New-York tribune., 1906-12-09
The Financial World.

a
money market hysterta- Rates FOR loans sub,sc,
10 call went kitfn g-over 80 per cent On a,
fsrent days recorded. More or less vensr.h,.
and venerated oraces have feelingIy moralizeo
Secretary Shaw has done something" Tha ola
story-the old farce-the old irpositions-au
have new paradsr Last December simply echo..
into this December.
That surpa ssng national prosperity demand.
IN these times the active OF funds beyond
precedent IS known well enough OF al man
Not a business interest In the land not ons city.
nor any hamlet, Is able now to conhns 20 ror-
rner bounds the call upon capitaI-sweIing IA.
there never was like this. And equally clear /,
the consequence that, under the pressure Of Nm
exanpled current conditions. Inoney-tust as the
mere tool and instrument OF industry and corr
merce-has value and must command IN naturai-
ness rates not measurable by duh times stand
ards. So axionatic this. that TO recits II Is
crude commonplace. Two sorts OF people a@sct
surprise or suggest uneasiness concerning H.
one. that class that never knows anything tia.
Is true, and that other class that always knows
everything that Is not true
Wan Street finance clogs itself with every old
oarnacle that has had the clingtng habit sincs
Noahs original tnvestpent went sailing T.
took two generations and miscellaneous panic,
70 induce Stock Exchange powers to establish
It's clearing house-the chief (almost the onlyl
progressive development In New York Stock
Exchange history--the system which today a
of11ctally recognized as the very bulWark OF ths
Street London brokers had a clearing house:
and long ruled the doctrine that II would be bad
precedent to initiate; It was too broad policy
to be a follower" So now. Wall Street a.
ficts itself. makes savage sacrifice forever IN
submission TO destructive money rates, by
spruning another example that London sets
Here every transaction upon tho Stock Ex-
change must be financed IN full every day
Abroad there IS no such petty policing OF bust
ness. Credit there means something actual
Banks lying In wait for daily levies do not die
tate London Stock Exchange policy Settle
ments" arrange themselves In orderly manner
Not at an arbitrary hour each day. but In fixed
concert rortnightly; not I'm hop, skip and a
jump. but do sensible men Of affairs In other
departments OF industry. commerce and finance:
not as IL in breathless suspicion every one OF
another, but sanely and comfortably: so does
London-and London's investment and speclIla-
tive consequence still reveals US relatively small
Ir vanity makes US neglect and taboo this Lon
don example, II Is vanity whose past expensive
ness can now IN our new vast expansion cost
yet far, far more. The issue runs between
esotism and tested progressiveness. We navs
paid dreadful penalties for insisting that We
must be locat-that great that we can
be taught nothing, that have become so
towering in our financial Importance that IL fs
recognize that there can be wisdom anyghers
else IN all the world.
1t would require. though, q forceful apostle TO
assure what should be- Jacob Schir could DO r.
Few important quotation changes are recorded
for tho week. Cornered money induced some
short sales. but little liquidation They wiz
can be most influential IN market movement arr
inactive. conspicuous ones counseIling waitiu
attitude over the turn of the year. all general
agreeing that 1907 will early show briskness ar
ouoyancy- But January corporation disburst
Tnents are to be so tremendous that some OF IN
conservatism preachers may be detected takin,
a little start on the quiet, just 10 keep a bs
ahead Of their own good advice.
Among events OF the week Vanderbilt dividend
action is pre-eminent. New York Central Is
now per cent stock Lake shore paws 12
The long incubated Vanderbilt deal comes
close. Big Four capital stock increases have 70
n rxfrT 6or-a
earliest. As Lake Shore can be officially mads
to appear barely able TO disburse its L. per cent
independent OF bruited Chesapeake & Ohio ac-
quisition) can disclose dividend capacity not
hitherto comprehended. OF all the Vanderbiits
Big Four is the bargain for the investor who
can be patient. II will duplicate Michigan Cen
trail 1t is being put through the same old
assembling PAGES. Michigan Central under par
could never command an official compliment. u
is twice par now-and none for sale Big Four
can duplicats every step Of this progress.
During the ensuing week money market ner-
voUsness may exert some further sporadic dis
turbance; but current records will hardly be
much departed frou-so Of themselves.
sure OF what national prosperity means. are our
security owners.
Amalgamated Copper and Anaconda have new
Influences at work in their market favor. II IS
probable that material advance in the price
of copper metal will be scored this week.
Canadian Pacific and 500 shares are buoyant.
preliminary 10 what may prove record breaking
advances. Earnings are ample SXpIanaIicn.
Gould railway stocks seem finally approaching
readiness for buoyaney. Denver and St. Louis
Southwestern likely to be leaders.
Disagreeing Pennsylvania factions account for
heaviness In that quarter. Advanta geOus Next
can Central developments are close. St. Paul
and New York Central have expanding Stand
ard Oil fnvestment-have been held back TO help
accumulation. Hartman issues reflect no ex-
cited apprehension over government prosecu-
tfonS. United States Steels market progress
seems 10 depend upon prospective dividend ac-
ton James j. Hills Great Northern ore Certif-
Gates. upon the Stock Exchange list. are
much traded in. with Indication OF little save
professionalism.
Reference hitherto made IN this review TO I'M
pending developments in the affairs Of the Hook
ing Coal and Iron property warrants reiteration.
as indicated by the following announcement yes
terday upon Wall Street tickers: President
hachelmacher IS expected in this city next
week 10 attend conferences Of the controlling m
terests IN that property II is understood thac
at these conferences banking represent taJives u
other financial interests will be present, and
that these interests have plans on foot into
which the Hooking coal property VIII ft"
This is likely soon to be disclosed as merely a
vague hint of an impending transaction through
which can be assured large. lasting Hooking
Coal dividends Baltimore & Ohio alliance cor
absorptionl would. Of course. wonder
workins-dividend assurance forthwith.
Curious developments have arranged thsnr-
selves IN Wall Streets market for mining ss-
curities. What happened in Nipissing. ruth
lessly damaging hosts who believed they could
rely upon leadership. has bad effect much be-
yond the credit and market FOR that one stock;
and only foolish champions will essay argu-
ments 10 the contrary. Yet stupendous -
American mining progress. SO tangible and us-
mendous the showing of sure new treasure. thas
confidence has not been stampeded In fact
we are having much the same exhibit in the de-
veiopnent OF mining security market In = Ner y,