New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-21
The Financial World.

chief pleasure is to worry hho"Ae HO S
approaching the bliss that neS In 'isiO"9
disaster have been able to spend an asreeAoi0
week. Wall Street has been overrun oy trouble
and +rrbulance and-twaddle. Quotations have
49, ,,,ooLed down along with representations
f,,u o4 direful recitation and prediction Accord
inc 70 current Stock Exchange chronicles All
possible bad has come to pass except the "o'S''
which is due next week. The scarecro" Hsl i
long. We have had German invasion OF emma
WITH oo,ncdent English and French embodiment
over the Russlan-Japan conflict, dehlaHulis
foods of gold from the United States; we nave
had .ooron1ications'' Haunting in South America
we have had vociferous proclamation OF ne"
panama policy, through which the United states
q. 20 bovcott everything homemade. adopt free
+rada and abandon all vestige Of protective
tsr,np. and we have had the Steel trust in col
lsnse-it is, indeed, mild to record that the
weeks scarecrow list is long.
Meantime. Germany has officially disproved
the Chinese invasion tales France and Great
Britain are found exchanging courteses instead
of cartels: there is not single disasreeaoie
South American development. nor any threat
ansd. the new Panama policy is revealed as
merely the enunciatlon of a common sense ana
common honesty doctrine not at all striking at
established American institutions or American
no1,cies. and what proceeds in the iron and
steel trades IS not only satisfactory but IN
spriting, unannounced orders for thousands OF
tons Of steel rails being this week registered
nv the United States Steel Corporation
In every department of business throughout
the country prosperous conditions continue Rep
rasAntatjons to the contrary-including crop dis
+ress forecasts-are fables intended to influence
market fuctuation-just so much rubbish. Such
campaigning sometimes tells for while-but
never mora than temporarily Falsehoods have
ALWAYS an evaporating quality. Connections
doing duty now cannot long last-for ABOVE
| everything else tangible in the United states
| to-day is the splendid. indisputable reality OF
National prosperity.
| In the face OF that pessimism is merely IN
| teTectusl squalor. Facts are bound finally to
force a market that is normal
| Among DEVELOPMENTS OF the week not one IS
actually bad for the present or possibly trouble
some for the future-many are important on the
healthful and helpful side. Despite speculative
hue and cry, progress is made in the rounding
out of enterprises of prime Importance. Most
| of the consequential deals OF which soma
weeks ago we heard so much, still In prog
| ress-are certain to mature The present
! fashion Of doubling and denying will be swept
away by official disclosures soon Professional
Wall Street insists that there Is inebriety IN the
! railway world because OF evidence furnished
! by the disappearance OF Hartman representa-
| ton In Northern Securities properties, and on
| the strength of this pessimistic opinion traders
| of the Stock Exchange rush in and sell short by
! wholesale all the Western railway securities
| ignoring wholly (what common sense recognizes
as instructive) the fact that the proclaimed OPP
| ponents and enemies of Mr.. Hartman appear
| at these corporation meetings vested personally
| by him with proxies upon which to vote his
stock In absolute unison with their own stock
| There is only mental paucity in blindfold bear
| ishness like this
Union Pacific proxies voted solidly for the new
Northern Pacific board indicate intelligent COM
prehension of the judicial decision that it Is IN
advisable If not illegal for individuals owning
stock in two competing lines 70 serve officers
| of both. So far, therefore from this weeks
| Northern Pac1fc's action being disturbing, it is
inspiriting evidence Of the disposition Of Ameri-
can citizens to bow not only to the spirit, but
to the letter Of the law. Revelation is plain
that our great financial leaders-our Morgans,
! Hills and Harrimans-are not seeking to evade
| or nullify the national WILL but are accepting
public decision In a spirit of ready acquiescence.
This very incident shows how falacious is the
| argument that Americas f1nanciers public
enemies.