New-York tribune., 1906-10-21
Ihe Financial World.


seemed almost as if some vVron, - = mas
ii'lis squirt upward OF quotations c,,,oL -, a
quen' reaction; hurried covering a. -
~ men ioith"ith new and still bigger sho-. e.
'eieS'- VI course. naturaIness does ro+ -
A- record and what Is natural r,n,. a.
''o uominate Amalgamated's dish,-..
~ ~ shareholders reflect no vyh,n, a. =,
rectors- Plainest business reasons r,Ia
safhateo' IN going from to & ner cs,. A..
denas' Keeps less than half paca ,vi,t e. -
hues-<o per cent and more provabls c,,--...
earnings AS to why's and whereroras ,ho--
Can oo no confusion Scantiest reference 4.
'"o Iue metal market yields explanatio,
a-p'eh.y' buiiion doubled IN market valus tsu,
the tale amply. Markets bare os z,,-,,I,.- s~-'
Sumption beyond all precedent and 49,, ,.s.S LII
seesdiiy. buyers the world over cIar,o1i. ing
nps uoIpstit.on Ior delivery contracts-ths e1.i-a
record Is phenomenal. AmaleamafaS S;5ss 1919
increase is but mild reflection os 49,. u.'idend
Idcts "arrant-what such facts dictate e,Sa 1uo
MAKE MAKE actualiy unavoidable-for never rnind
Wnat VolceIul cynlcs may sneerl after All ~
said and done. Wall Street knows b,,t o,.i an ls
ing, potential influence; and that Ia the inrrsse
or business facts. ~ 'N44uenee
Amalgamated action is OF far r,,.a-
tance than mere increase In an individual a.,
oeno. II comes in logical sequence after r,,r.
prior declarations. including such inpor,.n,
railroads as Union Pacific. Southern Pac,a,
Baltimore and Ohio and Atchison and a np,,'
Der of industrials OF which the most no,ahl.
example is the resumption Of dividend, -,
Steel common Again. II may be Justly rs,,sr-
ated here that this is the dividend era.
What particular interest attaches 70 ths A-,,,
gamated action Is the complete refutatton or q,
sinuations. coming close to ISLANDERS so rr.stv
current In Wall Street prior to the meeting held
on Thursday. With customary cynicisr1 II u.,
asserted hat baf
by the Amalsamated would be with s,nrls
eye to stock-Jobbing-that the rights OF shars-
holders were not under consideration at all
Those In control Of the Analgamated Connnsnv
were personally held up as buccaneers esDs-
cially hot shot aimed at Henry H Rogers To
listen TO snarling gossip in the bear cann :,
might have been imagined that pirates had
seized possession of a great Industrial concsrn
with no nobler view than to confscate and bu-v
ta us treasures. And this kind Of talk was IN
tended 10 exert sinister significance az a tina
when every leader Of industry and finance h.
savagely assailed on the political stump. Ths
dividend declaration is calm and cOunpiats an
swer to the diatribes. The AraIgamated Corr
holders.
instructive 1t Is not a large body but its ner
sonnet has high character. Just by wav OF ar
ample-Anson r. Flower, type OF man who meas
ures all things by standards OF strictest integ-
rlIy-attested by business career wherein
wholesome successes have piled high Is n con
celvaols that a man Of his character. directly
responsible TO the public through the great Arm
or Flower & Co. would retain association with
concern not administered with due-yes
scrupulous-regard to the rights OF Stockholders,
This line of thought points the argument ~,
this review a week ago-that the best test Of
any corporation Is the character OF the men who
govern 1t And now, no matter how the stock
may move IN the market no matter how suscn
lators may choose to discredit it the fact stands
out that stockholders receiving a reasonable
nd e4NVv-
distributions profits increase. for with copper
metal holding at it's present price. with every
prospect OF IL st1H advancing. II is difficult to
see how Amalgamated revenues can fail 10 m
crease.
With the premier copper company OF tho
country disclosing such prosperity il follows as
matter of course that properly managed inds-
pendent properties are also on the road 10 wealth
that Is. such as are rich in product Ike that
tally, the Mitchels output largely increases: and
as soon as the company's new railway fs com
pleted "a matter merely of few months), divi-
dends on large scale ought 70 be forthwith
available.
In the weeks variety OF developments. Illinois
Central's directory contest has possible conss-
quence beyond popular appreciation Mr. Har-
rirnan and Mr.. Fish are not children at play
Issues involved are of magnitude. In the view
OF many conservative the deposaI OF Stuyvesant
Fish would be calamitous beyond the confines
Of the one corporation he heads and has made
prosperous. The Illinois Central situation is a
bad situation; the Nl-featured record Of North
ern Pacific had at Its start nothing bitterer in it.
Another event OF the week-the conviction IN
court of the New York Central OF rebating prac-
tices-must have influence. But that influence
will be wholesome. In so far as New York trac-
hc is involved. 1t can be from this time forward
depended upon that w-breaking "favOrs" are
ended Prompt result will be increased net reve-
nues from transportation. larger dividendsearn-
lngs. 1t is we'll worth one heavy fine TO teach
New York Central its lesson-for that fine how
ever heavy. can be but the barest fraction OF
what henceforth will go into the railroads
treasury instead OF into surreptitious pockets.
Earnings can now become reaI-bogus gross and
ounko net superseded. The railway world is up
lifted, the investor is safegCarded. every sub
stantia interest is advanced by the sterling work
which the Government through United States
District Attorney StinSon has accomplished
And this Governmental campaign for fair trans
portation has Importance far beyond our local
ines-it being. indeed. already official an
that the same character of Clarity
ng proceedings will be forthwith vigorously
pressed in every part OF the country. The law is
going to be obeyed-
AT the weekend the natural course OF the
market suffered interruption from the uEex-
pected and unusual action of the Bank Of
England in raising its discount rate on Friday.
after taking no action at its regular Thursday
Meeting. Wall Street was shocked. Our apostles
'f gloom wagged their heads dolefully-recalled
he times OF the Barring panic-whispered 10 each
'ther that something dreadful must have hap
oened. not yet disclosed. and unanimously pro-
,eeded to sell securities short Then in due course
he facts came to light. Sudden demand OF ex-
raordinary character had been made upon the
banks gold supplies for Egypt and Canada. and
bank officers felt nervous over the possibility
hat New York might see fit TO exert its unques-
Toned right IN hiring mora gold here They met