in Wall Streets history ever vel
burst into being through spontaneous public
leadership. The public does not lead-so tn,
uniform Stock Exchange record runs-ths public
follows. What IS Enthusiastically recorded
though. is that good leadership never yet failed
to command public following.
a signifying supplement- there f. 70 what Sc
curity market bears cite in their pessirnistic
pointing out OF empty brokerage orices--th.
much more telling fact that brokerage orces
mot few. but practically ain are bare Of
stocks. Firms who were carrying when wall
Street last was active, long lines OF stocks ana
bonds Tor speculative customers are now carry
ing virtually speculative accounts ar all
Firms whose ordinary loan accounts ran high
INTO the millions find themselves now borrow
ing relatively nothing. Where have an the
stocks gone? Is there fair doubt OF the Fac,
that when spectators abandoned them thay
found Judgement with investors Not befor. N
history has there been such widespread, general
actual ownership Of stocks and bonds as IS now
the record And in this is that potent tnn,,
ence making Il SO easy, so natural, for market
value appreciation. Stocks are not being car
ried "for turn" they are held for investment
yield-and such condition explains amply the
chorus now so much shouted through Wall
Street that no matter whether quotations 70 up
or 60 down stocks do not come cut"
While Wall Street has been comatoss. crly
superficial observers can have believed thar TIA
financial powers of the country we're asleep
that vested interests were being neglected-that
opportunities for Improvement and progress
were not getting close and efficient attention
All in due season there viii be appearances OF
the evidence inspirttingly to the contrary. With
naturalne<s and no ado. tokens Of this come con-
tinually 20 the surface During the current
week. for example we have announcement OF
the purchase OF the control or the Seaooard Air
Line by Thomas T. Ryan-an accomplishments
naturally received with favor. Ryan owner
ship guarantees not only able administration OF
the property itself but removes all apprehension
OF disturbing competitive conditions IN Southern
territory
Coincidently we have disclosure Of the com
pletion OF plans which take Mexican centrars
nu4 danger . sees sseS
has been accomplished there; no corporation
ever found friends more steadfast. sturdier.
less seIf-seeking. Mexican Central is IN better
shape than ever before. Having doubled tia
equipment and instituted extraordinary admin
istrative econoInies under the control OF Amer
can executive officers. IL Is bound TO share
largely in the prosperity resultant from Increase
in the productive activity Of Mexico-Ansri-
can!zed-
Yet other important progress IN the business
world is reflected in the advance recorded for
New-York Air Brake Though official confrns
ton may be withheld fer the present, announce
ment cannot long be postponed OF what I'M
pends-and the announcement when II does
come will make present Air Brake quotations
seem strangely low.
United States Realty figures develop TO activ-
ity and strength. The excellent condition Of
this property and It's expanding assets and
earnings have been heretofore reviewed IN this
column but the securities have lately lain idle
The assets Of the company are OF exceptional
character. consisting as they do OF improved
business real estate in the choicest quarters OF
New-Yorll-an investment nothing short OF an
earthquake could destroy The corlplste SUE
cess Of The company's adjustment plan puts
Realty securities with metropolitan real esT
tate guarantee behind then) where they can
figure actually in the ultra conservative IN
vestment LIST.
Significance. too. attaches to the new activ-
ity and strength OF the Toledo. ST. Louis and
Western issues. They do not start too soon
There is in them sterling merit which warrants
all the enthusiasm OF the property's friends
/ while II is indeed. almost open secret that
IL has actually required stalwart EFFORT upon the
part Of the controlling owners 20 hold BACK VI
now the movement that finally starts A9o -,
II will be found later. rules The PoGcy also u -
other Hawley properties. Minneapolis ana ~
/ Louis, Iowa Central and the resr-tne ponce
OF being consistently conSerVauvsly sure
Traction deal runlor InonSerS have spent
rnilder week but il is not unlikely that the COM
ing week will reproduce all the mysterious ne
gotiations" in spick span new dress -witn
gu ckened activity. not only IN Metropolitan eno
Interboroush selling - and 80 points above
par but even in sprightly little Manhattan Tran
sit away down around 81 a share-for IL SUD
denly becomes a popular theory that IN SONS
way the Manhattan Transt's unique charter
has a local traction Joker hidden IN 1t some