New-York tribune., 1906-04-22

f1ndlcS.
In times when the unexpected projects ,,..,
into the arena OF thought and discusslop T. /.
pertinent to look over the fundamentals Of D,
situation.
Nothing is found changed. Agricult,,,
wealth continues to increase, and. so far =,
present indications go. there is warrant for IA.
lief that the crops OF this year viii coup,,,
favorably with those OF any previous year. Ana
prices for the products Of our soil remain "a.
munerative. In the Industrial world buslnas,
simply booms. All steel products are IN "A.
mand at rate exceeding productive capacity
And this situation viii be sharpened BY IA
enormous demand which will come from Ssr
Francisco for rebuilding purposes. slmas,
conditions are found in the copper industry
Every pound Of copper mined has marks.
waiting for 1t at prices which year or two AZ,
would have been deemed dreamfu. And soN,
with all the minor metals. They are being aug
out Of the earth in unprecedented volume and
cannot be dug fast enough to supply demand
Study the daily reports which come in d.
weekly, monthly and yearly earnings Of rail,
roads They mount and mount with gani
strides. And Of high significance is the greatly
ings TO their gross revenues It becomes plain
that the policy so long IN force Of absorbing
earnings for physical betterments and rsssys
funds is no longer necessary-or at least g
larger share OF railroad earnings will be found
available for distribution to stockhoders-in-
creased dividends and new dividends viii be ths
common story.
Considering these splendid conditions there q
no cause for wonder that such a shock as ths
San Francisco horror should be met with calm
neTs Appalling IL is TO the imagination IN
contemplation OF the suffering and wreckags
which came. there IS yet In IT no threat % Oa,
national development San Francisco itself viii
become greater and more prosperous city than
ever and American enterprise VIII make Ihs
task of renewal swift and sure.
Railroad, Industrial and agricultural prosper
fly have met no national check
As to the Immediate course Of prices. IL IS
prohab bic that we will have market Of spe
cialties and special moves. What is sure Is that
hysteria Is out OF the market. that normal IN
hueuces will from this time forward largely pre-
vail, though It Is natural to expect that any,
thing like aggressive bullishness will De quai- .
fed.
In Developments at the close Of the wees
interest and significance attach to the eourss
OF United States Steel COrporauons snsss-
Both the common and preferred STOCK nave -. -
hfbited strength. We hear, or course, OK ~
tremendous new demand for structural So
which will result from the rebuilding opera.o...
at San Francisco, and to meaSuraoie 49,. ~
this element may account for the market IL
provenent; yet actually something mucI -
consequential than an earthquake seqtel -
volved. The truth is that Wall stree. las ss = .
time had any commensurate notion OF .1e ~,
portance Of steel trade developments 1ns's s
much talk, little comprehension or oa's ~
controlling conditions. In the anans sa,,o-s ~
United States Steel Corporati tion are wv asvSr
both working tremendously Ior slS a. 60 a.
tage Of Steel Trust investors one OF thSso T e-
ments is reflective OF the phenoInehssltg t,-H
creased demand for product. aeinanI manu- ,'n+i1. "
all theorfzing aside, widens and Wloshs s-ss. Sos
uaIIy enormously. And the other is a D.s. s.oa
management superior to the point OF petL'.s~s p -
intelligence and experience ana Htesiitx S.,ha-o
bining for net prodUc1yeness' AS .,a5 ni'Ir mon
forecast in this review. IL can oe coSa coaa. Sfssi
as certain that dividends for United stats .ys.
Corporation common stock holders arS N'
ahead
In nractfca11v sverv one Of the iron and s'esi
stocks and IN all OF the railway eaui'H~
stocks intrinsic value runs beyond where 9.'-
tations are yet recorded. 1t is not inproO"--'
however. that the copper stocks lea OS 1,- -,
mated will have cOnsplcuousness N Aeas's s.',s.rs
In the increase OF Aualgamateds --,.a
there IS significance beyond what ls i0oe 80. ,os
by those who Judge superhcialy' II s,o,aa -
be without suggestIveness that AniaisA.A~.,
Is now upon an equal dividend basis WI Ss.
lean Smelters-it may not be long O'- vc,u.
closure comes. indeed. that Fl. r. hosO,s a.
lam Rockefeller. Anson R. Flower anu anu osT sub
sociates have recently been acqallIIcc cc-isI Gug-
stantial interests in Smelling, while S -rsa-lcn
genhein, Thomas T. Ryan anu % sova bsen
OF American Smelling capltaIlseS,, -aIoarnatsd
quietly taking on similarly ars ars,-a5 by even
holding What is not yet apPreCIe,sIIi Vii street !;
the more wideawake element III N,aa-rnsnt the
that in American Smelling deVelOs-,Frrns ls,.onns o.
point Is now approached WheEo -eolrarnateds
copper handled is equal 20 the AhssIe s sor coal.
tofai1anS there is basis close at hand ier
tion-even for early consoIdauOl-A A.lr, nan
Notwithstanding union (Stth fussel.r warrant
agement) would give investors tsNtty-lf II %
for enthusiasm. Here lS pOsslu,ti'orS, r,.arv dosr
probability. Amalgamated Is WORTH ,sIfing osSdi vel
OF Smeltings market prtce-and o..S,S o.sorS Thers
worth 200. Is this broad theorlAaN
IS basis for IL.
With the betterrnent Of the great p'Vsr ,s, ,p-
having to do with copper trade prospes,I p'-s Issssr
spiriting conditions show for long l''' .-Ssins
corporations-there being notao10 - the
among outside securities traded u - bs-
Wall Street Curb-conspicuous IN ths - - tso
ing the Nevada Utah Company Nl-.nal IN
Standard Oil magnates have large So, between
terests. When the stock was selnne sel.a references
So and So per share some tliiie ~5Sospscts--tas
was here made TO the property n viii no'
market value having since douniSN ,vain speed,
be strange to see the figure double asannouneed
lily on developments which may 20
within the next week - csnltslsss
Observation-Disclosures Smeltis ssanner pop
are going into North Carolina eVSF
critics.
In yesterdays market Pacific CoaS' "a ,ors
the exceptional features. rising close " ,,,lve g
on buying which seemed to be comp ,sat St
may be for control One report hAS reprs-
Paul Is after the property; other r1IessTsrson y
sent Great Northern ambition attentton
Levy's activity in the stock sets tssrant-c@..
some quarters as especially slac sls rslaua'
gresham Levy's Canadian FaSiN
commanding attention.
There is progress In the impeiu ara So
bilt deal. Nickel Plate and Big r1 tns
% be regarded as exceptional oars.lnI AWkbs