New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-11
The Financial World.

In recent years there has oeen no comparable
exhibit Though the market has been narrow,
transactions on no day mounting to high total.
quotations have been knocked about though
actual panic were under way On one OF two
davs the Stock Exchange seemed actually ds-
,noraIized professional speculative talent ram.
ming. tanning. damning everything. anarchy
frothiness splashing all around, common sense
apparently summer vacation
Of the fool fables that circulated. those which
had special conspicuousness affected to tell Of
the utter despair of capital, pell nell iiquida.
ton by every Standard Oil inancier, the Messrs
Rockefeller planning to convert all their seen.
rites into money which could be forthwith
locked away In safe deposit vaults; and. Of
course. all the lesser fnanc1ers OF the country
In consequent peril and panic
That energetic bear campaigning should b
able with such fusiliades to force some sub-
stantial liquidation, that nervous holders Of 5
securities whether owned outright or carried
on margin should be scared into making sarri-
fees ard that for sequel we had severe quota
ton breaks cannot be gainsaid-cannot. indeed
he at all q matter for wonder But at the start
n, the week and throughout the week the sell
ing upon the Stock Exchange which was largest
tbs sales made at the sharpest concessions. wers
r.oinIy enough transactions for the short ac-
cuunt-saIes of securities which the sellers did
not own which had TO be borrowed for delivery
which finally must be bought back to make
short contracts good
Savage as the weeks record seemed 10 be- Il
stood chiefly for what professional Spectators
upon the bear side were doing as gamblers
just this and nothing more That success fol-
lowed their plunges is. in view of some current
Developments. no very great amazement Chi
caso's yramided Standard Oil fine OF tens Of
millions OF dollars suppIementing freebooter
craftsmanship down South. may well seem to
be stranguIatory of sanity In out Of the sscur-
ity market.
1t is not needed that any market analyst al
tempt consideration Of the tales sent whring
through the veek-weird recitations about Mr.
Hartman and his allies "overtaken-" Of Mr.
Morgan and his followers pursuing, ola Deia-
ware & Hudson scandal. an impending cana
dian Pacific exposure. Vanderbilt dilsnrlai.
Illinois Central upheavals and hundred IN
dustrfaI CORPORA tons on the verge OF tndicr-
ment and criminal processes foT solvency bull
letined eve-ywhere-the weeks record was lux
uriant in idiocies of such sort
What actually the sane observer could ind N
the situation was still maintained business
prosperity the whole country over-nsither IN
finance nor in commerce. In trade nor in asri-
c,1Iture-nov her-any deviation from the splen-
did record which right along has dominated
Incidentally. the last vestige Of doubt concern
ing our grain crops disappears in the light Of
Fridays government report Wheat will be
harvested 70 The amount Of 64ooooofo bushels
and corn 10 the amount Of o To0oh0HS bushels.
This certifes continuous agricultural prosperity
for every tusheI Of grain ratsed there is I'M
mediate market at high prices
There is much ado over the money situation
Bear oracles solemnIy inform that interest
rates must become oppressive. although they do
not specify just why. The actual situation is
not onerous. the call loan rate at no time dur
ing the week having exceeded per cent while
nine-tenths of all call loans were made around
3 70 81 per cent. II ia true that time money IS
fairly stiff large loans carry over the year
hardly obtainabIe below the legal rate But
this condition is the result of immense business
activity calling for the use of funds in every
corner OF the country. II is not the sign OF
fear or distrust or boarding or anything m
iurious-It Is a simple. inevitably result OF con-
tinuing national expansion. And even az pre-
vaiIins money rates discrepancy exists between
them and the WELD obtainable from gilt edged
securities Many and many sound stock can
be bought 10 Yield far more than the money
lender asks
Compars our financial situation with the
much Wanted European financial centres
Across the water the best kind Of state ana niu-
nicipal bond issues are going begging. ana thdI
premier solid old British Investment tohsolS.
sells at lower price than for sixty wears "
NAV at once b. conceded that our money market
IS going 10 be frnn-fndeed. IL could not pe ONE
wise under the pressure OF business denlaI l.
But there Is no reason to anticipate dIaS'I-
conditions in the absence OF developments m
pairing CONFIDENCE
One hit Of especial shameleSsness in the cur
rent bear campaign has 10 do with the reckless
use of the name of Henry c Frick- II beng
soIerrlrIy pointed out that prices began 10 de-
cline coincident with the return Of Mr. Frcs
from, Europe. the scandalmongering crew pro-
claiming that he had responded to a hurry can
and was perforce. Iiquidatins what the oracIes
proclaimed to be a stupendous holding OF raii-
way and industrial securities Myriad red-
sons were bulIatined to account for ms nasty
skedaddIins out of the market. for little thihsS
like libel and lying have not concerned the am
bilious bear contingent: and the fact that -Ai-
FricIx himself declined to dignity with no''.7 e
anv Of the booty attacks had the effect OF iiil- =
,,nlvinc their number and augmenting theH
rnsndacitv Truth is that Mr.. Prick has not now
nor recently has he had any doubts whatsoever
as TO the heaIthfuIness OF American prosperity
and that Henry c. Frick could be coerced ~
liquidation under anybody's lash IS the u''e'
But the wing about Mr.. Frick is Just merely II
Illustrative. He merely happened TINS week 20 70
the target especially conspicuous
a. 20 uholesale business recession forecasts
net.er commentary could not be had than con-
densea I'm the statement of Mr.. E. II. Hartman
a, the weeks end-that so far as concerns ths
territory which his railway systems serve there
is nothing but prosperity present or prospectus
his calm conclusion being. we are pIepdri"'
for a great falls work.
Incidentally. many important railways "hieH