New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-09-30
me Financial World

There has at no time been IN. er HcA
apprehension among actual ovvnsr- trace u
such liquidation as has been lndpcaa ,''ar'uss
OF speculative holdings. nor hays 49,
character been large. IN
Selling on political movensnt,
seldom been effective. As nna...- bee
business Of the country generally ro.s AN ns
well independent OF political asitat,or ss1y
comes TO legislation nothing destruc..v. ,,a
common sense rules. Were IL not a. :, s1o.oo-
lean political system would h. a s.sas Ana
osnltlon or these facts Is common aroor. Sec
ing men. and our capitalists 40 No. sSs tn1xr
over epneneral political phenomsna-thsv IIsss
gentlemen who take delight Ia shoutt,s.a e no.sy
tons down on any pretext whatevsr 44ota-
SITUATION OK TINS week-stability and cam ,s We
The money market also furnished 49,.
topic OF discussion. with bear inz,.t.ro.
destructive stringenoy was inevstabl.-,s.. 3
deed. there was not enough money IN 30, - ~
OF course there Is and has been plenty n, -
but the Treasury in it's operations v-t,, J.
banks had locked I'D considerable a-no,,.
thus rendered idle. AT the appropriate p,or-.-.
Secretary Shaw ala what every sers,bls -"
expected he would do-deposited in sund-, -
throughout the country S26 100000 which -,
not be recalled before next February Th,. !,
once puts into active use the peoples own uo,-.
for the peoples own ends. II Is no, 90 80
the sum involved which pleases Wall srr... -
the demonstration that the Treasury p.ps---
ment can be relied upon TO do whatever NAV =,
needful 70 assist the Legitimate opsratio,. =
commerce and finance. Our hscal laws "a !.
no means perfect, but give sufficient latitude \,
the Secretary OF the Treasury to enable sin n
be OF real efficient help when he 30 choosea a.
rotary Shaw chooses.
Tho favorable influence OF this aston vax al,
Immediately IN London. which was apprehensvs
OF further instant demand from this slds ~.
more gold. London knows that this country i,
virtue OF It's large foreign credits can seeur.
any amount OF gold 1t may need The nheratio,
OF the Treasury millions relieves our zold -.
Quirements for the time being
Intrinstcally, our money situation a enttratv
wholesome. The demand for funds Is nor "a.
payment OF debt or for frightened boarding. bu,
is for active employment IN every channel ~
national activity. Every dollar in Circulation
IS engaged in helping to make another dollar
Those who two or three years ago became 40.
cuStomed to borrowing call money FOR less than
2 per cent do not like TO pay per cent bur n ia
a truism that abnOrmally cheap money n an
unhealthy symptom, betraying lack OF confidence
and absence OF opportunity to do things Ths
money rate at apprOxirnating the legal stand
ard is normal and Inevitable in good times That
Is just what we are experiencing now. And 90
caSiOnal furr!es above the legal rate due 10 tenn
porary and local causes, have been the ex.su-
ton. not the rule. This very week. for example
preparations have been necessary for the Dis
burSeIneQt or our SItFJUHh}tFHD october interest
and dividends. The disbursement OF this fast
sum TO bondhOlders and shareholders Is certainly
no sign of distress, but u does Involve financing
enough to keep the money market stiff The
money so paid out does not vanish; ii return,
almost at once 10 the issuing banks and trust
companies. This is period Of big disbursement
big earnings. and above all Of big prohts-begin-
ming with the farmers and planters VINO have
raised 81 900. 100000 this year, and clear down
to the hum leSt wage Garner.
One word sums IL all up-PrOsperity'
APPLY summarizing the situation. as Il In
presses thinking, active men upon the Stock
Exchange. Is this statement. made by one Of the
closest OF Wall Street observers:
The only deterrent factor Is nnoney-and before
the 18th OF October money Will be much easier
Politics will be ignored to large extent It viii
be another case OF market acting the way Il
did after Bryan was nominated the first time.
believe that the biggest interests are gathering
IN Amalgamated Reading. Southern Pacific,
Union Pacific, Anaconda and Shelters and be-
neve that commencing some time before no
10th Of October we are going TO see the start Of
the biggest, broadcast bull market we have ever
had Stocks have been working against cOnd-
tons; and IN my Wall Street experience cond-
lions have always finally asserted themselves
and they will DO so now. On any weakness
would buy good stocks; and I would not wait
too long.
In the railway list much energetic effort is put
forth by adverse manipulators. They continue
especially bitter against the Hartman issues.
and II IS probable that in Union Pacific ard
Southern Pacific there exists now the largest
short interest that Wall Street has known in a
long while. In the former there appears some
suggestion OF willingness upon the part OF m
siders TO fiirt with the bear manipulators STOCK
being made particularly easy to borrow as short
sellers seek it. This is likely TO be disclosed any
moment as the batting OF a trap. Southern "a
an
Cific that those closest to controlling oahAsis
show chief devotion for the present. SOUTH
ern Pacific announcement OF magnitude Is IOle-
cast. And the stock selling eX-dlvidenu ~. vi
morrow, ought to produce quick suDsIal.la'
profit, If the rest Of the market maintains eoln-
posture.
1t is fair expectation that every one Of the
standard railroad properties will do better ma
ketwise from this time forward If there pc ~
disturbance blythe intrusion Of things uneNp sS,
ed and anomalous. Many important trdiisdcLo.S
Of far-TeaChtng consequence are az the pom. e
cOnsUnmatiOn-any one OF them OF VaIus "a
cient 10 inspire expansion OF investment T YIN.
dence ST. Paul, Great Northern and tne "a
derbilt properties may be expected 10 hsIo -
developments OF such character. In the 800 800
quarter also prOgresSfveness may De CD~ -,
upon for effective accomplishment ~ any "a
eraI market development Missouri Paclnc -
st. Louis Southwestern will have Waoes''H'
share.
That the market is filed with bargains IN oO'i
the railway and industrial lists is evident y
every fair-minded considerer OF the earhn.s.
statements which come weekly upon recoru -
phenomenal things that Erie is accoaplsni-''
the steady comprehensive development OF s0I.,
ern Railway, the splendid strides OF ROCK -,
and'S vast systenl-suCh signs cannot 20 n
upon the wideawalSe investors. Inc stse Son-
such properties at discount to-day VIII yg.o.sfa
sentative investments within anothsr 4, ara
And the group IS not little one. Ia n, !. iSks
embraced aggreSsively managed propeI,so a.
Colorado Southern. Texas Pacific, IO'9 e.xas
Louis and Western Missouri. Kansas anl - Ig<e
Kansas City Southern and Wabash SVvCo5an-
these are bound to join in any genera! oss-shlp
ing market movement. following the ISaN'T sv
OF tested properties Ike PennsyVahII,,, , ard
York Central Baltimore and Ohio. LouisVHl s,Ssr
Nashville Illinois Central and Canadian E"''-