New-York tribune., 1907-07-14
The Financial World.

tions have been rammed and jammed; and Ar
cording to current understanding. there ba.
been hope for anything Why or wherafor.
has nowhere been explainable 1t has pleasad
those who are most forceful in manipulation p,
press quotations downward. and IL has bsa,
agreeable to those who are manipulatively fore.
most to make prices less and less acceptable
Thus at the end of the week have decline,
in variety. representing the professional theorv
that there is no reason and no excuse for just
now bulling stocks.
As to whether or not this professional theorv
is the right theory is doubtable. Pessimistic no.
tions are based on the view that corporatjo,
earnings are from this time forward to be Iez,
and less; vet actual records are to the contrarv
Instead OF recession we have expansion-in prac-
tically every business quarter. Instead of ar.
ficulty. contraction and disturbance. net final
results show betterment-and still further bs..
terment.
OF overwhelming Importance Is the authorize.
tive report OF the government on the CROWN,
grain crops. Conditions on July foreshadovAs
a wheat harvest Of 635 100000 bushels, redpc-
tion from last years huge yield OF 1OOO0OO0o
bushels The indications on corn were for a
yield of something over 2,5OOOO0O00 bushels
comparing with three billion harvest last YEA
II Is well known that great Improvement 4,
weather conditions has appeared since July !.
but even accepting the July I estimate II h.
comes certain that crop yield this year, so far
as grains are concerned. is certain 70 be salts
factory. And strengthening the home position
is the dubious condition OF foreign harvest yield
Our principal competitors in the export business,
are sadly handicapped by poor results. Should
there be no improvement from the July figures
it be set down as positive that for every
OP ,fcI,
and above domestic requirements there VIII bs
an eager foreign demand
Thus continuing agricultural prosperity is a.
sured-and such prosperity still remains tbs
fundamental basis of all other prosperity in this
country. A wealthy community Of farmers con-
tribute buying power for manufactured prod
ucts which compels commensurate industrial
progression. No matter what the fads or fance,
Of the day may be these great fundamental
facts must he assertive It is a simple question
OF law and logic
Much caustic comment is heard in Wall Street
concerning Thomas W. Lawson. The fact IA
dwelt upon that he specifically advised pur-
chases OF Amalgamated Copper and 81. Paul at
a time when both stocks suffered in common
with the rest of the market some reaction. But
how stand the facts? Since Mr. Lawson re-
turned from abroad some fortnight ago and be-
gan his optimistic crusade the security market
has distinctly improved. Despite reactions it is
at a level now considerably higher than when
he first began renewal of public utterauces. The
veriest tyro in Wall Street dealings knows that
reaction up or down in any market IS inevitable
What the judiCious critic looks for is ultimate
result Certainly, up 10 date. those who have
followed Thomas W Lawson are in comfortable
positions-the mean average OF prices reasur-
ably hfted-and particularly in his favorite
stocks II is idle to sneer at Lawson because a
particular stock OF two may ffuctuate DOWN
ward in general market furry No proof
thereby IS afforded OF bad faith or poor judg-
ment. That Mr. Lawson fully realizes this is
apparent from the tenor of his recent brief pub
hcations- He maintains equipoise. is serenely
confident OF the outcome. It seems certain that
he and his associates are IN accord with the
trend Of American development-that they have
seized the psychological moment and are not 10
be deferred from their campaign because OF in
consequential interruption due 20 the puerility
OF Wall Street sentiment. Facts are facts. and
whether asserted by Mr.. Lawson or any other
authority are bound To be influential. Old fogies
may resent the Lawson methods. but they can
not contrOvert the essential justice of his con-
cusions
10 has