New-York tribune., 1905-11-19
The FInancia! World.

House institutions had been Obliged to s.,~
date surplus reserve limits induced not Iit.I.
anxiety-not CONSERVATION, but anxiety nous IN.
less. Bear spectators. adroit and asxr...,v,
made much OF the exhibit Of Clearing Ho,,.
surplus reserve deficit: and under orisnary a.,
cumstances the sequel might have been ssr,o,
for the security market generally Thst ~ va.
not-that financial interests felt free antnsu
to ignore the development-can be attrihn.a5
wholly to the fact that there is realization AZ,
probation. an intelligent understanding Of The
towering consequence OF our country-ufas
prosperity. In the face Of national rscord.
financial and commercial. agricultural and e.,
dustriai-tenporary congestion Of New-York
funds falls altogether short Of depressing I'M
portance.
Early in the week demands for relief r.ra
made upon Secretary Of the Treasury Shaw ~.
that officer OF the government explained that ba
was disinclined to do anything unless it were
to help merchants contra distinguished from
Wall Street interests, characterized by him ss
SPECTATORS. Current funds commanding is uer
cent. interest suggested to him, he said only
that children trifing with matches" Mr.
Shaw, announcing that some bulls upon the stoek
market ha1 applied for relief" and some bears
opposed the application. added naTvely that
whatsoever. Mr.. Shaw has done nothing. the
children pllying with their matches causing so
far no flaming destruction. and, therefors. in the
official view no need for especial consideration.
but this chiefly has been due to the fact that
Wall Street refused utterly to fall into panicky
sacrihces-to its stalwart mental attitude Is at
tributable the escape from what at one time did
seem threatening graFely.
Money has been at Is and at % per cent not
because Wall Street is over-specuating. every
authority worth quotation being agreed that the
drawing down Of resources here Is due to no
cause so directly largely to the pro-
vision by New-York banks OF funds in the ex-
Il tfaordinaFy volume which this year both the
South and West have required for the hand
ling OF unprecedented crops. New-York is not
selfishly boarding selishly Speculating
New-York facing a national responsibility,
has been and is financing the entire country
There has been no hesitation in this, no self
seeking whatsoever. Patriotic responsibility
was never more unffinchinsIy met, national CO.
operation never more generously extended
Needing no defence. New-York asks no applause
stands four-squsre 10 a record that has never
been broken.
Circurnstantially considered, yesterdays bank
statement-showing recovery Of surplus re-
serves, and the curing of a Clearing House def
icit"-may be considered OF high and helpful
Importance.
We have been urged during the week tc sell
American securities because of the crisis in
Russia All civilized nations must deplore the
reported horrors and must sympathize with the
galvanic efforts OF the Russian people TO escape
the bondage of centuries-to enter the family
of free states-the new birth Of a nation not to
he accoTnplished without pains and sunerihs
and no civilized human being but watches the
course of Russian events with sympa'hy-ssF
though with hope But reverting 10 tne colo
hIooded facts of commerce and nnehce' 'hls ssiy
SistiIrbance of Russia is helpful TO American
trade supremacy. If productlon III Hussia u
temporarily TO cease and transpoI ... Iation %
FfRF-l n
In fhs worlds grain markets disappears Tor the
time being.
Market value changes for the week are almost
wholly advances. Not only have traders TOT 'ne
Sepression found 1t impossible to impose ther
hopeIessness upon security owners ana 80 m
Sucs Houidatfon and impose losses, but furious
campaigning upon the bear side has hao Ou0
the result of melting more determined atu-
4,,a. ,,non the part of conservative banking IN
.a-.,+s and their followers. Instead of enforced
unloading there has been actual expansion oi
the investment interest; and 1t Is not 10 .''7s
ra.,,,ator but 70 the investor that the supei"i
market OF the week is chargeaole: 80, in fhis
Az has several times been pointed GUY "a ..-rs
rs,-isyv fhe market from this time forWaTo
I,psI,y 70 have industrial shares Ior leau -
and the industriaIs likely to have Ior ~, tn -
leader the iron and steel shares Verlncaon :.
this view has been one OF this Week - CA ora
ttn-os TarDassee Coal and Sloss-Shefneld hOlo
particularly have been buoyant; ootn oGsnt si
90 rnuch higher-both are earning pIoulS IeLs, tsu
bevond any record OF the past. And lnGlueh'an a.
~ is nosstbia to give confirmation to these cur
rent rurnors which indicate the progress OF plans
TO which New-York, Baltimore ana ftcnlan sy1
bankers are applying themselves IN ths IoSn-e S4b
ont of a consolidation of the important oousn
arn iron and steel properties into one great eo.
poration-all with a view undoubtedly 20 ss ,.h
ual intimacy df not actual consoIoal'oII ~ ,b,s
the United States Steel Corporation. In tnls
combination Tennessee Coal, Sloss- -Shefrleia anu
the Southern plants OF the Repuphc Coinp'Ls
will figure most prominentIy-and II may CO,
that included also will be the Virginia Iroh CoA
and Coke Company, whose current earnings %
10 per cent upon its capital stock nave receh1iy
melted negotiations for control in the interesls
of the Steel Corporation. Owners OF IraJoiSee ee
of Virginia iron have refused q fiat offer OF 90
for the controlling stock, though on the StocA
Exchange the nominal quotation Is only arou1o 1o
so Par is asked-based upon the showing OF 10
per cent net earnings. Sloss-Shefield earnings
are 10 per cent
Railway equipment stocks stay buoyant Ne"
York Air Brake has started for its 2VO marx
American Smelling has been one OF the star
performers this week-rising above the loo
mark, forecast some months ago in this review
before the stock had touched par. At this level
however II may be found that there is not IN
side encoura cement for further market asgres-
siveness though 1t is not doubted that intrlhsi-
cally the stock is worth the figure 1t mas hO"
reached. ,.,,1
Various subsidiary and auxiliary SneltMs
properties are in favor with the same lnle.es ln5i
that have wrought such extraordinary Tesu.tss =
American Shelters. In Federal Smeltihg sc ttole
is an alert pool while in United States FeueJ
ton and Refining there is revelation OF an, an E
traordinary prosperity-that property IeAglnS
tremendous profits through phenomena desetDs rSs
nents recorded in Colorado. United StateS -
duction preferred is receiving per cent ,-g ui
dends now-more than twice that anloul. anS ueS
renresented by current earnings. The secono
quarterly dividend was announced yeSteI1d; -