New-York tribune., 1906-12-02
The Financial World.

Professional Wall street still frets-concoctfnA
varied tantastical visions-is disturbed ahoa,
the money market-worries over Washington
prospects-has spasns of hysteria touching tb.-
oreticaIIy the enmities betwixt groups OF can
italists Common sense plays no part IN this
fever But II is not to be ignored that the ns,.
simistic temper does actually influence secur,,r
quotations Moreover. the influence is ,bo--,
in current market hesitation Stock Exchanxa
business contracts.
Difficult to comprehend attitude. and cor-
sequences like these-confronted by the ov..
wheIming testimony Of national prosperitr-
testimony coming from every quarter-teseInonv
not in any phase save that it grows .x
pands. becomes more and more trernenaou,,v
s'Trifying. Take but. for example the amazing
presentation made by Secretary Wilson Of ths
National Department of Agriculture. wherein
are figures of crop values for 1906 which ,air1x
stagger the Imagination
Total value on the farms is Sf.794. coo COO tn,
exceeds 1909 value (previous high record) nv
s4s5O00Oe0 Small wonder that railroad tra-,c
is congested. And full explanation lies hers,,
of Industrial expansion. Crops are the basis O.
coLditIons
II IS impossible for the intellect to mirror rrrA
| figures hut 1t is easy enough TO comprehend TIA,
they spell wealth for our agricultural producer,
who are so large element OF our populst,o,
Every Iarlner and planter enters the rr-lch-
berated capitalist class-becomes a buyer q,
manufactured articles OF all kinds from ~.
most common necessaries 20 the costIsst Iurp.
ries Thus the wealth dug from the earth 1or,
as benefcent stream through every channs,
OF commerce.
Some illustrative comparisons are made Total
cron value for year comes close 70 the ent,-,
capitalization of the country's railroads Tn.
value OF the corn crop approxinlates that OF the
Steel Corporation. The value OF the cotton crop
is close to that Of the Standard Oil Company
Indeed such illustration could indefinitely 10
extended. To paraphrase old time lingo:
We've got the farms. we've got the men.
We've got the money too
Important. too, vastly important, Is the yrasp
these crops give US on international trade We
become the great food house Of the world at q
time when consunptive demand IS greater than
ever-wher1 every bushei of grain and every
pound of cotton left after supplying our
own enormous consumption can be sold profit.
ably abroad. Wonderful is this national trans.
formation.
Nor is there the falntest sign of retrogression
All business records-commerciaI financial m
dustrial-the same old records-per.ist. Pros
perity is everywhere. Only theorists and stock
jobbery gentlemen offer any notions to the con-
trary. Neither capital labor in all the an
nails of the world had ever before this time such
opportunity. such Immediate and large reward
Yet, somehow, Wall Street spirit iciclss itself.
finding in our phenomenal Good Times warrant
for doubt excuses for suspicion. pretending
Justification for nervousness.
Apropos OF curio intelligence like this. ons OF
the most eminent members Of the United States
Senate said to me couple OF nights ago:
why should anybody be shivering because
everybody is prospecting? Have we ever had
or has there anywhere been the habit TO have
Prosperity Panics?'
Such cynical expression Of common serss
points significantly to how inconsiderats and
stupid is the current Wall Street fashion Of IN
discerning doubt
To one who lives continuously in the Wall
Street atmosphere. 1t seems strange that at the
close of the week there could be shown any ad-
vances In market value. Yet reference to the
records will disclose that of substantial changes
this week gains have been four five times as
great declines. In fact. with but two
exceptions. every important stock upon the list
altered as much as whole point Is on the right
side. All the noise Is with the bears-nothins
else of any very great consequence OF course
some recorded increases reflect only n1anipula-
tion Tennessee Coal for example jumping up
dozen points, only by way Of certihcation that
desperate blind pool can do things. Judgment
day will come along in that quarter with ample
promptness. And banks VIII be revising
collateral lists. It Is much heralded that the
New York Stock Exchange is distressed over
dangers to the public through mining specu-
lation-ghastly pretence while license Is granted
to Tennessee Coal corner campaigns. II. as
somewhere suggested. there should be a court
review OF the Tennessee Coal situation. the New
York Stock Exchange may be IN the way OF ac-
cumulating data interesting TO Itself and mors
! interesting TO the public. What threatens there.
changes from farce TO possible scandal.
Another phase attaches TO the situation While
collusive transactions upon the Stock Exchange
are able to lift cornered stock. Hike Tennesses
Coal there coincidentally shows resentment
toward any property disclosing exceptional I'm
movement Take Columbus and Hooking Coal
for illustration. Their Is corporation OF snail
capitalization which under exceptionally pro-
gressive management is suddenly found 10 he
advanced far beyond any former status. Divi-
dend probabilities appear. But. instead OF IL
citing natural appreciat tion the certihcation o.
prosperity has chiefly for result the disclosura
that professional spectators rush IN 10 sell the
stock short for no other reason than that N
the past (when deficits instead OF surpluses were
being ca rned) the price was lower. Thus j.
accounted for an extended short interest N q
stock whose volume OF shares Is small and
so closely held that any hurried movement %
cover must of necessity force sharp advances
Such necessity Will arrive. Baltimore ana OnIO
ownership will not trine with petty specularon
Dividends approved by Baltimore ana ONO WIZ
be dividends maintained
Mining speculative spirit still further IN
creases There are some sensational Incidents
one or two unpleasant Nipissing, star aInohs
Cobalts. is disririting pyraniiding followers
sold at SS4 per share 1t dropped yesterday oe-
1ou- soa ExnIsnatfons are lacking Solae