New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-21
The Financial World.

through 1gnOTance-scme for purposes that tb.,
themselves best cOmprehendO affect 70 bs ~.
that we are upon the verge Of Troublesome brs,
ness upheavaL Not one authority who has ron.
utation for sanity and eandOr figures In sue,
phophesying. though equally true is II thar tFsra
are many observers who do expect 20 seq So
moderation Of our Industrial pace-a rb,n-.
that will be actually helpful, causing ma 60
doing no hurt. Better epitOme Of the viev, :,
those who are thus inclined in opinion co,,s
not be presented than in the following ss,t.-
ment from one who may be regarded as An an
thOrity pTe-eminent not merely for cOns-rvztf.r,
but one so intimately in touch with rational
finance as 70 have the right to speak vii,
directness;
I'VE may approach Industrial as well as can,
nlerctal recession Of activity because IL ia TSrs
cally impossible to get the labor. and there (,
not enough money in circulation to reprss.rS
or conduct properly the enormous agprsgstJc.n
OF business. The people OF the counfryT So
TO have been running business out OF breath -.
the last two years. This cannot always i. 81
Besides. there has been a widespread ,,as ~
Hesitation OF desire TO exploit every natural -
source IN sight and leave nothing to the usxt
thoughtful fnanciers are taking into se.or,.
that thsre IS no free money market In the v,1rTs
rather 2 striking and anomalous condIti-n'
Hitherto there has always been some No..
WEere there was q more generous sllpnlv g..
our own market afforded This fa esS ,. sasn
Ora
not given to large commitments Until 49,
favorable conditions Of money supplv ars -.
parent. The slackening IN business need crsssa
10 nleiltai, phy seal or monetary panic Tbo
putting on OF the brakes IS absolutely ezsa,t;S
for good financial health as well as other tSIs .-l
The enormous accumulation OF capItaI 4, -
country. che tremendous and iEcrsagir- -' 49,
OF our crops, together with the more ipts-o
methods OF farming and irrigation euite rsas
US % me danger OF having duplicated the short
The Iohcy OF the National AdminIztra.,,u
VIII be TO look forward and prepare Tor ~
great emergency in the Fall that wiz yo,s
a large amount Of ready money 10 move &C.,
ana with the hazy condition OF financial &C.,
II behooves II 10 study deeply the conditfors
that may be imperative and infuentfaI ~ tss
Tins AIr. CoFtelyou viii rise TO the occs' I1~l
He IS not UnmfudfUI OF what is expected ~ ~
nor OF the successful careers Of his predecessor
NOr is ne 1ndlnerent to the great opportUris,,
as We'll as the responsibility that the 49,
Jaw imposes upon him. He is man TLo -
not moved by clamor unless there il a ~, 49, =
behind 1t; but the advice of all successor Sss 81
can be assured OF hearty welcome from si-Ss
In such conservatism there Is no reaqo, a..
worry. Free and easy declarations b, 49,.
critics disappointing influences at Waqbirg-
ton will mislead few observers who have a5-
knowledge Of the consistent attitude a. +bs
Illuminating gentlemen. always sure in ths,r
own egotism that everything and everybody else
Is bent upon disturbance. In any measure ~
fairness vested interests are safe for the pres
ent and in no danger for the future. Thai
TeCreant corporations are brought to book that
the laws are enforced. can create no uneasinsss
in the mind Of any capable judge OF conditions.
1t is interesting as well as instructive to can
vass the market opinions Of prominent Stock
Exchange houses. Here are expressions from a
dozen whom personally have seen at the close
Of the week. One international house says:
Nothing that we can discover is in any way
disturbing. Indeed. what is most evident is the
expansion OF business Improvement. We believe
that the general market will soon be getting
much better" . The head OF an Important
bond firm says: Investors are not unnindful
OF opportunities offered Our Information
indicates that We shall have broader market
soon From other sources come state
meuts like this: THE public is only waiting
knows that bargains are here and VIII. We Be-
lieve. soon be industriously reaching after
business wise, but in the sentiment and attitude
upon the Part OF investors. European buyers
are getting wtse-we look for large London and
Berlin absorption Prosperity is just
as insstent everywhere; and the public is not
going TO be negligent of bargain opportunities"
So throughout the roster OF the foremost nrIaS
upon the Stock Exchange runs pretty generally
the conservative view that soon we viii have
market ACKNOWLEDGEMENTS business e0Adi-
lions being maintained. The technical market
Charles c.. Gates & Co: There appear 70 Do
very Jew stocks offering. and with no unfayoF-
able news We should see the market 90 eons3d-
era bis better The commission house or Thomas
A. MCINTYRE & CO.-rehecting the sentiment OF
Investors at many centres OF the country-suii-
maTizes 4 telling fact in these words: II ds-
ponds upon this showing Of railway earnings
and there IS no intimatlon or any substances
decline in that particular The Investment ar
titUde is 4 waiting one but az The same tine a
closely wRtchful one
Among the bearish contentious one that .
foremost insists that the market cannot have
early Improvement because buying power has
been destroyed and buying courage sXternli-
mated This is ultra beyond sense. Cndenia0V
there has been serious shrinkage in both buying
capacity and buying dispOsltion-for hosts VINO
suffered in the panic declines Of March were
among the most important OF our hnanclsrS-
men having not only their own personal COM
mitments but representing other and larger ."
terestS. In this category are directors III SO
spicuous corporations whose treasury 49, 49,
shrank observation-disclosures mlS1oItuu 49,
taking of course investment accounts thT9eJi-
out the whole country. No manner CT $500. w.
iicn or devotion could toresse te SIlIGs,. .Est
"ohiSct lesson panic precipIt1ted BUT 80
tkere is for sequel any such dismemOeriheln;; U =
Ire financial body as bear Orac'es are Proe''''
irS is altogether out OF reason
That The market under pfeSvut 0V' -.
dull may not fairly be considered dlscouI"Sla
Wall street has recently been thf0usn -
aponch 10 entItle Il TO the breathing spe14 x :,
talein- What observers OF the SITUATION "i''
fnd standing out most conspicCousiy IS tHs =
,6sr+ cbeapness of secuFities-nat merely SUM
bnt standard bond issues az figures "hlea -
r,t,onaI calculator will expect long 70 coh''HuS'
fo,. in Astounding instances the Yield OF seO... -.
tics is materially larger than any yie'us Soss
can b. had from the money loan iitINs1 Y,,si no
exchange tendencies are finally AWAY rysoTsv
the one test OF the volume anu price % a. re-
M, entIre stock Exchange phiIosoPty It-s9s
1900 INTO the terse saying OF pF0LllNo M