New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-04
The Financial World.

We have had another week Of Stock Excha,-.
nervousness-nOt a day free from asgressiSa
bear campaigning every hour has had IFS CIV
plosive sensation. there has been scarcely :,
single minute without TaidinS performances ~
its own Net result. to meet adverse expecta
ions 70 excuse sianfning and JaInTning proc
esses so perststently pursued. ought To be ra
Elected in material market declines. Actually
the result for the week is not desperately -
pressing. The Hill stocks are dOwn-Ctras,
Northern losing 10 points and Northern Paciac
falling 10. nor do these figures show the lOwesf
for during the week Northern Pacific and C,rass
Northern were both substantially lower Ana-
lean Smelling likewise was under the haror,..
selling as low as 1j3 compared with 161 a wet,
ago. yesterdays final figure being fractiouaII9
above 154 But the two stocks upon which bear
effort has been concentrated are ConsoIidated
Gas and Amalgamated Copper each for ths
week falling over half dozen points. Touc5
ing neither or the properties is a single thing
neW-notnlng, at least, OF consequence enough
TO be surprising At Albany has proceeded ths
1nimical Gas programme. but as 20 comes
snares no disclosed development is anvthins
else than ncOuraging-actually Inspiring
As TO Gas. it is. Of course. recognized by saus
folks that there can be recourse 70 intelligent
judicial review OF vested rights. and upon oFT
cial authority l state that there VIII ~,
be mere Suilen compliance with AIbanys order,
III beinS WITHIN the province OF the supreme
Court or the United States 10 determine nov
readily and how far professional politics nav
proclaim contscauon- And, again. stated In
this review a week ago Consolidated Gas "a
with but extraordinary exceptions the cheaDesS
Of all industrial stocks quoted upon the New
York Stock Exchange
AS to Arnalgamated Copper-everv professional
trader being aggre5siveiy bearish-what Ordinar-
lily may be taken for cTiteria OF value are wholly
ignored. Competition. opposition. war-vanis6
Mines tnat We're tied up become operative; where
were handtcaps, burdens and stranzuIation
there are now disclosed united effort heIDfulness
ana ret prohts- There ~ trade revolution In
American industrial history not one record h,
there quotable for Darallel-this new SITUATION
unprecedenIed In its prosperity possi5ilities-un-
preeedented in what conservative observers be-
neVe TO be ceTtainties. That Amalzauat.d
Copper market values should decline can be ana,
or expainable only upon the basis OF Speculative
pressure What seems 20 be the case is that
powerful interests are intent upon letting Few
outsiders retain stock market interest. Every.
pody scaTaole Is hurried into liquidation But
the sequel Will be profit fin large volume for ali
who do not tremble and let go.
Metropolitan Street Railway shares have bean
the centre Of other hubbub. At Albany and IN
Wall Street alike animated opposition proclaimed
itself against the announced plan for merger
with the subway and the elevated systsms-ths
establishment OF concentrated natural transit
system for the metropolis And ACCORDING
to vociferous oracles OF the Street there was
no hope of success for the enterprise share
holders refusing to be ''yicttmized' it belna
freely forecast that the call for assent from se-
CUrity holders would this week end in fasco
But, somehow. the pessimisttc gUesser guessed
wrong. Official announcement came on March /
stating that the merger plan was acceptable &c
the owners or the securities or the Metropolitan
corporation, that the merger was assured OF
success OF course, this does not wholly dispose
of the cavalry charges at Albany; but it does
denote situation clarified
In Wall Street history there are few instances
of prejudice. pressing, persistent and purbind
comparable with this prejudice which for years
on years has been figuring in antagOnlsrns
Ia against the straightforward development OF
NETWORKS street railway service Recently
animosity has trebled its vigOr. hurrahing over
the discovery that il might be possible to yet
do further damage by calling Thomas F. Ryan
names-Mr. Ryan's personal Identification with
street railway expansion giving him pre-emi-
nence as target All the saIlles against tina
property have proceeded on the theory that ad-
verse activity must command the cooperation
\ OF MetropOItanS own Shareholders and at
| times. in some ways, there has seemed basis
for theOriZing OF this sort. Yet whenever test
has been made there has been readily forthcoui-
ing ample proof to the contrary.
Upon the New-York Stock Exchange roster Il
would not be possible to find stock whose
sponsors have striven more carefully or with
more Willingness Of personal sacrifice TO main
tain intrinsic value TO insure continuing dfvt-
dend returns. Take, for exemplifcatOn the
auxiliary Metropolitan Securities cOrpOratfou--
criticised, Censured, condemned, by all the host
or professional opponents as indicating evil
sometimes weakness. sometimes wickednessl
for the Metropolitan Street Railway Company's
shareholders. II is difficult TO classify censurs
of this sOrtsoue OF it childish some OF II Grim
inal What the record shows is healthful and
heIp1ul and wholesome What the record shows
Is that Thomas F. Ryan and his associates In
devotion to the business Interests for which
they stood were striving earnestly and all the
while 10 do what was beneficial for investment
interests. Realizing current difficulties and
handtcaps, they were ready to pledge their own
resources IN appreciation Of the fUture-cOntri5-
Jung or their own capital TO found an indepen'
dent corporation, to assure to underwrite to
guarantee. the good faith Of Metropolitan diyi-
dend capacity.
That Metropolitan security holders with
promptness show their recognition OF such ser
vice Is merely natural-au the professional bear
SPECTATORS Of Wall Street 10 the contrary not
withstanding.
Ihroughout the week We have had hippo
dromed worry over the money market situation
Everybody short OF stOCks-the entire profess
slonal COntingent-felt sure that we were upon
me verge of banking cataclysm. Funds on call
ala get up 70 per cent even touching a Ittls
higher rate, but the normal quotation was below
the figure; and at the close Of the week comes
announcement from Washington that the Treas
uIy department recognizes the wisdom OF re,
placing IN the COUntrys banks substantial
portion OF what the government has Withdrawn
IecoshlZlnS the Fairness OF giving the money
market freedom from government drain. This
means much. But what before long seems sure
70 give us larger relief appears in the prospect
OF gold imports. Our phenomenal international
trade balances VIII warrant drafts upon Europe
throughout the country business prosperity 10
so substantial, rises TO such extraordinary
heights. that there is ready use fer an funds
within reach: and to some OF the tiulid souls OF
wan street this national prosperity seems an
dctcal nenace-cOnSuming the money which ths
financial world here ordinarily depends upon.
Logic Of this character however. proceeds
upon the theory that the credit element I'm finance
Is shrinking loses its normal consequence.
a canvass OF score of the most important
bankers In Wall Street ELECTS the fact that there
- IS Oci4iSllI among them ll1I oe-oIS 'as
emo OF thlS month money market conditions WI
nave corrected themselves. that there viii be
ease According to these authorities interest
rates may not be surprisingly cheap. but they
VIII not be surprisingly high-wiu not be onsr-
Gus.
One fact that may be kept we'll in mind Is that
there Is showing an absorption OF American Sc
curttes on a large scale for the account Of
European investors. This statement is made 10
me by the heads OF important international
banking houses.
And this absorption is not on sentiment. 10
absolutely warranted by current disclosures OF