New-York tribune., 1906-05-06
The Financial World.

4aF ACKNOWLEDGEMENTS sales Of stocl-, -
speculators not owning any Of them-II1ul1.,,o-
by actual owners forced by sudden erna,-,.-- q.
frisnt-custOmary and recognized standard. -
located-1ust virtual panic. Reason or .v,-.--
xor such performance nowhere anv san. -
could ind. But. common sense dlsplacos -
orgy ran FOR days. Intrinsic value vrao -.
consideration. quotations were raruo1 -
1ammed IN utter recklessness. sec,-,s,.. y.
highest character fell with the naturall,- v--,,.
ones. ST. Paul. for example. broke whole ,o,,.-
between sales Reading, Union Pacific 49,,
sa'iialteo Copper-most that are best in the sr-s
ins hst-Were pounded down and down w,,ro--.
apparent resistance-what in the vernacrl.- y
'ne street is known as support seemed al--,~,
everywhere lackins-stOcka like Great -,
ana Nortnern Pacific and Pullman and Cons-,r
Electric went Whirling as readily "A th.' .r--,
est OF railway shares or the newest OF i,1-s
trials. We had a revel OF unreason. "a. -.
speculatOr merely, not only the man with -
gins at stake. but many q Stock Frcb.--
broker. including such advisers as orsi1,-7-
may be considered exceptionally conser,t,--.
all became IN concert Incapable
There was frenzy of lying. sslIv e,N,.. g..
not only had circulation. but Commands ,s.-
tion- Much idle talk there was Of stan6,-4 ~,
I4o-ss OK traps set Tor a0VeTsaFies. cons-t--.S--
against closest business associates 51ef - -
was utter &Gtocy In this sort q 0hfuss gsa--SS
az al 20 challenge Wall Street coT1n-afa1--s -
the widest, Wickedest misreorese1fasS-- 49,. -
not doubt nor dispute. but found acesrss--..ss -
X but vertest commonplace. We 49, 80, g.
treated 70 the rounding out o. eorslfiS- -s-ss
~ tAls review last week were DOlntsd - 80
characterized as evidence that sVFaU So. - -
teA1geHce ON triaE' can sometimes - Ss'.s
wanting - ~9-1a
But business insanity Is ever curah1S w..
nnanclal s1Fees end even IN Wall Strzas 4s
tae c.ose or yesterdays market there vVss ,,-S
the Stock Exchange tape a record vvf'-S ~. 49,
most eloquent Of the never Failing rsIa &c. ;Ses
forever enforce themselves ATte- IN 80 ----ta
tlon1Aisin and tne sstVageEys market values ma
on an average higher than a1 ths vszesss 49,. --s
Railway earntngs-phen0mena fre-@sss S1, 49,
on TOP OF phenomenal fnCrease-fzT - I. -
- EeAy nee6n-yes STe but 9 mara barorstsr-
ne same story comes uniSor1nlY f-oTn svs-z-
where -- O'7sS-
While this week may Be tTpscal os a nan.
Of sentiment. lattezly only tco ostsn ezh,s,.-T
IL would be sadly 70 our 6iscreGit as q uso-1.
y r were really Widespread ana GssD ssatss
From professional sDeculators. % vhom an
events are welcome provided they bs ssnsa-
tonal; from thoughtlesz and Snexuerssuoas ~
vestors who cannot, or win not reeoonfza -
Orable prosperity even when looking Il Directly
In the faces and from timid patriots. Who th,nIs
only Of possible dangers. ana not of aetusI
there have come endless EXPRESSIONS og GIs.rls,
In the business integrity Of the country.
IL the OutcTy We are called upon TO hear. On an
occasions, sood or bad. were even scantIy 1usti-
fed, American fields would Be fun of weeds
our factories half deserted. our vast lines a.
communication almost unused, grinding v-ant
SSsysFS"neEe Ss. manifest and everywhere n rshsl-
Our business interests are not corruut. On.
leaders IN finance commerce and INDUSTRY ~
not competing mayes And an the yellow cam
1V1zF fail
time facts are faced The prupasanda f1- Class
hatred cannot endure. It's basis Is faIsshooi--
It's purpose EGvOltlng. Prosperity can bs
slaughtered BY no campaign & abuse.
incidentally, one malics-breG allegation q ira
week having to DO with Henry II Rogers. OF ths
Standard OIL represented that that Auaucisr
as lous ago as when Steel common dividends
were suspended, consDired to betray conserve
tive interests there BY q plot intended 70 ds-
stroy dividends upon Steel preferred. schsnia,
for such q receivershiD as must have inflctzl
national disaster. Upon the very highest az
thOrity-answeTing and dlsproving this canars--
IL can be said that instead Of there having bean
at any time any suspicion WhatsOeVs- Of adverse
eIort upon the part of Gr. Rogers be co1tl1u-
ally had pre-eminent part, "A cO-Opsration win
J. ElerponG Morgan and Mr.. MOrgan's ess1-
ciates, IN uphOlding the credit and integrity q.
the United States Steel COTpOFatiOn-thaA, il-
deed, Mr. Morgan found IA no Othar tFrstos
reader or sturdier faithfulness.
Let the man who cares anything about sa--
ity IN finance. whsther investor or Speculate.
consider the basic facts Of the sltuatIon-ursr
judgment so formed determining q bushes
cOurse-and what must be the certain co1clE-
sfOn9 Have we prosperity o.. are We h
situation to be nervous. scared, suzrsudsri1gF
Take cOncrets Stock Exchange examples. TaEs
Amalgamafed Copper paying dividends &C ths
-
metal was bringing about 16 cents Per pound
It is now paying per cent dividends. win
copper metal between IS and 70 cents PER
pound. And copper authorities are unanimous
IN the opinion that the metal VIII sen up % %
cents or more in the near future ThsEs q
direct relation between the price Of eol1r
metal and the value OF the securities revrasa1--
Ing the producing companies. Judged b. tals
test. Amalgamated Copper could sell uD ~
points without violation OF the laws governing
value.
Take Union Pacific. Here Is a great company
showing individual earnings Of IA or 10 pes
cent upon its common stock. 20 say nothing q
the increase 20 its assets through Southern p
ciflc ownership and equities in the Northern
Securities Company. Measured BY Just eo'-
arithmetic, the value Of every share OF Un'-
Pacific common apprOximates $2O0-yet when q
remote disaster, such as the San FIanc7-'
earthquake. appears. professional Wan sros~
selects Union Pacific as favOFite pEopefSS I"
assail In this Is neither rhyme nor raaso-
Direct loss by Union Pacific, or even hy SCUM
ern Pacific. Is triling-While. on the other A2i.''
resultant traflc 20 both roads involved y u.'
rebuilding Of san Francisco VIII reach sD'
nous tonnage.
Take Brooklyn Rapid Transit-WhieR h-s -
merrily pounded. How can the Valas q -.
ings OF this property be effected uy -
on the Pacific Coast3 WIN the company go
ona less DassenqerP VIII there bo IN any con