New-York tribune., 1906-07-08
The Financial IForId.

quirks, inteliigible 20 nobody having r.x-.~
value TIN rallies closed the week. We ss-N~ ~
uninterrupted raids. Yet underlying 49, "a
not change. National prosperity efavs 20
lessly conspicuous. While denraszio-s..
street kotows. tossing sens. % the So
strange iFreverencs for Stock Exchsrv. - ap'
Is manifest everywhere else a fha 49, -' e
Impossible to find anywhere a single tos.n ~"
cessiOn or contraction or susuici,, -
wavering. or business buzabooz r-scss-a--' '
stTutted through the financial world evs--, -.-'s
clumsy fabrication. Nobody Il S,ol.s 80 -
they who want 60 be.
It would be afTeetatiOn. though. u-s,t-
honest. 20 find IN the current wan Ssree. 49,.
tiOn no bad spots. Ono there q of exos,,,.--,
sravity-Fefeetive OF the popuIarls- uss.s
seems somehow 70 attend upon exhlb's,,, !.
corporation haitiug-sObriety apparently ro,.,-
a seasons vacation.
Suggestive performances along this Has s-,,.
in a suddenness OF attack upon Zee supply co-,-
panies all over the couutry-lt being dis~ov.-.,
by astute district attorneys that some a. 49,
tee people have been really attemptinr =, ssss
a dividend: and one group Of indictahls sf-i~~-
after a little prosperity have already z5-a =,
1a1t-tnOuGhs on appeal 10 may become Gs-ass.1s
whether the new rnalfeasance cannot a. = =.
offence at least) be reduced from felony - -
demeanor. acGuitable By q hne-a dire rSsz'-
icists who are religiously sure and eIsT~d--ss,+,
that anything like sOlvency Is 80 shau1sIssz 90.
IL ought to be capital crime.
OF nauseatins features hippodromed s-s,,..
intrinsic values in the market. one is suv.-i,-
lively revOIting-that which reveals croo.ss
minds and crooked hearts affecting 10 cons,--z
the plans. the purposes. the actual aeeom1Hss.
ments Of our National Administration a. e.
structlve-every bear oracle IN Wall Stree. r-,.
claiming business extinction campaign. Ss-
fly, OF course, will repel the libel Whst -.
been directed by President Roosevelt-dirso+!S-
happily synonymous with achievement-sta-ss
for betterment so substantial that 70 reures-r-,
virtual revolution from dangerous dOUbtfuTrAss
to inspiriting certainty IN basic value throlsS-
out the investment world
It is not well. however, for any OF us 10 mag.
inc that the market at present IS wholly viss.
out danger spots. Among the interesting az.
hibits OF the Stock Exchange week has been
break Of several points IN Tennessee Coal ara
Iron stock, the vulnerability OF which vas
pointed out IN this review last week Ihs Ter
nessee Coal example is noteworthy IN that 4.
typiles variety Of securities quoted wherein
manipulation vies with mystery among consris-
uOus assets It is one Of the peggsd speculatiVss
TO which levelIing processes have been recently
effectively addressed. Only a year or tEo aso
tractive to a group Of spectators already con-
mitted heavily in Southern iron and steel enter
prises-their absorption OF the stock starting
feverish market movement attended by extraVa-
CANT forecasts Of Southern trade millsnnlum
which was forthwith to Re brought abous
through consolidation and cOncentraI1n
schsmes. Republic Iron and Steel vas 70 eltsr
the combination. SIoss-SheheId was to be oc--
rallied, various other Independents were to ts
merged-pleasing tales growing more and ms-s
ornate as Tennessee stock was lifted higher and
higheT-a balloon rOtundly rejecting mythical
rainbOws. Wall Street suddenly heard that ths
stock was eoFnered-and that ever since has hesn
speculative reason for traders 90 fight shy O. i7-
terferiug with its ridiculously high quotations
common sense disposition toward Tennsssss
Goals stock market situation having for couE.s
Of years not presumed to intruds itself yVhsrs
unless. perchance. the slump OF the present.
week may be suggestive Of sanity waking ur.
Under its present corporation title the Tan
nessee Coal property has been known to VaI
Street for twenty-five years Though under an
other name originally incorporated back in 1sol.
and during the quarter Of century it has paid
dividends In just three years. 1881. 1900 and
19O5-an average dividend per year too frsc-
tional 70 cite-frOm 1881 to 1900 dividend dis
bursements aggregating precisely per cent u
1900 there was suddenly a declaration Of s pr
cent; not a penny for thirteen years prseedlls,
nothing the next year. nor the next, nor tas
next; nothing from 1900 until last year, vhan 4
per cent was squeezed out.
Last year is. Of course. recognized as one haV-
ing been exceptionally favorable thrOughOu. t-s
iron and steel trade; and last years Dividend
ought to have been available naturally enough
though net profits last year were materially less
rlR-
dend balance 10 per cent below the average 1e1
the preceding half dozen years. deductions lol
interest, depreciation, and the like not only oe-
low the average but below the actual totals -
any year since 1900. The exhibit shows ~
deed, that the net profits of 1898 were materially
smaller than in 1900, 1892 or 19OS-Over Se>'s-
600 less than for 1SsS-Such comparison not pLe-
venting the starting Of dividends last year. ~
cidentally. however, this only recalls the status
when q per cent was paid in 1SOO-no aHOWdl-s
at all being made that year for depreciatio--
and last years depreciation allowance helnS ll+
S224. 600. as against S:SO40OO in 1904 and S-ls'-
600 deemed necessary in 19(2-surpluS proVialAs
being barely $1O6.OOO CIess than One-half OF
per cent? on the capital stock.
What may be this years dividend record eau
not Yet, OF course, be definitely counted upl"
ern iron trade conditions have lost some Ot tel.
brightness; certainly an increase beyond ~
years per cent may be hardly anticipates
and that a = per cent. industrial and minus
stock is worth 30 or 20 points above face yait
IS not according to ordinarily accepted Staida.us
and in this particular instance market Va!.s
will scarcely gain much bUOyancy from Colsl.
Grafton OF exhibit like thiS-bsing the Olel-
dend record of Tennessee Coal and Iron. sinse
the present common stock has been known "
the Stock Exchange;
Year. Dividend Year Dyid.n4
NJ