New-York tribune., 1907-08-25
The Financial World.

Little that is new comes into the stock mar
ket Some features which without notice have
been operating long while take on sudden con-
spicuousness and seem vested with consequence (
hitherto suspected But in Important.
sentiaI things there is new development
bringing especial forcefulness one way or the
other. Foolish forecasts Of ''an administration
surrender" have disappeared, sane folks. OF
course having had any patience with the
silly babble. And Secretary Taft has addressed
the country without proclairning any Of that
direful tariff propaganda which Wall Street
oracles had been so zeaIOusIy prophesying
Much the most consequential thing that fig
ures in the news of the week. in far con-
Germs security market affairs is in the disclos-
ure that the Treasury Department perfects plans
for the protection of the money market against
such sudden and severe drafts as Western crop
moving customarIy involves In this there IS
Importance not only for those agricultural Sec
tions directly calling for exceptional fund sup
plies. but there are corresponding safeguards for
banking interests throughout the whole country.
for these seasonabIe demands have hitherto
brought always recurrence of money strfngency
quite as damaging in preliminary prospect as IN
final actua1ity What Secretary Corte1you
arranges promises q benefcent assurance 20
which practical bankers give hearty applause.
Perhaps in this one development is warrant
sufficient for new confidence among fnanciers
who have been looking forward 10 this falls
currency demands with some nervous apprehen-
sion.
To the rank and file of observers and COM
mentators the market at the close OF the week
has presented some discouraging features; and
frenzied critfcasters are voluminous Of blue
prognostications What is patent. though. IS
that this same pessimistic crew have had the
same hopeless visions right along at the close of
every week throughout the year, for nowhere az
any time have they been able to find any excuse
for any manner Of confidence, but continually
have been able to locate the severest reasons
for depression and all things deplorable- From
these same authorities has oozed one constant
stream of indigo. They have had bad crop con-
ditions-good crop conditions recognized by
everybody else. They have had money market
crises-the money market situation not hopeless
TO one single experienced banker. They have
discovered business recession. commercial con-
traction. the approach OF industrial paralysis
while uniformly in every other quarter. clear 70
every other intellect has IoOmed all the while.
larger and larger. the certainty not merely OF
business activity maintained but prosperity ex-
pansion. Having no possible use for good times.
these vocalists are. not strangely. contemptuous
Of petty and primitive things like facts and
sanity.
To sneer at these sneerers. however. can cut
little figure In sensible calculations by investors
Opportunity for safety and for profit IN the cur
rent security market lies not only IN the rea-
sonable measurement Of such conditions as ara
Immediately in sight. but in the study and COM
prehension OF manifold elements which every
thoughtful student of the financial situation
knows TO be discoverable under and back OF
what is superficial.
Just on the surface there may be few argJ1-
rnents in favor OF present investment conUit-
nents; but under the surface-sure and sturdy
are rooted reasons abundant for confidence the
| stanchest.
In current business progress-and there IS
progress pronounced more and more asserttys
every successive week-what will most impress
the careful investor and analyst is the quiet,
consistent. persistent work that is being done
| by bankers and manufacturers identified with
| our foremost properties While speculative en-
| thusiasm lags. while professional Wall street
lashes itself into daily hysteria there is evidence
| of devoted attention to the rounding out or eX-
pansion plans. some OF which are comprehensive
bevond precedent They who established as
conservative ffnanciers OF the country have N
recent months been neither idle nor scared
Were we in rosy stock market times vast deal
would be heard OF such undertakings as no"
| proceed without provoking even passing conn
r1ent Yet in abundant instances there IS ag-
| gressive accomplishment, quite within the pup
lie scrutiny were public scrutiny willing TO take
/ cognizance OF what is good and Broadening
! When finally a change does come in Wall street
| sentiment such progress. now ignored viii De
| filling the Wall Street breast with enthusiasm
/ Yet this progress Is just as important now
| when folks prefer 10 be blue. as ever it can be
| when in free and easy jOyousness everybody
| will vie in shouting applause
| One phase Of this situation appears IN the
| unexpected announcement. at the close OF TINS
| week of the merger OF the Alton system INTO
1 the Toledo ST Louis & Western Edwin HaW-
| lev seems to have accomplished q great coup
| though nowhere has Wall Street in its pessinllsm
| anticipated anything akin TO what yesterday
/ was officially disclosed Before this Ioie0O-
| Alton deal is finally completed there may
| however be some obstacles intervening 1Or
| there is in the transaction some shadow Oh
| suspicion that Mr.. HawIey has been able
/ through quiet strategy. to outreaeh MS quoh-
/ dam financial confrere. Mr.. Hartman Refer
! ence to the deal completed is. however mace
| here chiefly by way of indicating what things
| OF large consequence are progressing. despite
| the professional Wall Street theory that the
! financial minds of the country are IN a state "a
! ossifcatiOn. ,
| other and bigger deals than this Of the Alton.
/ il may be safely forecast. are merely WalSns
/ timely opportunity for official announcement
! BY way of illustration. there is sUsgestiveness
| i'm what now Is disclosed as 10 the Chicago SUI
/ way enterprise for while Wall Street specuid-
| tors have been selling the stock short the prop
/ erty has passed into the control OF J. ogden AZ
| n1our and associates-Nr. McRoberts. the treas
/ urer of all the Armour companies. elected preSL-
| JaDy Dyoftb he's tf,txa