New-York tribune., 1907-12-08
The Financial World.
THE TRIBUNE FOREIGN NE w >. --

in this weeks market Some of the rsco-s.,
advances are substantial
One fact made very plain is the ahsar.. .
floating stocks. Not only is II shown tba, 49,
forcible liquidation seems to have reaeba, =,
end. but similarly clear is II that after rscar,,
registered low prices there ceased to be anv
volume Of purchasable shares available
Especially notabIe-especialIy signihra,, =,
the coincidence of improved sentiment in bo,,
the stock market and in general business. Tas-
timony almost uniform is to the effect that COM
mercialIy and industralIy the country is benz
Sting by quick strong rebound from, recon,
pessinism and depression. Few trade author,-
ties doubt this; overwhelming nnatorf.v .,
manufacturers and merchants give evidence -
the bettered conditions And so largely va,
the country's recent business travail matter q,
acknowledgements Of what cou1a ba T.,
stead of anything destructive actually ar hara
that the new turn into hope. new strides tov.-,
confidence, may be welcomed as developrnant. =.
highest Importance. It is as George L. Dictfr-
son. of Hartford. tersely summarizes:
Important practical nen-the wise artbo-t
ties-are saying that the business rebound has
come Big concerns of Hartford, recentIv rJn-
ming on short time. now give notice that sfx
days with fun equipment of operatives will ba
the schedule from now on, and this is the hest
kind or confirmation Of the belief that the 20
bound has arrived And, moreover it ia uret+,.
sure that this rebound will set business above
the normal again very soon"
Hartford can be fairly considered as +r,ic,,
OF our very best centres Of business, industrial
commercial. financial. And this new confidence
expressed unequivoca1y at Hartford is show
ing similarly elsewhere. though il car be that n
some instances, where there are more local con-
plications. the recovery in public sentiment nav
not be quite so prompt and spirited
They will be foolish optirnists however. WIN
persuade themselves that all the bad features
in the recent panicky situation are 20 be dis
posed of ofhand. Some bad spots remain. son,s
that are coming into public view disturbingly.
The failure OF the foremost bank OF Kansas
City and the collapse OF an underwriting bank
at Pittsburg are bound TO have sequeIs And
some Of the discouraging results are even Hkefv
TO have corspicuousness and influence inane-
diately. Such effect may show particularly in
affairs centring at Pittsburg-fOr there are
troublesome suggestions that important bank
ing interests there have divided into factions
and that (resardless Of the vast risks involved
and involved beyond Pittsburgl there may bs
open declaration OF war wherein millionaire
commitments will be ar stake. So specific wers
some OF the representations TO this effect at the
close or the week that large sales of stock seem
70 be inspired by nervousness so engendered
Houses with Pittsburg connections were con-
spicuous sellers.
1t is idle to calcuIate that real trouble a.
Pittsburg can proceed far without touching
tender spots in New York. tugging a. Wal
Streets nerves
While the record OF the Stock Exchange a4-
vances is SO cheerful. the gains SO many and 50
substantial, fair minded criticism has 70 take
notice OF the fact that all this movement toward
betterment was not wholly spontaneous. Pro-
fessional manipulation had full share in the per-
forrnance. Mr.. Keene gets credit for much
strenuosity. There were many suggestions IN
the movement which recall his most adroit work
aforetime.
Some OF the stocks which have rushed ID
quickest are hardly in the class which conserva-
tive investors hunting for bargains would be
likely to select for first choices. Indeed, buoy
ancy in some quarters has seemed 70 indicate
the efforts OF borrowers 10 brace UP collateral
or bankers trying to make overple5ged collateral
attractive.
That there should be such a feature in q mar
not surprising. What above that defect shows
Is that in the lettering market there is partci-
patton by virtually every one OF the tested
standard issues.
The critic must be fastidious 70 curious ex'
tremes who can find enough discouragins els-
nents in this weeks market 20 even measure
ably offset what Is tangibIy good and iaspEltins.
Among current developments one that IS tKey
to be influential upon the right side has 20 co
with the candid declaration Of Standard V''
authorities that there Is to BE- IL that corpora
tion's administration now policy. disposins u
ouOndarl contempt for the public Ials ar
uouncenent is made with specihcEess and nlau'
officially Mr. John u Archbold aS Stano@'A
Oil Vice President not only puts the con'p@'.
mon record in this new departure out n G1l'-'
discusses plans for the betterment % rsl'uo''
with the pubIic-NIr. ArchboldS $ statement "74-'
virtually an address 70 the pubic. uF7l'i7 -
all that STANDARD Oil asks is 20 be treale7 i@ii'-'
standing ready in return 70 guarantee tns w
procItv OF a square deal This Archooid polIo'
put actually In operatior-Can accor'phsh llll-,-
tremendous. The American public doeSH ~
To be challenged And TO corrofa5'''' N7'-
mind how big il may be. can here nope ~ -
tain top-notch prosperity where oil'claI -'''
is thing else than open and S5ralsh'i'' "a''-
Incidentally. the Illinois Central contest
comes bitterer Mr.. Hartman. MY aII-'
and other trustees file spirited retoyS -
Union Pacific control suggestion OF vi 80
vesant Fish. sunlmonins official recor'S - ..
Fish's former administration OF the I''.'R"~y
illustrate that Mr.. Fish himself mas "i'1'
call "a financial past Some OF 1A@H NJ
thrusts Mr.. Fish does not parry l. ,.,
r..r,,e. r,isfnrt,,,e To- he officially rcI1Leu "