New-York tribune., 1906-11-25
The Financial World

enthusiasm Among them is the rav.,.., ,'uFass
the Standard Oil Company without .,,- sa 'aa:
Of trumpets. without ostentation blowing
the hrst Of this month: and closa Wages
comes announcement OF the raisine =. -o.io*ias
the United States Steel Corporate, ages sy
great industrials follow the exarnuls =. ~,
road companies. Tangible evidence '' AZ
perity. VI pros-
But. urge those critics welded -
prosperity is In itself a menace .h~91aisra
from its very excessiveness. Mora s.e7a'as
line OF argument IS unimaginabIs Tr,-asaeal
American prosperlty-but the sum ,o..,
bounties of nature. plus the fnteIl,gou. " os
every working American? II 80 igor q
tWentleth century. and there lie rafo-s' = MS
sured opportunities OF yet more rioa,,.37 u as
Grandiose development Os this kin5 s.oWih.
velocity rrO!n It's own impetus Tbero eaeasrs
halts in the upward march Of rnora - may bs
verify but the march must 90 on 10 IN. Hs @ Sc
tined end-an end Of which the beginnir-ps leces-
tfini 20 argue that such conditions s @
Ihlnlcal to the security market is like s a-rs ars
tnat man who doubles or trebIes or sung
ms income Is on the road to the poorhonsa -''ss
Further testimony to the countrv'z r,a--.,
progress is furnished by the Disturbances
profits accruing and to accrue from the o-u,
TO the shareholders OF Great Northern
these profits must arise from the workins -
ore lands by the United States Steel c.
tion' II Is plain that the latter COMPANY So,
as the former must reap large profits From, -
operation Indirect effect upon the Steal So
is likely to be an immediate sequence
The form in which Great Northern proe,,-.
Gistrlouted Is Significant There is no crea.a,
OF corporation, nor Of a holding conor.
either OF which might be subjected In rsssa.h
able attack-the ore properties ava 800,
ruSteed ana Great Northern shareholders ~
arrif
prudence of James J. Hill !" he
Political hostility to corporations cor.,
put II IS the opinion of shrewd observers Of ma
nc opinion, voiced a day two ago nv %
Hartman, that revusiOn is at hand-tba. = q
sober second thought of the people will ~.o- s-'
nize that corporation is not necessarily an 81
thlng- Surely 1t is time to pause when s1.L
men as Thomas r. Ryan and Jacob u $50.
nnd II advisable to resign as directors 4, -
panies wherein they have large personal Inva<,-
ments Is a policy which drives such ne, ~. :.
active participation in public affairs 10 ~ ~, "
qualifiedly commended? Are passion ana r-a., -
dice really the safest public guardians?
Money market conditions improve both sb-,,,
and at home. London is IN a much -,,,.
cheerful frame OF mind by reason OF this =,
our market the call loan rate of the week st4asuv
declined until it reached and closed al -.
cent. Time money is also perceptibly sassr
We are. of course, approaching the period yvhs,
arrangements must be made for the enormous
disbursements due in January. and this o~s,
makes a stiff money market during Decanhs-
but there is no reason to suppose that thera viii
be anything out of the ordinary this wear Ps
turn flow from the interior Is now largo anJ
will be larger-and the result of our irterrsfionsI
trade is continual piling up of foreign credits in
suring gold imports If needed Advertised MONEY
scares seldom materialiZe, and IL looks as n n.
bears are again doomed 10 disappointment
Continued easy money would remove the las.
obstacle to vigorous market Improvement !.
would leave in full and free play the mighty
forces of prosperity. Increased dividends IN
creased earnings. increased wages must fna
recognition. and the more belated such recogri-
ton is, the more pronounced Will IL be wher 4,
does come.
1t is not improbable that this weeks market
course may be Influenced by the fact that ths
Thanksgiving holiday will virtually end business
in the middle rather than the end OF the wees
for many important traders VIII extend tss.
vacation from Wednesday afternoon to he
following Monday. Yet 1t would be surprising
If in the early part of the week there ara no,
recorded some signifying advances in some con-
spicuous groups-notably. II may be- IN ths
bituminous coal and Independent iron stocks
The rise in Hooking Coal. for example. viii
probably be shown TO be something very differ
ent from either accident or manipulation. n
terests intimately associated with one Of the
foremost trunk line systems have been the ac-
cumulators of this stock Among themselves
they predict such developments as can produce
dividend earnings
Another disclosure of consequences appears IN
evidence that group of fnanc.ers not recently
giving apparent heed 70 the security market
have. under cover, been taking over the larger
part of the floating supply of half a dozen con-
spicuous stOcks-incIuded in their list being
Amalgamated Copper. Steel preferred. Missouri
Pacific, Louisville & Nashville, Rock Island pre-
ferred and Texas Pacific. To some extent the
combination seeming now about ready 10 begin
active operations in Analgamated Copper nay
be fairly considered an Official pool In two or
three of the other stocks named a considerable
element in the purchasing contingent represents
European capital London has been taking
Rock Island common This would have seemed
almost ludicrouS not so very long ago To-day,
IL is personally conducted BY one OF the very
foremost international banking houses Annster-
dam buying has been chiefly responsible for me
Missouri. Kansas & Texas advance. The Dutch-
men seem Inclined 10 try 10 buy back what last
year they so freely sold They find that they
are. however, a trifle Iate-James J. Hill already
located on the premises
Some indications show of whoIesome ten
dency to regulate the free and easy speculation
for some time past running IN mining shares.
Conservative interests upon the Stock Exchanss
are directing themselves toward safeguarding
public interests. Such qualifying influence
comes none TOO soon. Bucket shop proprietors
and promoters have been deluging the Curo
with new Securities in tremendous volume
selling or trying TO sell stuff without character
and really legitimate undertakings have been
actually thus crowded aside. As natural Hna
result a scandal would be bound TO come.
There are plenty of legitimate mining entss
pr1Ses-propertieS not only legitimate, both >,
producers and prospects. but having men o.
the right stamp for mana gers And as oNe.
and over again has been urged in this reviss,
the character of the man who manages Is, ~
mining, as in any other business enterprISe.
INN -aaar
property can be. And in the present eXlraor-
dnary national mining developments thers y
no need for any investor TO be fOoled-ior- ~
an extent never before approached men ..
business experience and business integrity sse
identifying themselves with the industry-ao..
and disposed 10 conduct it on lines ~