New-York tribune., 1905-06-18

tivity might be even hurtfui Many factor,
touching the markets early future are discussed
few of them operate. Professionals In III.
Stock Exchange choose. of course. in any tina
of hesitancy, TO quibble and doubt and affect
cyncism For month more they have been
marshalling spectres in variety. projecting mani
| fold dangers, getting themselves into a state Of
worry over conditions that do not exist and can
not develop; but such hysteria is clearly arti-
ficial crudely made TO order-its one aim.
petty speculative effect-that no market disturb
ance results
At the beginning of the week-taking bu. .
leaf out Of the stock jobbery calendar-the situa-
ton in the Far East had grown vastly worse
other nations than Russia and Japan about 10
be bitterly involved-and the sequel is that
President Roosevelt can announce that nor
merely has reason come into the situation. but
that both the warning nations have with actual
spontaneity agreed upon negotiations. More
over. that in this agreement they determine that
the United States is the natural place for peae.
deliberations-tbat ours is pre-erninently the IL
dependent Nation of the world. the one that can
| be in any international exigency straightfor-
ward. This is tribute to integrity, and to-
strength.
Till within barely week came daily procla-
nations Hlagnifying Equitable disagreements
into national disturbance, the oracles in chorus
insisting that all confidence in American fnan-
ciaI trusteeship was blasted. that liquidation
was imminent in every investment quarter, that
| security market quotations were bound forth
with to shriveI. that here were deadening In
fuences which simply could not be withstood
The sequel is-what? Rout for all these oracles
| complete relief from every suspicion that
Equitable affairs from this time forward can be
| contorted into any evil aspect whatever.
At the beginning of the week dispatches were
| coming from all over the West and the South
| chronicling crop damage-prophesying it rather.
| There was plenty of detail of what might be ex-
| pected what was threatened and what direful
| market results must be imposed If the crop kill
| ers should ever be verified. And the sequel here
| is an official government statement showing that
from the LIST of June crop conditions with
| practical uniformity have improved. not in
| isolated sections. but virtually everywhere.
| Throughout the country ruling weather is good
| crop weather. Not merely in quantity but in
quality the harvests of 1905 promise well nigh
| everything that enthusiasts can ask.
! Predictions of gold exports served at the
weeks opening basis for theoretical worry;
we were losing our foreign markets. America had
| become over extravagaut-we must pay the in
ternational piper. Before the end of the week
| answer to all this smiles out Of a government
review of international trade-and we find our
selves selling to Europe between s3.000.000 and
| 81 900 600 day more than our total foreign pur-
| chases can be made TO aggregate
! So runs the record regularly. Pessinlism goes
| houndering the moment that facts command
| consideration.
| AS the week closes, however, the doleful crew
shift over to a final exploitation Of their determ-
| nation to be blue. Now it is the Morocco i'm
| broglio. Germany bent upon war with France
! and Great Britain-all this and natural
| as coincident with official disclosure that the
! foremost co-operator President Roosevelt has
| found in his transcendent Eastern peace promo
| ton has been this very German monarch upon
| whom Wall Street bears depend for new var
| and its woe
It is not merely that as a summer incident the
Stock Exchange can have its dull season-vaster.
| towering -eminence belongs to its silly sea
| son.
Just when there will be resumption OF secu-
| ritv market activity is impossible to forecas;
/ Just what the signal for it will be cannot De
| foretold-not unlikely is it that the impetus
! will come from the revelation Of prosperity
found in increased dividend disbursements
/ The strength of Reading plainly foreshadows
larger distribution of profits on the common
/ stock. and it seems probable that Baltimore
]
cent basis. while there is warrantable ex-
recitation that Union Pacific will advance its
| dividend rate at the next meeting On every
hand are signs that entering upon
! reriod when shareholders will begin TO reap
the benefits of the American policy OF the last
/ ten wears which has been TO divert earnings
I into construction and betterment accounts anu
addition to equipment
That liberal treatment Of shareholders Is
popular is seen by the heavy investment oe-
rnand for Canadian Pacific where last year
| shareholders received rights which, Plus the
per cent dividends. gave them return e~
| ceeding Is per cent. What is the result! II
vestors compete for this stock around lou
Identical policy is being pursued by us auHii-
! iary, the 500 system and for It's saaFeS a'''
| investors are the competitors
| Nor is similar movement lacking among lns
minor nroperties. Take the activity and rising
! course of Green Bay and Western peoentpre
| Rs These are entitled to all the roads surplus
| revenue after the stock and the DepeAtuIe a. a.
&c 59o060 of stock and but 100000 OF De
benture AS and upon both these ISSUE ZOO 100 -
! = per cent IS in force. There are 9t'VOO,OS So
| pebenture Bs and ahead Of them are s no NAJ 80
c1areas other than taxes stock dividend am
/ interest on the Debenture As II - a-rsnt
j by holders that earnings or the @ @Fodu - +Ls
| an immediate declaration OF interest," .,,+as O
i DebentI1re Bs and a bondholders conlllli' - -
| has been organized to present the mats. nla,.+Ss -
! consideration. The character OF lhe coiii-'
! commands respect
! Curious efforts are made to keep aiVe H,t sp-
! ininlicaI 10 the Equitable and ltS OelteiSjon
| vociferoCs outcries denounce eSsty ,y.aS mat the
of progress there It is violently insisted ne 's:saj
! change taking place is baneful-tals pIeu-ans .sns
! iron the proclaimed declaration tnat H. ~ S-o1,
| action in the business world can De Ires Iressts-n
! the domination of sordid selhshness !1SaSIs
/ from This low level has, of course, olly ~
/ ,.'eti,.oc ,e-Doring utterly the ulultituoe "