New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-29
The Financial World


sional pessimists give out few new gaspa
They become much exercised over tia municipal
political situation. predicting that the election
of any ticket is bound to be damaging to tbs
security market. while II success attend one
candidate-the one at whom 1t TO b q
Stock Exchange duty TO make most faces-thsrs
must forthwith follow overwhelming disaster
All this without confession of attempt a, hurnor
or even quasi Of lunacy.
And. supplementing the election argument
ado is made a chance chat by Mr.. E n.
Hartman OF what he and found impressive
| In the Orient Again suggestion OF humorous
disposition-just the severe chronicle that what
Mr.. Hartman was taught at Toxic was that
here In America we upon the eve OF q threat
ening EZRA Of competitive railway building"
Mr. James j. Hill is quoted as making jocoss
remarks apropos OF Mr.. Harrinan's japanese
discovery. predicting, sequel to the psophs-
sled era" that just as soon as Peary has To-
Gated the North Pole Eve will build on pontoons
by way Of Baffn's Bay TO Join In the CON-
petitive' programme encouraged by climate
30 fine that following two short months Of au-
tunn there are only ten full months Of winter
In any year, while economy is advanced by the
helpful fact that railway ties imbedded In Ice
can last hundred years.
Airy persifage is sometimes nice But in Mr..
Harriman's quoted statement there appears this
In previous impressions Japan is very far In
the lead of all the Eastern countries. Shs Is
| more like America: She Is getting railroads and
going ahead-developing."
Whether Mr. Hartman be worried or Mr.. Hill
amused, 1t may be fairly regarded by the rest
of US as possible that IL Japan Gas builder OF
raflroads) is forthwith to flourish America las
vive
Under any circumstances this newer cstrsss
should not be permitted to interfere with-csr-
tainly not TO oyercloud-the CHASTITY lessons We
are hearing preached as to what is about 70 hap
pen here and everywhere just because we are
going next week to elect Mayor and begin to
get free gas
In the list Of final net changes for the week ara
more declines than advances-the result largely
Of depression influences put upon quotations
Friday and Saturday. Throughout the earlier
part of the week strength manifest-in
much OF the market actual buoyancy prevailed
Some students Of the market describe this week
end recession natural reaction, due and &C
tually advantageous This is Of the eternal
excuses. What is the truth appears In the
record which the room traders OF the Stock
Exchange have made - selling stocks short
heavily. And the result is a speculative account
on the short side beyond what for a long time
has been diScernible.
A canvass of such sellers induces no theory
reason for market weakness other than that
the market has been technically overbought---
and this does not explain. 1t is true that dur
ing the past fortnight public participation has
become marked, and in some parts of the
market distinctive enough to be almost aggres-
sive But overbuying nowhere has been shown.
Upon amply conservative basis has been this
new public commitment. Fresh interests In
the market have not developed through en-
thusiasm-have not been excited by points,
seduced into purchases by any false pretence-
What only has been surprising in the public
position-as before pointed out IN this review
has been the publics hitherto hesitant at
titude. Only when facts have been shown
proved, tested, certifed-assurance doubly
sured-on1y when national prosperity becomes
| assertive beyond every manner Of question or
bubble, Is there appearance Of the outsider.
| Says the official review of Bradstreet's-famed
| for it's carefulness of understatement:
Activity-fn fact, buoyancy-still characterizes
practically all lines of trade and industry. The
| long awaited Undertaking. Of European demand
| for our breadstuffs is apparently now at hand
| limited only by vessel room capacity. In rail-
way lines efforts to handle the immense business
| offerings such were never put forth be-
| fore. Bank clearings. though comparing with
| very large totals year ago show expansion
| particularly outside the metropolis Taken
| whole, the situation is one which finds no pre-
| is laid upon the need of conservatism II run
away markets are to be avoided.
| Speculative suspicion never attaches to Brad
| streets And in the face Of records thus reg
istered. Wall Street pessimism intrudes merely
| situation is one which finds no precedents.'
| That the local traction stocks should react Is
readily explicable-pools recently bullins them
| turned sellers. Metropolitan Street Railway
| shows the chief decline of the week. reflects
sales Cprobably quite as much for the long ao-
| count as for the short by the contingent OF
| Board Room traders; and in Brooklyn Rapid
| Transit the record is much the same Pools OF
aggressive sort have been operating In both
| issues; and that these agencies have had oncial
relationship is doubtful In Metropolitan 1t mas
seemed to be clear certainly that inside support
| has not been offered available-forrner DUH
| hurrah gratuitous probably self-deceptive-
Proclamation that municipal election results can
| affect local street railway interests by way OF
confscation receives, of course, scant courtesy
from intelligent men. But when wall strese
| hubbub is raised any bugaboo can be made to 90
speculative service temporarily; and tnus' quite
| apart from what are established and controIAls
facts it is possible to rig quotatlohS-OowI5 watN
| now as recently upward. Brooklyn Rapid iran
| sit is not upon the verge OF dlvldenus; Ns'ie-
| poIitan is not upon the brink OF bankruptcy.
! Meantime what seems most curious IN stoSh
| market treatment Of local securities SHOWS IN
| the relative neglect Of Consolidated Gas oF yea
| speculators Upon no day has more than lew
| hundred shares been dealt IN, tnoush III eseIy
| quarter are outbursting threats that whoever Is
| elected gas bills to be demolished Conson
dated seems, indeed. to be the only one OF .ne
local stocks in which important snort interest,"
| EXISTS. and this appears all the more slrahso
| because of the fact that there is no longer
| limited supply of the stock. There are mh4io"
| shares OF 1t now.
| Nothing in the market is disclosed more
| clearly than that natural tendency Is toward
| the making of lower priced issues laVofi'eS
| The market list is long OF issues which 81 YET
have had virtually no advance whatsoeVel-'
list long of stocks. well below par whlch are q"
present substantially under figures lollAetA'
attained II is not needed TO enumerate them
| all observers of the market are familiar Will
| the roll including as it does railway stocks IKE
Chicago Great western the Hawley group ~;
! Louis Southwestern OF the Gouia seo iA STOCK
| Nickel Plate, conspicuous as the oAly So
among the VanderbiltS below face Vnuo
| Nickel Plate whose earnings are so iai So