New-York tribune., 1906-04-29
The Financial World.

worth most severely shrinking.
Wall Street intelligence on triaI--irnors. .,,.--.
elemental fact in the national business s,t1o,,,1
Wall Street intelligence on trfal-oboos.-
merely to be little. narrow and snarlins.
Wall Street intelligence on trial--is rust r,s-.
ly unintelligent.
Reference to comparisons for the week sbo..
declines like these: Great Northern dovD =,
points. Northern Pacific down 2I points pac,s.
Coast down 9ia. Smelling u. Amalgarlated Co.
per Z. Anaconda 2s. Colorado Fuel Is. 81. P.,,
10. Northwest s.
And so the record runs-though in Iarxen.,,
the declining figures show a lessenins average
Wall Street intelligence on trial-has 10 can.
slider these fundamentals. Railway earuipr.~
elementary barometer-better than ever IN m.
past-net gains relatively as great as gros,
Industrial expansion. industrial earnings run.
ming beyond all past record. Commercial cous,-
tions unprecedented
Without exception, without Qualification 40
the register shows-every element in every quar-
ter record Of t-improvement thar
is large.
Agricultural illustration appears in wheat
/ corn. cotton and other farm products continuing
to find ready markets at profitable prices
Industrially for illustration. appears the superb
financial q
/ Corporation. which now has on hand a "rrsaa
surplus exceeding SsO,o0O.O00 It's statement for
the first quarter Of the year shows an addition
/ TO the surplus OF IS 100000. after extravagant
appropriations for construction. betterment and
reserve accounts. At this rate earnings for the
wear would leave a surplus OF about IA per cent
/ for the common stock. And the integrity OF
the preferred dividend is no longer matter Of
discussion.
/ And il goes without saving that these condi-
tions in United states Steel are commensuratsy
reflected by all our prominent Industrial COM
/ pantes.
| Railroad earnings North, South, East and
| West come in at higher and higher ratio OF
| increase A striking example is AtchisOns re-
| port for The nine months Of the fiscal year
| ended March 81 Net earnings were S22OOOOOO.
/ against 81 100000 in 1908. Think what this
means, This increase OF net earnings for Just
| nine months with three months yet to hear
from is equivalent to full per cent. on Atchi-
sons entire common stock issue.
And Atchison is not exceptional
i Nothing that has happened lately. not even
/ the terrible event of san Francisco touches
/ single vital condition of the times. No InteI-
| gent spectator OF events can find that the coun-
try's resources or it's prospects have. in any par
I
ment. The logic of the situation is that of hope
/ and confidence. not of doubt or timidity.
/ Our overwhelming agricultural and manufaet-
/ uring prosperity is steadily making the whole
world our debtor.
/ Our railroad systems, sustained and developed
by ever widening areas of cultivation and enter
I prise can scarcely respond TO the demands made
/ upon them. and are not only increasing their
/ profit but, with a veiw to the future are saga
/ ciously rectifying their lines and enerssticaE
improving both roadbed and equipment
/ Our vast manufacturing establishments are
| overwhelmed with work and only out of a sense
/ OF patriotic sympathy and manifest duty consent
| to give precedence 10 orders that concern tns
/ rehabilitation OF desoIate san Francisco
/ Our savings funds are running over with the
thrifty deposits Of our toiling masses whilst our
banks. which speak for the business community,
/ are stronger than ever before; and as to our
| great financial houses they are freely providing
not only for domestic issues Of securities but ror
/ the requirements OF foreign enterprise and the
needs of foreign governments
| Credit is sound, and methods more conserva-
| tive than at any time in the past
| If we have before US the possibility OF strike
/ on The mart of the miners df coal we must re-
/ member that It is a possibility and not GER
( tainty and that even a certainty II could no'
| seriously menace our wellbeing or caecK Ior
more than the briefest moment the onward
march Of industry. Indeed. its effects. II 1t must
come. have been anticipated and ample provision
| made against them
! our people are happy. ambitious and deter
| mined Our government is everywhere respect
| ed, and its moral influence sought as paciHea-
| ton Of the whole worlds troubles and diH1eul-
| ties
/ If Wall Street. Tor some occult reason or Us
own is in quest Of the ominous. it must look for
it beyond the limits OF facts. beyond the noulas
| of sturdy common sense.
/ Wall Streets disturbances are superficial; 'As
| country's prosperity is fundamental
| Wall Street intelligence on trial (adjudsed oy
the hysteria OF this week. is just merely unlAIs''
| ligent.
/ Apart from the Stock Exchange technical 70
sition virtually every professional trader conn
mitted 20 the short side, it viii be well lor l-'
/ sane man, whether investor or SPECTATOR 9"
measure what are and may be the influence -
/ operating facts. There is not bad eleIAene .
| the business situation-nor one that is shoWiHs'
/ not one that has no chance for aggressivsi7sS'
not one that can be depended upon for dlstul'-
| ance. This is not merely my view II is the Wv
| the reluctant Judgment of every bear upon -
| Stock Exchange, and many OF these are 9a'V--
| inquirers into the business situation.
| What actually the controlling elei"0-
| now? Railway earnings uniformly inere9s'--7
| are naturally encouraging. and from e'e'S =
dustrial quarter from every commercial quarter
as already in this review declared. the reeolUs
| certify betterment Nowhere is there diIneui'S'
/ nowhere is there indication OF recession nv
| where is there any excuse for doubt as % uls
! genuineness and stability OF business coaa'Vo's
! This is not confined locally. IL Is net hA'l'su
any quarter--it is untvsFsal-it has 70 % WIS
| the whole country. - .ba
| IL is not merely that gross sarhlAss - - in
/ eraa sing-cOndanSed inquiry shows Iltl " -.