New-York tribune., 1907-11-24
The Financial World.

little disclosure Of any tendency. So ambles
the security market. But while trading lags and
quotations for the most part stay featureIess.
there is abundance Of interest in the tales thai
the rumor mongers send whirling All run 70
one chorus-only disturbance. distress and dts
aster are proclaimed Corporations upon the
verge of defaults firms and individuals incapac-
itatsG-such are the rapid fire bulletins OF every
day.
Scant foundation Of course can be found for
the fable fusillades; but lack of fact handicaps
none of the trouble telling crew. To kill one
libel but brings two netv ones to it's funeral.
By way Of instancinS the free-and- easy ban
dit habit. reference may be had to a circulated
report distributed day after day that the Erie
Railroad is to go into a receivership It took a
specific official statement to squelch this false
hood-yet Erte's financial exhibit (of public rec
ord) Is that in the last three years gross earn
ings have increased SI3.OOOOOO. and that the
net gain under +. d J1nderwood's administra-
tion has been great that the road during the
last fiscal year earned s5.900.0O0 above all its
liked charges and that after full allowance Of A
years dividends upon both the first and second
preferred stocks there still remained surplus
surpassing Sc, 900. 600 The only Erie thing that
could be stranger than this recefvership canard
is the price at which Erie securities can be now
bought. Dollars are offered for dimes.
Few authorities who have earned confidence
feel that there can be long continuation of the
discouraging financial state-they estimate that
the very suddenness and severity of what is
suffered must have the effect Of shortening the
disturbance one prompt result OF any pro-
nounced manufacturing restriction. they calcu-
late. viii show in easing money market
lowering Of interest charges-a cure for what
is abnormal
Gold Imports mount to stupeudous totals
other records far passed. II may be quite as
true crticasters insist that this very river Of
col 1n1u H.
there has had 10 be much Contriving and labor
and vast outlay of resource to command
European treasures But-Whatever the OBJ
stacles. whatever the stress Of effort-the gori-
national effective fact is that still and nOns
the less we have commanded.
Government relief measures proceed TO the
qualification Of those who are foremost in trying
themselves TO help the public interest But It IS
not disguisable that we have an ably organ
ized claque assiduousIy striving to discredit
washiugton's good influence. The President and
his Treasury Secretary are guilty of not having
kowtowed 10 all the dreaTy conventionaHties.
The net result win be what it should be. not
withstanding. Real business interests with real
things at stake are not befogged- They see tan
gible accomplishment. What they do not see ID
a single one of Theodore RoOsevelt's critics
themselves doing anything helpful wha tSOsver-
not one thing, not even the pretence Of affect
ing 10 do anything
interior ucInlnQS Tor money 90 not Olnli0lS0s
and TO this exhibit IS TO be added thinly dis
guiSed boarding a large scale herewith
ported participation in this Tnenacing policy by
some conspicuous institutions y little future
official investigation may have healthful effect
If the devoted service which Mr., Morgan and
his confreres contribute is 20 be cOvertly
undermined. il National Government efforts are
so to he betrayed. there ought 10 be arranged
some bank examinations that examine
In the nature OF things, OF course. have
continuation Of the disposition IN speculative
circles TO call names and make attacks upon
the integrity OF men who have had prominence.
The critics of Thomas F. Ryan do not abate
their streaming animosities- Charles W Morse
Is still kept on the grill-the last nam.d SEEM
ing 10 provoke especial virulence IN
quarters where quondam competitive Affections
appear unforgetable 0nsapprehended comments
by a Knickerbocker Trust officer have stirred
the banking situation exposes the campaign
statistics make aught plain it is clear that what
are proving not merely their solvency, their IN
yielding strength, but even actual betterment--
in the very face OF all the fercsness that has
beaten against them.
There are indications that with anything ap-
preaching normal conditions in the money mar
ket public interest in security investment win