New-York tribune., 1907-01-06
The Financial World.

Wall Street gives new exhibition Of hor
mindful a menial can be TO what the linguists %
the curb call sentiment" OF a sudden con-
fldence wakes up. Securities are actually wor.-s
something. Increased earnings are not the NUT
terings Of desolation; and dividend expansion
isn't really the lost trump's moaning prelude.
Financial reward unprecedented Iabor's wages
and capitals coupoEs. may. after ALL be per-
haps sufferable. If not able-perhaps inst
perhaps-Or, at least, for DAYS the New
York Stock Exchange has almost thought so.
Money rates fall Stocks are up. some notably
And eminent bankers long downcast over ths
apprehension that there nevermore could be SUI
fCtent available funds, are slyly peepins round
the corners of lending competition again. II ia
all due to our splendid old trusty. Sentiments
He runs away and comes lodging in anew quite
like other string-controlled automatons.
1t Is not difficult for even moderate optinnists
to see improvement in the market outlook
There is nothing new in the country's prosperity
Conditions-they simply stand pat. Men in
every branch of business. everywhere are
making money. Ordinary limits far sur
passed. Actually the chief difficulty to-day il
to obtain facilities whereby meet the require
ments of trade expansion This is true upon the
great railway systems only more conspicuousy
than elSewhere-relatively the proportion exists
In virtual universality. In all important depart
ments Outrun supply. Capital Is short OF
labor using all available, having need for vastly
more than can be commanded; and labor Is
for help running stupendousy beyond what all
the In all the hours can anywhere near
supply. This is the cause, the gist. the meaning.
of what is so much called the embarrassment
OF prosperity" To folks unlighted by the su-
periOr wisdom Of professional Wall Street this
sort of thing might hardly be hooted az
calamitous for security values; but so IL has
been for full year past. Wherefore. the hearty
reception extended here at the New Years OPEN
ing to a few signs that some ssntirnental change
appears.
1t may be that legislative and judicial intirna-
cies will for a time qualify market disposition
toward railway stOcks-so much being under
way or forecast inquisitorially; but cynics are
abundantly distributing "reminiscences Of what
happened marketwise in Northern Securities,
the Immediate sequel to that corporations con-
viction Of illegality being the start OF robust
boom. But. regardless of precedent It Is sure
that there is large Industrial list deserving Of
price betterTnent If quoted values anywhers
near to betoken what intrinsic values And
prominent in such list are the mineral and
metal shares. United States Steel issues are
not selling where they belong. and neither are
progressive lesser properties like Charles NJ.
SChwabs Bethlehem Steel. whose records prom
Use soon TO be phenomenal.
Such prosperity that which towers in
United States Steel Representative OF the very
highest type Of practically in trusteeshipl is
Incompatible and to have had influential fdu-
ciary part in this upbuilding is monument last
ingly superior to any envy or any assault
Coal shares entitled, too, 10 material IN
provement. Annual production OF coal ten years
ago was 100000 tons; last year mined
4Oo.O00OOO tons In 1896 we produced S.6oo00O
tons of pig iron. Last year We produced %
100000 tons Our copper output Of ten years
ago 240.OO0.OOO pounds. IL is now 100000
600 hounds In ISqi we produced new wealth
in the form of minerals and mineral substances
worth S625OOOOOO our mineral product in
1906 exceeds $1,000 100000 It is upon census
records like these that common sense confidence
can afford 10 rest Opposing pessimism is in
stgnihca0t- No wonder old coal properties hks
% 1AuO9O-t o. 49, ", 80 :. .
such STOCKS are already largely out OF the mar
ket; they become gilt-edged investments. are
locked away. Newer. lesser properties viii
travel the same course Hooking Coal is one IN
that category. one of a few that still pur-
chasable at an inconsequential figure
Reason for tagging disposition upon the part
OF railway shares $50 far yet disclosed>
be hardly warranted by any disclosures in the
Hartman inqusition- What is made clearesc
is that with tens Of millions of dollars at his
disposal Mr.. Hartman proceeds to accunulats
on a vast scale shares of standard Eastern rail-
roads. Independent lesser holders OF Baltiuore
e Ohio and New York Central stocks can hardly
be much perturbed by the disclosure that vet
eran fnancier chooses those properties: Just
from the stock market standpoint in fact, the
Hartman inquiry 10 date Is resultant or noth-
ing hearish upon security market conditions
Incidentally, all news that anywhere develops is
good news in so far as railway conditions are
reflected. Much stress is laid upon the tremen-
dous outturU OF new securities: Yet there ia
only candid fact in the statement that for every
new share of stock uttered, a new asset Is aC-
quired for neither new stocks nor new bonds
being issued wastefuIy. Vast traffic
makes necessary. for instance. such expenditure
the Rock Island is making in putting S1o-
100000 into new transportation equipment
alone. and volumes are 9ttested by the skeleton
statement which comes from the New York Air
Brake that at the opening Of this year orders
on hand five times as great as ever before at
q years opening.
Amalgumated Copper at the erd Of the week
becomes conspicuous beyond recent records
Significance attaches 10 this beyond Amalga-
mated itself Thomas W. Lawson active again.
sets a new pace in copper share activity. His
own stock does picturesque stunts. goes Up and
down five points at q tne-reCording. though.
will be surprising if soon We do not have
mining stock boom even approaching a craze
for there are actual developments warrantins
enthusiasm. Take for example Of what good
management can do, the status cf the British
Columbia Copper Company. long known in Wall
Street. long neglected-now disclosed as having
developed into profitable production on a large
scale. Important Wall Street interests are in
this property, but all that they have been ac-
Complishing has been unaunounCed until now
il is officially disclosed that the property is
yielding S6,OOO net per day-equalling upon itS
S2.OOOOOo capital stock we'll towards 100 per
cent a year its product ready for market being
within a cost OF cents per pound Situation
like this, of course. well warrants the decision
reached officially this week To begin dividend
payments The rate at the start will be equiva-
lent 10 40 per cent upon the 81 shares. E.x-
hihit like this is justification. certainly. for
something more than perfunCtory interest.
whether from investment or speculative stand
point.
Il III