New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-17
The Financial World.

Security market improvement is much be be
spoken, all the pessimists grooming low-though
why in either particular change should be re-
corded is a riddle. Business has not changed.
shows no sign of changing-is not any better
now than right along it has been And no
change is there fndable in any other qualifying
market factOr-not in money conditions,
railway earnings. nor consumption. nor profits
anywhere; not in agriculture, nor In manu-
facture nor transportation traffic, nor labor;
not in enterprise Of any character, nor IN Yield
Wall Street is having just little spasm Of
common sense-making a new 1907 record
In the new strength which the market is show
ing there would seem to appear evidence that
the public is by no means so uncomprehending
as pessinlistic theorists forever representing.
A good many more stocks have been bought By
the public than Wall Street has appreciated.
Everybody has recognized that representative
actual owners OF securities have not been panic
stricken. however desperate man1pulaIlve press
ure has been; but how far there mas Deen Duy-
ing bv the same element as quotations have
been knocked down lower and lower nobody has
estimated. either. The way the market now acts
suggests revelations along these mes what
mon the Stock Exchange Is hippantly referred
10 as the public seems inclined 10 prove user
rather differing from the popular notion tnat Y
Is slavish or even impressiOnable 10 professional
NEUTRALITY-SUSPICIOUS. and pounding at prices
seeming now to result chiefly IN disclosure tnat
prices can go up eastly-and thls would % m
possible were the public other than strong and
confident and aggressive as security noIdeIS ana
owners OF course, there may be continuance OF
the rnanipuative tactics so much In eyidencei
but this weeks record would seem 10 make II
clear that scare acknowledgement and sacI t
ing nervousnesS-are out Of the market nun
dred fabricated bugaboos discredlted anu dls-
missed.
Illustrative in significant ways OF the despera-
ton to which depression manipuIators are driven
is the weeks exhibit in Missouri Pacific That
stock has been rammed and jammed and sold
short on representations that are wholly ana
foolishly. false. The property IS in no distress.
the Russell Sage estate is not hquidating-au
the croUding tales are silly-al the sneerers tenn
DorariIv brave by the fact that George ]. Gould
is absent. Missouri Pacihc's dividend IS IN no
danger Missouri PacifC's market quotation "a
below intrinsic value
An event Of the week much acclaimed is the
crossing of 800 by Anaconda copper mining
shares For manifold reasons. this touches the
extraordinary 1t is true that year ago pres
ent figures were approached; but the recession
that followed was attended by circumstances
and representations that schedule the recovery
as surprisng-fOr continually II has been Olnned
into the ear of Wall Street that the former rise
was the result Of mere manipulation tnaI me
facts concerning Anaconda were texts Tor de-
spOndency-the lode actually WORKED out ms
sort of talk was heard not merely in the purIlluS
OF the Street, but had distribution and conSId-
Grafton in financial quarters that love 10 near
themselves described as high. Meantime the
property's earnings have increased every day
dividends have been advanced and are 10 ad-
vance still rnore-fnCidents natural enough in
view OF the sturdily expanding market for cop
per, the price OF metal now reaching a Igure
unprecedented
have new and even tremendous popularity Tor
mining securities-this Anaconda example ap-
pedIL4s ~ apt q, : - = = -
that at the start favor viii largely run 20 the
securities OF important copper mines Pleasing
tumult in the vocabulary Of Mr.. Lawson. is one
Of the straws OF the tide The 1aLtenlhg GUY OF
Cobalt exploitation may similarly be suggestive
silver bonanzas having 10 await their turn
The strengthening OF all the known, II lesser
copper stocks on the curb can be considered
What denotes much along this line OF expanI-
ing popularity for copper securities, pOpu-
larity bidding fair 10 rush from mere fashion
into a boom, appears in the readiness or Ia
portant men Of affairs TO openly identity them
selves as trustees and directors in tested mines
instanced notably this week at meeting or the
shareholders OF the British Columbia copper
company
Time was-very. very recently-when H H
Rogers had almost lonesOmeness among i'm
portant Eastern hnancierS as disposed 70 mining
undertakings on comprehensive scale; but to-
day there is scarcely a banking house In Wall
Street without representation IN one or many
developed and developing properties; and the
directories OF legitimate mining enterprises are
really now beginning to take on the appearance
Of boards OF New York bank trustees That
the public will recognize the change that has
come is certain enough; the new fashion will not
be a fashion confined 70 milhonairedom-
This new condition (an that Is inspirtting in i)
dates from one eVent-the enforcement N II9
Eastern financial world OF the principle so long
and so uncompromisingly fought for by F. ~
Heinze-the principle Of fair play. and indie
pendent integrity 1t took long while for cor
pOratiOns Of a hundred million and more or
capital resources TO comprehend the consequence
OF the Heinze issue: but Amalgamated's final
acknowledgment was starting point-the
actual occasion-for what has quickly come 10
be a revolution. The victory that HeinZe won
for himself and his Montana associates after al
his years OF struggle against stupendOUS odds
was victory for interests far beyond the narrow
circle of his own fortunes. His accomplishment
stood for evidence that the independent miner
could have success without challenging destruc-
ton. that 20 ind and develop q mine was 70
create property for profit and not for CCnnSca-
ton Courage in mining investment had thlJher-
to partaken far too much Of luck and reCR-
lessness that prudent people could out netd
aloof. And Il put much stress upon the puollc )
imagination. IL required time for comprehensive,
before IT could be realized that one man. v1rJU-
ally alone. had been able 10 enunctate and en-
force in far off Butte the doctrine that owner
ship in mine is ownership real, tanElole
and dependable as can ownership be anywhere
1t when realization was complete that We
had the start sure. sturdy and strtdlng, or WHAT
Opment OF q new mining era-nOw notably II
it's clear appeal to the investment public Nhdt
in the HeinZe regard is encouraging appears N
his diSprOOf of peSSiulStC forecasts that 1OlICW-
ing his diCtatiOu of terms TO the AualSanlaJed
there would be end TO independent COPPER
mining enterprise. Instead OF putting the ullli-
ions Of his fortune 70 sleep. August HeinZe De-
comes still more active; his contracts kept. ne
abides by all his AmalgamatRd sttpulatOns; out
right in Montana he is already revealing new
phenomenal producer bringing 10 light in four
new deep shafts values which. in his own IN
qualified expression. promise duplication even or
Anaconda. Upon Butte's great hill HeinZe sank
eight shafts in his original ventures every one
of them all developing into bonanza mines. ana
estimate these