New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-14


discouraging TO such properties themselves; and
some day, not far away. perhaps, there is bound
70 be wholesome revolt and reaction from poll
cies whose ambition Is TO placate communism
LAYING handcaps upon enterprise. IL cannot DC
q lasting era wherein prosperity must be pen
allied where solvency is sacrilege. There Is
really no need for nervous fear that Rob Roy
can ever be permanently canOnized-
Wall Street spectators who profess disbelief
In any possibility of prosperity continue TO out
wall jeremiah. But facts have the habit OF re-
naming in evidence: and. notably. last week
doomed up the government report on the condt-
ton of winter wheat, indicating yield exceed
ing 460OOOOOO bushels, which. with conditions
maintained (and there are only few weeks till
harvest tme) will surpass any previous winter
wheat harvest-wfH exceed last years yield by
127, 100000 bushels. Here is a supremely i'm
portant achievement of nature-not only the
actual production Of the cereal. providing an
addition to wealth at the farms Of more than
$1OOOOOOOO but also the profit inuring to -four
manufacturers and the vast extra revenues In
volved in transportation, and-above all-the
creation Of an available surplus export OF i'm
posing dimensions. The one dark spot in last
years crop production the shortage in
wheat, cutting wheat exports down close
to nothing that that phase OF the situation
must have been a serious matter had it not been
more than offset by the splendid harvests OF
other crops. Now that wheat condition re-
verses-and, meantime. the outlook for corn,
cotton hay. oats, rye and every other crop is
most reassuring.
And in another field of production are this
week supplied with extraordinary statistics by
the Department of Commerce and Labor. re-
viewing our mineral development In less than
a -
600 tons to 100000 TONS pig iron advances
from less than 100000 tons to more than 49,
100000 tons, copper ascends from $1,000 tons to
$4,000 tons, petroleun's gain is from 26,OO0,OOO
barrels to 1O00O0O00 barrels. and the royal
metal gold, expands from $36OOOOOO to $50
100000. This record is far in excess OF other
countries. We are producing 81 per cent. OF
the worlds COAL 80 per cent. of it's pig iron. 81
per cent. of its copper, % per cent Of its zinc
and 81 per cent of its petroleum. In the pro-
ductlon of coal. pig iron. copper and petroleum
we lead the world. Using the effective official
government language. the United States now
holds first place In manufacturing in the family
Of misunderstanding the inspiring bounty OF
agricultural opulence, finding markets wherein
consumption has overtaken production. main
tanning commodity prices at high levels-aH Of
which counts for nothing in the logic of that
professional Wall Street element which is ir-
revocably welded to the theory that securities
must decline because they are higher than they
were in 1903. To these astute gentlemen it is
useless to point out that the 1903 prices have
been proven falIacious as standards OF value, it
is idle to attempt TO make them realize the
mighty facts of nations growth. they can
only dwell upon the security market situation
with preconceived prejudice and inveterate pes
simism.
But fair observers discern that the public
with plain American common sense. keeps right
on investing in standard bonds and stocks,
refusing to be demoralzed because temporary
market disturbance be fabricated. Declines
from recent high points have re1ected-and
only refected-the operations of pluugng spec
ulative professionals. Investment holdings re-
main intact The security market must and in
evitably will. respond to that development which
exalts the United States to world premiership
SquabOles, ISLANDERS, rumOrs. isolated dshon-
esties, can exert but ephemeraI influence against
the irresistible march of the Nation to heights
never before scaled.