New-York tribune., 1907-09-08
The Financial World.

nrova-if we NAV take measure by Quotation
movements Compared with prices a month ago
the change is marked enough 20 denote sterling
bettern1ent in Wall Street sentiment-if even in
sentiment only. Authorities believe they recog-
niza a material strengthening IN basic coudi-
tions
Much preaching has been heard Of advantages
70 he gained through business recession but
business recession has declined 20 follow the
n,atitudinous preachers. Even the crops have
refused to shriveI up-an Obstinacy which this
very week precipitates the failure Of New
York Stock Exchange speculative brokerage
Arn, committed to market contracts based upon
confidence in an expert" who has held premier
Mace among crop calamity h0wlers Not only
do 1eO7's harvests persist in being big harvests.
but 1907 grain prices correspondingy persist IN
,,o,,e, nrices that are big-whiIe. the authori-
to+ix,a forecast of Theodore II. Price has made
p1ain. the Southern planter gets yields sUrpass-
ing past records
As in great national instances Qike this Of
crops: like railroad earnings climbing 10 heights
never hitherto approached-the New York Cen
trail systems current report increasing over
s4e ooe aoo cross: like the steel trade, which
insists upon doing nothing else than prosper
noore and n1ore) so in individual Instances the
record teus-as by way os illustration appears
in such proofs as are conveyed by the TACT that
New York Cftys wholesalers and jobbers are
,his very saas son overrun with competing buyers
from, Dverv town and city the country vide;
! and this same testimony is asserted IN the
| crowded state OF every one OF New Yorks high
Grade hotels. Take for certifcation the phe-
| nonenaI record Of the nest lately erected of
! New York's great houses-the Hotel Belmont
| coroa~7,inr whose success moody OrscIes vor-
! rted at 50 great an enterprises inception "in
! CITY already oversuppIieI-" Not only - the
| very start was the Belmont filed with guests,
but its facilities superior and extensive as they
are have been taxed virtually 70 the limit con-
| tfnuaIIy-even in July and August i is such
! incidents which reflect (much more truly than
can anv Wall Street theorfzing) what the bust
| ness conditions OF the country are-this ne"
hotel catering to precisely such guests as ara
| in the St Regis and waldorf-Astoria class
! IN another particular Wall Street mis-
! measures Because active listed stocks have
| declined trernendously-the fashion being 70 Te-
cite dazing figures Of losses-it seems to Be ac-
Capted that Just such recessions run throuSh al
! securities the country over. InlS IS Iar lrOA
true The country's local securities are not
! sb-iveIIed The bonds Of New York and great
| municipalities exceptional in their market
| value shrinka ges-sornewhat because OF mora or
| Iesu snscuIatfve ownership Municipal BONDS OF
| lesser cities throughout the country are not 70
be obtained at any such sacrihce values; and
the same is true OF the securities OF industrial
properties elsewhere than on the Wall StreeE
trading lists. Apt exempliAcation OF this ap-
pears this week in the statement Of the PniLa-
deIphfa Casualty Company. whose presidency g
! taken hy- ex-Assistant Secretary OF the Treasury
Robert B. Armstrong. representing conservative
New York and Pennsylvania capitalists-the as
| set investments OF the company. approaching
| 81 900 900. showing IN September. compared
with January 1. market recession approx
| mating barely OF per cent. though. mean
while. I'm Wall Streets nquidating panic ac-
tive New York Stock Exchange issues snrlnS
| so sayageIy. Nor exhibits Ike this excep-
tionaI. If there be consideration OF similar nnH-
| ciai corporations other than those d1rectLy WIKI
In the mercurfal Influences OF Wall Street
Money market conditions improve somewhat.
. They are not yet altogether clea-5 but tbs ten
| dency Is the right way. What the Treasury
. | Department Is doing helps more than on the
surface shows. European payment for cotton
and other crops must also soon be influential
Stiu another factor. though Wall Street has
seemed so far quite unable to comprehend rs
effective consequence. appears n phenomena
gold mining developments-in southern Nevada
more particularly, where the Goldheld CousoH-
. dated mines make amazing progress Their
! record promises TO surpass even the dazzling
days the ComstOcS when John W Macksy
/, OF millions handed 10 them. It IS n the Cold
5 field Consolidated enterprise that a group %
9 New Yorks foremost fnanciers recently in
! vested heavily. joining United States Senator
, Nixon and other practical mining leaders of
Nevada; and what may be considered signih-
cant is that throughout all the recent market
! nervousness with virtually every mining
! share going begging) Goldfeld Consolidated
has held with a frmness which finds II
IN September with a market value as
high as it commanded at the start OF
| the year-reason enough for this showing
Z In the wondrous mining yields. daily shipments
= Of ore running at bonanza figures Because oE
! some labor difficulties. now approachi1g settle
: ! ment GoldheId Consolidated dividends have
: been postponed until now-an early official an
q | nouncement will be made TO assure regular rs-
/. turns 10 insiders and the investors who Jon
T them The dividend at the start viii be equal
Q probably. to 20 per cent
= As to the markets immediate future. There
will be disappointment IN conservative prsdic-
q tions IL improvement be not extended The list
= | OF bargains is long. There is hardly single
= standard stock selling for anything Ike prov
h able intrinsic value Some Of these examples
;. cannot remain-if anything like sanity abldes
:. with the investment public. Kansas City South
L | ern IS one such bargain-referred to here COW
| for the reason that this week its official state
= | ment shows that substantial dividends are being
Z earned upon the common stock-approxtnaunS
= per cent, while the shares are purchasaoIs.
n | under $50 a Shortcomings representing . Per
h | cent, more upon the market quotation