New-York tribune., 1906-03-18
The Financial World.

wan street markets have this week rv-..
from sensational Incidents. No deveIoums.. -,
general influence; but some have had -
bearings OF extra consequence a cour. 49,
has been used a weapon wherevvitb cb,--o'
street railway stock has been knocked g. 81
points. New-York's gas company shars. -
been further ralded nearly a dozen nol,.-
Gould railroad stock was forced from, 49,
to 35. Naturally, movements like theza - -
age bear speculative spirit, and througbo-. :.
week the entire security market has been - ~
pressure. s
IN the Wall Street view, Chicago stree. -
shares have virtually lost their entirs 80 ~
United States Supreme Court ruling -. - -
company's franchise claims In all Dr,,,sr.- =
it viii be found that this is exaggerated .-I-S
hension' but that stockholders meantime snr,.
Is disclosed by shrinkage IN preferred stool, -
tations from A 10 16- Chicago poItIcia,, -
hilarity. hailing as the equity Of s,ats,-,,,-S'
what TO ordinary folks seems close aDDro,.s !.
cOnfscation. And the situation diers-. -
relative size from the exhibit we have a., 9.
solidated Gas here in Nsw-York THAI - 3,
nave been regarded as among our rnozt w..
conservative investors are the owners % G.
solidated Gas stock-careful. calcu1a+f,. :,
mators Of safety-fnding now the old s,sst.--,
standards OF measurement troddan dov-,- -
Mayor OF this city. in a public hsarf,v -
actually impelled to inquire whether tb. -
sion OF this new legislation win quite r.seb =
bankruptcy. OF course. trustees who sr, =.
spineless win seek judicial guidance in -
What is notable colncident with such s.,,.,..
ments Is that Of quotations whiah SHOW a -.
change or a whole point or cs0re f0r rha -
Almost as many are advances as declines BTt
the significance is not hard . 6u,I-I1-...-t
recognize the lack OF bearing when special -
turbances have upon the market as a yvEois
investors recognize that indispucabIe srnsrJI,.
national prosperity is the one factor vbicL 1--s
have general, universal bearing To sr,ssb -.
stock or half dozen stocks. for one Tsss1, :.
Tor halT a dozen reasons that have 10 n -.
with those stocks. is not the influence II Uzad t
be Scare elements ere out OF the market
In the security market there Is natural rss.,.
tion OF a movement OF the day which prorl,s,,.
" stands Out-attack upon corporations r.
certain newspapers and TO a class OF pphH,
characters the corporation is as the traditional
red rag 10 the bull From the point of vlsu -
the demagogue and the ag1tator a corporatio.s q
IN itself shameless and indecent thing--,,
have been organized TO prey upon and pima,
the public. To engage in the strsetcar bussu.
or the gas business IS soIemnIy held 70 =,
criminal precautionary one engaged IN su,s
business is necessarily depraved and a prouisinF
candidate for the penitentiary- Leather-lunssd
orators vociferats in state legislatures ana n
pi who are draining the ufeblood OF the pso-
ple-loudIy rises denunclation OF the horrd
moustrOus iniqUity belonging to a corporation
These denunciators. however, fail 70 take iats
account the millions OF plain American citizen,
who represent corporation ownership-do not
stop to consider that what the corporation q
doing could not ConcetvabIy be dons BY fndi.
vidual effort. Sensible men realize that the
corporation is a natural evolution OF modern LIE
and that it has come TO stay.
Take a brief glance at the premier of them al
the United States Steel Corporation. In Ia
record is found no chicanery. no concealmz-
no blind bookkeeping. no dark lantern method1
It's annual statement Just made public Is a mode
Of frank perspicaoity. IL tells it's stockholdsa
and the public all there is TO tell-and vastly =
teresting is the story. In just one year-1e0S-
1t makes net earnings or S12OOOOOOO. which i
an Increase OF S47,OOO.OOO over the preceding
year, and these net earnings after liberal sni
judiciOus appropriations for betterment and IL
provement accounts which strengthen the Cor.
poratiOn's position for the future Could mors
inspiring record be preseuted2 And IS there
whisper anywhere that these great results are
brought about by oppression or eXtOrti0n? II
so. complaint is too faint 10 be heard.
But the vast transactions of this concern
would be impossible 70 individual effort Ex-
anime a few OF the more striking features Of its
1905 report. Gross earnings approached $780,
00000Os net earnings S120,000. geo. its employees
exceeded 10000; IL mined more than 1s,000O00
tons OF ore; its output OF pig iron exceeded
more than 100000 tons; its product q
finished steel was greater than 100000 tons
Think what these colossal figures mean Thi1s
what administrative ability is required % hands
such gigantic business The United states
Steel Corporation does things. The men VIZ
direct il comprise much OF the best intellect =
the natiOn-are they public enemies2 %
finance cOmmittee-iJs committee OF vital =
portance-has for chairman George w. e.
IL ms md Of n -aH 4n
FriCk, Ebert III. Gary and Henry PHYS
Among its directors are J. PierpOnt N0rg1
William H. Moore. George f Baker and Nor
man b Ream- These are just tuus-rals
names-dO they indicate that a c0rpOraIa
must be band OF pirates-a gang of puadsr-
ers2
SenseIess cIa1nOr against corporations must
have natural death. There is strong protss-
siOnal element in Wall Street which seeks F"
take advantage OF anti-COrpOratLon hoWS "
eHect depression IN the prices Of corporate =
curities; but their worries and their patrioJs-.
are sham 70 the nausea eNtreme-they are J~''
hunting forever for a buccaneer profit
In this weeks market stress has been h-a
upon the exhibit of the Missouri Pacldc's annua'
report. showing dividend shortage aPProxtna-
ing $4,000 It Is proclaimed that this 1o'e
shadows necessary dividend reduction. and Ms
souri, Pacific stock has consequently suIere@
As a matter of fact. no such bad thing IS IoF'-
cast. Missouri Pacific suffered last year f1''
half q dozen special causes Lou.sianc's yeAo'
fever scourge included. That was last year
expanding prosperity showing now at even
point where then were drawbacks and damas,
Earnings are now increasing at the rate p
hundreds Of thousands Of dollars month mas.
ing petty the $4,000 debit so much hippOdromA
Missouri Pacific. incidentally. from 1901 TO t'
beginning OF last year, having earned a suI5-
of Sl9,325.O .OOO in addition to the actual dlStlu-
tion in dividends to It's stockholders during tho@
yr1ar ~ MOL FRnr =