New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-10
The Financial World.

werdness imitation OF a sanatorium on spree
Cause of 1t, excuse for it! No sane man can find
out. Specialists in clairvoyance and prophecy
they bulletin daily what every big" interest is
doing and proposng-and they admit scant hope
for anything or chance for anybody The Law
son legion overrunS with curo recruits. And
every in Wall Street who hasn't got a dol
lar is explosive with the theory that the banks
of the New-York Clearing House Association are
not managed Just precisely as h himself would
manage thern-a theory which the Grant banks
themselves dare not any one of them deuV
Moreover, unprecedented crops are imposing
dreadful burdens upon all the railroads, oblig-
ing them 10 levy such demands upon e1uipmen:
manufacturers that labor has actually to fare
the infction OF collecting wages for overtime
Then. too, here is the United States Steel Cor
poration type Of our savagest industrial mon
sters, hsartle@sIy driving day and night every
furnace and mill and mine and every earning
workman. just to keep step with urprincip,ei
supply and denland-tIiis one CORPORATION havin--
the ha@aihood. indeed 20 show earnings tais
September twice fand moreJ what last Ssptern-
be~ showed.
And 50 runs the shameless current on-impu-
dent prosperity intruding everywhere.
Its money market asue professional Wall
Street parades proudest Call rates this week
after whole summer of squeeze" predictions
have twice land for as much as thirty min
utes per tirne) lowered away up to per cent.
And, to date. that is the awfu,ness of it ali
To the outsider. IMMERSED in the bargain conn
ter hystaria Of professional Wall Street. the
stuff and nonsense money market campaign
must be discOncerting. howsoever aIenists on the
spot may estimate it. The country prospers
Dark spots show nowhere. True enough il il
that the public is not largely in the make,
That is the pubIic's loss. One thing is IN Tho
Tnarket-the opportunity for bargains ,sDecu-
lative bargains and investment bargains both
We are laborously lectured that prices are
too high warned that the market cannot ad-
vance from such a level The logic OF this Is
so simple and plain and sensibIe-the logic OF II
is that prices years ago were lower. Union Pa.
cifc once under 10 St. Paul sold at 30. Jer
sey Central and Delaware and Hudson am
Lackawanna and New-Haven and Pullman and
Westinghouse-an of them aIike-used 10 have
lower quotations. The record cannot be lodged
And what excuse can stocks have for making
such changes? Are not every one of them hid
ing behind the mere fact that before their prices
changed their fortunes changed?
Lean years outlived progressive management
and devoted trusteeship have made old prop
critics new, weak ones Observation-Disclosures sup
planted by dividends, dividends buIwarkad By
surpluses-out OF what worth, forsooth,
petty arguments of such sort? Prices are too
high, Observation-Disclosures we never saw
them high five. or ten. or even a score Of
years ago. Logic's the thing,
Cotton speculation Is affording some exhiIara-
ton. The Southern planter finds himself safe
guarded suddenly by Wall Street philanthropy
Mr.. Theodore Price and Mr.. Daniel suIly quon-
dam foes. are vying in endeavors to alleviate
the lot Of everybody related however remotely to
the poor cotton grower. including not only the
downtrodden millionaire spinner up New-Eng-
land way, but the hitherto unchaplained for
eign rliliman, too. We are forthwith 20 have
celluloid millennium. nice and shiny. but not one
mite confagratory. The seller down South is TO
be assured top notch prices; the buyer Of Fall
River and Liverpool and Manchester is TO be as
;ured prices right down to rock bottom. Every
hing is complete-except the details And lot
Of Wall Street brokerage offices. who never
carried cotton before are carrying plenty of it
now; and there is plenty of it to carry. Some
tines it is easy to carry. even when there isn't
millennium a-budding. incidentally. crop es-
imators this week have found an extra million
bales
What this expansion in cotton yield with
coincdent prosperity in every other ag-icult-
1ral and industrial Hne) means for the South
Is not yet appreciated fairly among investors.
It will be.
So far security market values are involved.
Just test abides-measurement by business
common sense. Every stock whose intrinsic
value has been pointed out in this review main
tains that Inherent worth; and with sanity re-
assertive. there must be sequentiaI market value
for in the long run Wall Streets market regis
-ers the value that is intrinsic.
Take Canadian Pacific, for example. Bear as
saults upon that stock have one continual sequel
IF mounting quotations; and manner OF
speculative fabrications can stay the narch up 20
200 which disclosed proprietorships and earn
ngs warrant. Berlin this week has Joined Lon
lon and Glasgow in Canadian Pacific investment
purchases, European bankers buying upon in
formation they trust suggesting an impending
official announcement of Importance.
Analgamated Copper and American Smelling
nave been conspicuous throughout the week. the
former not holding its own even Al the level to
which it fell a week ago. while Smelling gains
1t is an odd within which permits
anybody to mix those two properties in classif-
ration. They are not related. In one essential
hey differ notwithstanding is an openly
conducted manufacturing and commercial en-