The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-21
FRE KrNANefAE a.rrArssx.

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tsfs a arnnWttve 30 saft quiei IN
ss-eaf8flon ioenefs dufiHa shieif M hesf,
ines ~ tke esiafiea slignfinH e1uld ~ cife'
fully atatlsf. ani INVESTORS ani stHUuitt1ff
siiae rouli inuH mofs ealsHiY aHiiaffrusY
lnf1 ~ fYfHfe ihsn fhey have lerH dnina
n 10 AsNstfless Fro firt ~ tle Hugnen'
mHny n fhe sfnaiiaf pfufessinnnl HfHfHt1fs
ass 'aathtsf' TIE maftst fefttfH y
heites wsv ~ put n woult ~ Nat they
afr fttheF dlaefihtlet ovef ne Nay The
magks hts %fecnutly treated them Pro-
Vtsta ~ the ssa Frtnrlsri earthquake
srecuia'ots n this els-s bgd entered into
rather extensive = rulnltmsnss fUf the
fiar, taking ~ mnfc stpeh, NJ the cveuia
~ ,vei, thtn they vsrs allie y, ctrry
hryuah . prfiod n ssFsas They soid cdt
their s,ouks. ~ many ~ ihcn ~, not Tar
from the Inv pricra to,lchesi fsllowina Tho
CALIFORNIA; dtafAteF, and sustained heavy
ioes~- when tho market turned upward tho
unfortunate tendency tiuonR ibeas apsoulN.
tors wss, after thc prtcis had advanced
three ~ four pysnte. ~ fight the advanc'
on the ground that the recovery had bsen
TOO rapid bot the strcnath ~ the marriott
overcome thorn and they were forced 10
take more money from their pockets IN
order ~ ratlre their cDntracte Tor the
decline. 70 loa-ea sustained Ike these
In quick siccession on either side "
the speculative account Wall street applies
the expressive term n "whipuawing. Nd
certainly aeema To h. the fnc' that many
stock market operators and some OF them
Of pretty large calibrr h been whip
slwed within the last month as they have
not been within the ast two or three years.
All this has left them sore and diss1t-
isAed and inclined them, or q goodly
number Of them, TO view the financial
situation through dark glasses. No one
can doubt, however, that underlying finan-
cial sentiment, not only In Wall Street
but throughout the country, is thoroughly
optimistioL Prices Of securi, les, despite their
ba oking and filing, show a firm undertone,
rally quickly after brief periods OF decline
and attest in every way the strengthened
condition in which the speculative situa-
ton stands by reason Of the purging process
to which 1t has recently been subjected and
tbs splendid prospect that opens before
every avenus of the country's legitimate
business The stock market has been
largely during the week one OF ~specialties'
The bulk OF the trading has been in the
Amalgamated Copper, Union Pacific, ST.
Paul, Brooklyn Rapid Transit, American
Smelling and Refining, American Locomo-
tive and a few other stocks, the natural
reason for which is doubtless the fact h
no are stocks ct the present time for
which more powerful arguments for an
advance in price can be adduoed than for
others Every we'll informed person must
aware, fer instance, Of the Heavily IL
earnings in recent years OF tie largo
copper producing companies. Of tie ter
tainty that these profits must continue to
run at their present or even a higher rate
for q long time to come, and that tie dlvl-
lend upon the Amalgamated Copper, Ana
and other stocks Of similar class will
continually increased. Similarly all rea-
sonable chances favor an increase in the
dividend rate on Union Pacific common
either next fall or next spring, the
declaration Of initial dividends by the Brook
Rapid Transit Company in the autumn,
the enlargement of the distribution on tho
American Smelling and Refining shares and
favorable developments Of one kind or
concerning the Northern Pacific,
o. ArN-kh.-. aal Apnariran INrOm0tiya
In the case Of the American
Company this may lake the
form not simply Of a dividend payment
the company & common shares, but OF an
alliance with 'orabsorption by another COM
pany growing out of the pressing demand
now felt for locomotives of electrical con-
struction.
II must be- said that, surveying the stock
as n whole, all the facts that can be
gathered unite in making strong argu-
ments for higher rather than lower valua-
tons. In many ways the market appears
as II IL had arrived in the course OF time at
something like n new starting point. The
ereat advance in prices which ran through
but last year reached its zenith In january,
and since that time there has been a reaction
OF nearly 20 points in quotations for the
active stocks. involving a deduction from
the quoted values Of securities in general
a billion dollars; while the forces maling
for This reaction we're pushed to an ex-
IRENE extent by the shock Of the calamityon
The Pacific Cons, The market is now await
after its natural recovery from this
fall the development Of new impulses.
was outlined in this column last week, all
the menacing clouds Of n sort or another
nave recently overhung the situation
have been dissipated and the only remaining
matter of uncertainty from a financial
Of view is the seasons crops, In
this last regard patience is required; but
the outlook for the crops 30 far as 1t is made
Ia magnificent. The winter wheat
crop has passed the pen winter in splendid
shape, having been benefited greatly by
the abundant moisture and absence OF
and thawing temperatures that
usually characterize the spring season,
although there is now a little complaint,
as is customary at this time, Of an undue
distribution of rain over the winter wheat
belt, some sections complaining Of too
moisture and others Of too little, the
promise still Is for a Weld OF winter wheat