New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-20
The Financial World.

oNNNt 4eNDct ~
furnaces are aglOw, and hope buoyant II
clouds exist they do not show above the hori-
zon."
Thus In suecinct eomprehensiveness. are epit-
omized the facts that dominate our business
situation-which inspire our security markets
vgor and expansion. No manner and no volume
of verbiage make any clearer these ire
fragable facts; professional Wall Street has
spent months doubling, contesting, combating
the influence of these conditions; but the uni
form result has been pitiable incOnsequence
our security market is strong because the ele-
ments that constitute il are strong. And herein
lies the fact that have an investors not a
SPECTATORS market. They who have profited in
extraordinary current value advancements are
those who have considered and acted upon bust
ness evidences-not, as in stock jobbery times
those whose rule is to solicit tips and follow
their manipulation.
OF course. there does show intrusion here and
there of attempts to foist groups Of "securi-
ties unworthy of either the price conspicu-
BUSINESS given to them Some such instances
are fragrant. But compared with the market
in its entirety such examples are relatively in
significant; and the pretence OF them is palpa-
BILE enough to insure its own defeat.
Among the more rigid critics of the market
there is always an outcry against the eats and
Dogs of the Stock Exchange every time that
anything else than an ultra giltedge security
shows life and attractveness. This spirit is,
however, capable of extremes that are unrea-
sonable. Actually instead Of being a bad sign.
il is a token wholesome and helpful that In
broadening market the low priced securities
should have opportunity to figure and to profit.
Moreover those who concern themselves with
the intrinsic quality of a market in its develop
ment will construe it as natural, legitimate and
upbuilding, that the groups OF cheaper shares
and bonds advance in favOr-this being true no
taby in such a market that which grows
with us now, a market wherein long lists of
stocks have for two years and more been de-
pressed into depths from which intrinsic merit
normal influences prevailing-should and would
have saved them.
In this review examples Of this nature have
been over and over again cited. And despite
all heard to the contrary. this exceptional bar
gain list is still long-advanCes so far scored not
in any sense discounting long neglected ele-
ments OF value In Chicago and Alton, in Chi
cago and Great Western. in the Junior Wander
blt issues. in Pennsylvania auxiliary lines,
in the lower priced Gould issues, In every
of the stocks with which Edwin Hawley is
identified. there is sure profit for the man who
buys with confidence. being able 10 hold. OF
course In such stocks-just as in those Of the
very highest market price-the conditions Of
big and expanding security market are bound
to produce Observation-Disclosures very sudden
and sharp Ones-wherein quotations may be so
depressed temporarily that accounts overloaded
and protected only by thin margins must be
tmperilled. But bargains abound; all that safe
ty requires is sanity-the avoidance of danger III
trying to carry too much on too little capital.
In the industrial list the bargain opportunity
is quite as attractive. All the steel and iron
issues are worth more than they are selling for
in hpi n. n
worth which if prospective is still certain. In
cidentally the United States Steel Corporations
orders far during the month of November are
at a rate averaging 1900 tons per day beyond
the utmost capacity of every owned and con
trolled plant. Overtime is an unavoidable
schedule; mills which were on half time only a
few months back will have to be run night and
day.
In two or three Of the great Eastern railway
systems $4,000 new men have just been put TO
work; in the steel trade OF the country more
than that number of additional employees will
be in request before New Years day Through
the industrial world runs the same inspiritng
record The Corn Products Company. 10 which
reference was made here last Sunday, has been
obliged to make two advances in the price of
its product this week, and am semi officially
advised that still another substantial advance
will have to be added within the next few days
Products stock can soon go upon the dividend
list.
How generally and how largely business i'm
proves is indicated in the record which
the wooden trade of the country is making I'm
portatons of wool into the United States are
reaching totals beyond precedent. and conser-
Vative authorities are agreed that the wooden
industry has right ahead an exceptionally prof
liable activity. This is somewhat reflected In
a movement upon the Stock Exchange in the
securities of the American Wooden Company
whose common stock-even now--is showing
earnings passing Q per cent During the five
years since the company was organized it has
earned and paid 100000 i'll dividends. 81. OOO-
900 in building and improving mills and retains
undivided profits in its treasury between Sc
100000 and 100000 more.
AmaIgamated Copper is notably conspicuous:
transactions in it have been on a tremendous
scale, with a rise of half dozen points in the
quotation. Explanatory of this. Wall Street
has a variegated collection of theories and ro-
mances-ignoring the one sufficient reason of
the advance in copper metal figures not
known in long time past When it is con-
sidered that each gain OF one cent per pound in
its product represents Increased net profit equal
to 3 per cent upon the companys capital stock,
there ought to be little misunderstanding as TO
why the Copper Trust issue becomes buoyant.
Thomas w. Lawson seems 10 have had most
10 do in promoting the market activity attend
ing the rapid rise of quotations, having at the
beginning of the week forecast what has come
10 pass in the market movement: and lie is
quoted predicting further appreciation. In
the opinion OF copper trade authorities Qnde-
pendent of stock market affiliaton), the price OF
copper is on its way TO Is cents per pound
some conservative students cf the situation an