New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-11
The Financial World.


we have market conditions far from dIscourag.
Ing. All the oracles are depressed-an OF them
emitting augurses dolefIlly limitless. A hun.
dred reasons they chronicle for their despond-
ency-bad crop possibilities. money market pos
sbities. legislative possibilities. foreign war
possibilities. coal strike possibiities-niniaturs
possibilities all the rest; but possibilities. big
and little. capable of destroying any new and
modest nation like this OF ours.
In this hysteria there Is contempt. OF courss
for any of the multitudinous entries belonging
on the contra side OF the ledger-entries thar
have TO do with national assets. like crops IN
precedented in volume and in value. commercial
business activities far outreaching every record
ever hitherto known. bank exchanges totaIlIn.
figures unapproached before. railway traffic
volume and railway earnings In aggregats un-
paralleled. every Industrial interest and every
Industrial centre IN the country working over
time. Yet the national balance sheet actually
does have two sides-just rs always It has had
though never hitherto has the profit and loss ac-
count been upon the right side in such stupen-
dous consequence.
Perhaps living In a butche-<nifs time,
mayhap it is true that the business interests OF
this country have nothing at hand IN pros
pect but massacre-polircians. perverss or cow
ardly. capable Of uttermost sDOliatlon. But san
ity will hardly apprehend much Lusty Is thu
OF the cOrTnOrant: but in the end ia likely
to be shown only the usual relative picayunensss
of assessment AT Albany. at Harrisburg IN
Washington-the country over-statesnanship's
tempestuOuS bluster can have sequel much less
grizzly than early prOclanations forecast
Whether cents VIII pay for a Pennsylvania
trains run too fast in Philadelphia, whether Nav
York Centrars taxes are too lov-whether a
whole lot of indictments can be tried-what very
clearly through all diSputation does show Is that
in every one OF their new resented policies. our
important railway corporations pioneered by
Mr.. Cassatt. Of the Pennsylvania are proceed
ing upon lines whose early, sure. net, result er-
fects benefit for security owners Being fair in
our estimates and recognizing what has been
undisgUised to the whole world. We all know
that this new Cassatt policy signifies Just two
things-the immediate absolute checking OF
waste-the accretion of net profit
1t is not a pleasurable holiday venture that
Mr. Cassatt Is making, that his followers in
other corporations are sharing. But what no
does IS whoIesome-what he does assures event.
ual larger dividends to security owners-poor
politics it may be temporarily, but mighty good
business permanently.
Attention has been frequently called IN this
review TO the vast importance Of agricultural
production affecting national developments
There can be no question as 70 the favorable
effect upon all American markets OF great crops
at remunerative prices. But there is another
branch of production scarcely less influential
the mining industries. As producers OF metals
we are leading the world.
ore, from which result all steel manufactures.
No more veracious testimony to the prosperity
Of this Industry could be afforded than the re-
cent record of the United States Steel Corpora
ton Here is a company which handles the BUSH
ness from the original field TO the sale Of
every kind OF finished product 1t is at present.
accomplishing earnings equivalent to nat profits
exceeding S140O00O00 a year-nearly 10 per
cent OF that capitalization which has been such
4 af-ra f7af ha
contention which have so often made. that
there is no threat IN large capitalization 1t
matters not what capitalization may be II COM
nnensUrate earnings can be made.
The affairs OF the United States Steel Cor
poration the premier industrial corporation OF
the world, show that it's projectors knew what
they were about when IL was organized. And
as the premier corporation, 1t IS directed not
only by the highest financial intellect but by
the most expert technical knowledge. IN every
department from the President down, effort. and
successful effort, Is made to find the right man
for the right place The result is harmony Of
management and utilization Of every opportu-
| nifty which presents itself. Advantages pre-
| sented by natural conditions are worked out
| with a skill which results in towering triumph.
| And as in the steel and iron business 50 it Is
| in copper. Natural demand for crude metal has
| established basis Of IS cents. which seems
| more than likely TO be maintained. II viii. Of
course fiuctuate somewhat and then. but
| there is no probability of any serious decline.
| This trade situation has found logical reflection
| in an upward movement Of those securities rep
| resenting the copper producing companies. On
/ the Stock Exchange Anaconda and Anal
| gamated have been the centre OF an animated
| buying movement, which is not yet over. There
| has of course. been much speculative oypiay re-
suIting in frequent and considerable huctuatlons.
/ but the rise has been legitimate, and IS oounG
| TO continue long as present conditions exist
| The same influence is at work IN those smaller
stocks traded in on the -New-York curb and the
| Boston Stock Exchange. In almost ali OF these
| is seen material improvement based upon actaal
| earning value. veritable copper boom Is IN
/ sight -.
| Just as in steel and copper. are found similar
1 prosperous movements In those minor metaiss'
| a ready market being found for every ton pro
| duced. Market reflection of this is seen n ap-
/ probation of National Lead securities. ana
/ further testimony is afforded by the amazing
| prosperity for the smelling companies. w1ose
business 1t is to reduce the crude metals 10 hsI-
| charitable shape
| Nor this question of metal production De
| dismissed without reference to the great yleii
| of the precious metalS-gOld and sitVer-Whefe-
/ in the United States maintains a COnlraaIollS
position. Gold production increases the Wor1U
| over. to an extent calling philosophic afternoon
10 the relation between the price OF gold, WHICH
ia the civilized standard of value. and the prizes
| of commodities and securities Beyond do9o-
/ enhanced gold production must lower the NdIU'
| of the precious metal and to corresponding eN-
| tent heighten the prices of which It Is th'
| standard.
| 1t may seem a far cry 10 connect these various
metal conditions with the prices Of securities on
/ the New-York Stock Exchange. but, IN fact, the
| influence is irresiStible-mUst be taken into ac-
count II Is one of the silent but potent ractoIs
| which maintain security market integrity anu
/ hold reasonable promise of continued improve
/ ment
Though tomorrow is holiday. are likely
| to have ensuing week much activity,