New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-25
The Financial World.

ago-sure that security market quotations ~
going to pieces They chuckled over thu su-.-
ness Of long list OF disturbing factors. ths.
were hilarious over the unhappy situation !.
everybody retaining one jot OF confidence ho,s-
ing single share Of stock Overwhslris-
liquidation was at hand; something Ike par
was forthwith ready 70 burst. The voices or n.
prophets made a tempest: every oracle ths, A.
two years had been wrong rallied IN a final svu
prophecy chorus
And the record OF the week is-what7 Nar...
this-professiOnal wisdom has gone wrorg az,s,.
there being no profit whatsoever in guss.n,
that national prosperity must be national di.-
turbance On the very crudest OF basss-sb.
test Of immediate market acknowledgements,
TO the pessirnists. current circumstances conaa.
cred. could hardly be more conclusive, ruor
effective. or more satisfactory. week az,
ready for the test Of all the hippOdromsd ORA
dictiOns. the entire Stock Exchange LIST va.
lower on an average than 10 Is now. and III,
though throughout all the week there has bsn
persistent aggressive pressure against vaIusa
conducted by some Of the shrewdest and adroit
est nanipulators known 70 Wall Street We
have had daily proclarnations OF new torsign
complications. France and Germany mora and
more hercely threatening the peace OF the word.
we have had variegated reiteration OF coal traas
snarls detail Of strike preparation. forecasts o.
embarrassment FOR every Industrial enterprise
requiring fuel; Washington bulletins have been
deprIvfng the railroads OF all possible freedom
all possible prosperity; AIbany's contribution
has been a programme growing daily more and
more confscatory: we have had prophecies Of
bank troubles IN the West enforced corporation
liquidation right here In New-York. money ratss
becoming sitting; and-the list OF grewsoms
recftations far too long for schedule hera loora-
ing direr and direr every day-thers has been
bzs
and Jacob schifr, the Messrs. Rockefeller and
James Stillman. John W. Gates and "Eddis'
wassermann are really away on vacation
Tested by a single weeks market movensn,
this bear information. wisdom. superiority. sx-
tends beyond the woodenness Of Wall Streets
average pessimistic humor-it has sxaltaton
into idiocy.
Against bear theories and exsrtions and at
tempted demonstrations-amply providing rea-
son for the hasco OF it aIl-is opposed IN unrnis-
taxable manner, the maintained and expanding
strength OF the country's agricultural and busi-
ness situation
International trade conditions reveal remark.
able progression. Our exports for the first seven
months OF the fiscal year exceeded the great
sum Of S1,15O,O0O.0O0. an increase over 1905 %
1j5.OO0,000. For the same period imports in
creased but S70OO000O. that for the seven
months our international trade balance registers
a gain Of $50 100000. These are vast figures and
the credit so created abroad has 70 be hGuid7ted
In one way or another There is nothing but
prosperity in this TecOrd-there IS everything
testifying 70 the steady onward progress Of
American mastery.
And in other fields Of development the same
story is told Take the copper trade Actual
production OF the crude metal increases the
world over, but II fdr greater ratio II r1s
United States than elsewhere Demand for Il
exists which cannot be satisfied, resulting IN
prices which have never in any recent tine
ned Tf-b Hry-a hzar 01ar
only in attempted corner. Yet the bear
party on the Stock Exchange sees At 10
attack savagely copper securities-1ust on the
ory-just because in the opinion OF the wiseacrss
of the Street copper securities ought to- 60
down But there IS a limit 70 the power or
such seling-its effectiveness ceases when dis
Judgement OF actual holdings cannot be brought
about.
Turn 10 another department OF telling stats
tics-railroad earnings. With scarce an excep-
ton, every road reports large gross fRcreasss
and correspondIngly good net increases. Month
by month the figures rise. An Illustrative ex-
hibft is that Of Baltimore and Ohio for the
month OF January. 1906. with gross Increase
approximating S1.5OOOO0 and a net increase
exceeding S1.OO0OO0. And for the first seven
months OF the fiscal year Baltimore and Ohio
shows a gross Increase or s.. 500 coo and net
increase OF s. 100000 Nor is this Balti-
more and Ohio statement exceptional-it IS Just
typical From every important railway system
East and West. North and South similar
gratifying results made public
As 10 general business conditions no less an
authority than Bradstreet'S sums I'D the situa-
ra
than ever before
Testing the actual situation by every availabls
barometer there is not threat TO be found.
prosperity almost magical almost Incredible is
revealed in all the channels OF American acttv-
ity- Yet the Wall Street bear continues 70
preach pessimism- His arguments present tusr
a deficit Of common sense
In adjudgment OF the market situation hardy
any better criterion could be found than that
offered in Union Pacifc's course. Union Pacific
has been an especial target OF recent bear oper-
atoms Pressure upon it has been intense and
continuous; there has been no fable too ride
ulOus 70 exploit against il. there has been no
Stiffness too petty for the making OF tips" or
points adverse TO it During the past week
this manner of campaigning had its quIltesseacs
Of venom-wherefore it may be fairly calculated
that marshaUable elements and influences
against market value may be apDroxITlatsy
measured Union Pacific a week ago. selling a.
Loo, was The popular short sale for al ths
speculative talent on the Stock Exchange; tns
smart people We're not only short OF the stock
but they had as reason Tor their commitments
the absolute assurance that forthwith Iqulda-
ton forced by Insiders would send the stock
SWlrIhs DOWNWARD az paDICky strides Mean
time. the stock sells eX-dividend . per cenl.
closing the week yesterday at LOO. equal Win
the 3 per cent dividend to 155-naking a net
advance for the week of practically fun points.
And this JypifeS the market generally we
have had Astounding talk OF liquidation. some OF
II by leaders disposed to unload. some Of y
FORCED upon traders unable 10 keep their ho.l-
lngs- Doubtless we have had some NCUi9auoh
or both sorts But relatively such transactons
nSure IN the market insiguiticantly They aFss
not children who IN these days own staadara
American securities Neither are they sntvertns
Old folks forever ready 70 be frightened by lao-
ricated bugabOOs- The stockhOlder OF TO-DAY
averages high in his intelligence and sturdlnssss
and measuring power. He Isn't standing etsI
nally upon the curb seeking advice. hunting fer
warnings, running hitler and thither AZ stoeA
1Obbery diCtattOn. AMI in Union paCidC-jl>s