New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-28
The Financial World.

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waiting for President Roosevelt's Jamestov,
address, every pessimistic energy stretched :,
the utmost IN fOrecasting utterances that vva-.
going to cause a market upset. The specuIa,,v.
Oracles were not prepared for doctrine like this
which patriotism declares and which patr,,ts
will applaud:
I'VE are unalterably determined to prsvs,,
wrOngdOing in the future; we have no intentio,ss
Of trying to wreak such an indiscrimIroFa
vengeance for wrongs done in the past as vroTIs
cOnfOund the innocent with the guilty. Our mr.
pose is to build I'D rather than 70 tear dow
We show ourselves the tTuest friends OF nro1
erty when we make II evident that we VIII -.
tolerate the abuses OF property. We are stsaj In.
bent on preserving the institution OF privaf,
property.
In addition to its nonsensical shivers over n,
administration program the busy bears -
full Of woe over agricultural conditions %
course, at this season OF the year crop damag,
tales are due-they always come; and, ouite a.
usual. the grain markets show their seasoned
nervousness. Anything else would be abnorm.T
But any fair investigation at trustwortb,.
sources will disclose this Spring reiativelv, -
significant basis for the gloomy rectations -
assidUOUsly sent circulating-no mora than e,r
the yarns OF wholesale "retrenchments s,s
contraction" by all the important railroads %
the country, the same runOr monrarf,x
sponsorship back OF both misrepresentations
Yet. naturally enough. the ardent distrfbutso7
OF much circumstantiaI sensationaIisn ba,
not been without influence upon the investmen.
as we'll as the speculative mind for the seoual
to the dreadful experiences begotten by Iaze
months destructive markets has not been IN
induce carelessness as to any runor even such
as are superlattvely absurd. Fortunately Though
in this particular instance there is refutatop AZ
hand from unquestionable authority. Mr. a
YOa h1Y ON
mlttees OF the Rock Island and Frisco railroad
systems, returning from a trip through tba
Southwest, says, without any straddling quaIi-
ncattonS that conditions IN that section OF ~.
country are highly satisfactory and that No
lines still have more traffic than they can han1ls
expeditously. So far as hts own lines at least
are concerned. Mr.. YoalCum says It looks a. n
the traffic now in sight would give the raiIroads
all they could handle until the next crOD NOUNS.
season, and after that. Of course, the volume 81
traf11c would depend largely on the outcome az
the crops-tn which connection Mr.. Yoakun,
says that the effects OF the damage to thu WHITES
wheat crop have been vastly exaggerated. Where
wheat may have been killed it has IN a great
many instances been replaced by cotton, corn
and other crops. which will serve to onset ths
policy adopted by some OF the railroads Mr.
Yoalkum says that It VIII not, in his opinion
have as much effect on business as Is generally
supposed The Rock Island lines he says have
altered their plans little IL at all
These are the expressions Of man who Is no
theorists conservative man who knOws-whoss
specific knowledge. And with reasonable peo2ls
such a statement viii be conclusive.
Testifying 70 the accuracy OF these stateu.7sz
Is the remarkable exhibit OF March earnings b..
Southwestern railroads Both gross and ne.
increase are simply phenomenal And this
rounds out nine months Of the current fiscal
year IN splendid fashion. II Is now certainty
that when railroad books close. June 30. they
preached.
The foremost problem confirming railroad
executive officers Is how expedidously % handle
the vast trafao presented. They are strsininsl
every energy 20 do the work Of transportation
thoroughly. and they can Be depended upon &C
use all means at their command. IN sharp cons
traSt are the Utterances and actions Of thess,
real railroad managers with those OF the VAN
Street managers who affect 60 shudder at every
shadOwy development.
IN general business. "a IN railroad circles,
there IS intense activity. Demand for copper
q undated. at record breaking high prices
Every pound which can b mined Ands awaiting
II an immediate and profitable market. This
condition IS not confined 70 cur own country,
as shown BY the signal strength Of Rio Tintos
in the London Stock market. Copper Is needed
everywhere. particularly for the manufacturs
OF electrical appliances. and there e not ths'
least reason TO anticipate ny~weaksnins Of the
trade situation
Amazing prosperity Is maintained n the steel
business. Every manufacturing concern, from
tho great Steel Corporation down, can accept
no more important orders for 1906 but ars
busy making Engagements for 1903. Just as IN
copper so IN steel. demand IS worldwide and
I'm excess OF productive capacity. This Is the
natural result OF long maintained prosperity
The report OF the United States Steel Corpora
ton for the first quarter OF 1907 VIII be made
public this week and will give some idea OF how
solid and enduring and how full OF promise
steel conditions are. j. ?. Morgan, Ebert Il.
Gary George w Perkins and their associates
builded even better than any man knew when
they organized the United States Steel Corpora
ton.