New-York tribune., 1907-01-27
The Financial World.

strength or weakness show. the sequel each day
Is dwindlng inactivity. Professional traders
most Of whom continue the bear side-do lit
tie that IS consequential. their bearishness
chiefly an attitude; for. though the short inter-
est is extensive throughout the Stock exchanges
list. there is only mild aggressivsness. Such de-
clines as are scored result apparently from the
belatsd liquidation OF a group OF spectators
recently whipsawed. covering short contracts az
an advance 70 go long OF the market IN ths
smart upward squirt OF December.
Many reports OF trouble" circulate but ths
tales most told are foolish fables MilliOnaires
impoverished and market leaders destroyed are
bulletined by the gabblers the curb-but they
who are so exterminated DO not personally hap
pen to know IT, There Is nothing new In this
sort Of thing; every continuing dun market has
the seIf-same feature.
II Is much urged by the historians and PHI
losophers. too. that our market Is under pressure
from abroad; that Europe is amazed at our
dilemmas. disturbed by what the government Is
doing. hOrrihed by what fnaneiers have done
OF course 1t Is regrettable II the foreigner Ia
/ downcast: good many home folks are similarly
unpleased: but for critical Europe there can be
scant market sequel at present--not till Europe
buys back American stocks sold at lower prices
Liquidation from abroad is one OF the bogies
that no Informed man win do any worrying
about Just now. Europe won't sell what Europe
hasn't got-never mind how the clan Of clair
voyants may 90 droning.
Another foolish Misrepresentation has It that
important groups OF New York fnaneiers-thoss
who may be accounted among our chief pro-
gressive leaders-havs agreed upon a policy Of
opposition to security market betterment. A
multitude Of reasons get quotation; but they
are pretences, utterly ridiculous
Prosperity proceeds no abatement anywhere.
Into the weeks business records are crowded
increased wages announcements along with
hibits Of demands upon manufacturers greater
and greater. and not railroad IN the country
able to keep pace with the traffic pressing for
accommodation.
In the money market there Is enough better
ment to dispose Of such pessinism as was most
savageIS in evidence around New Years. And
incidentally it begins TO be acknowledged that.
after all, there are a few investors left, as in
dicated by ready absorption of bond issues cur
rentIy offered.
II may be that the security market viii have
Industrial Issues for it's encouraging feature for
a while. Railway capital expansion has modi-
fed the views and expectations OF many beIev-
ers In the market-has converted some iulpor-
tant interests to the idea that if the railroads
upon new track and new equipment there must
naturally show vast corresponding new proAt
for the Steel Cooperation. the equipment COM
panies and all the long list Of industrial enter
prises which are bound to be whipped into ac-
tivity with profit making unexampled And
some railway share recessionS this week may he
traced to the conversion OF such holdings into
industrials. The bargain list is in plain sight.
Increased industrial dividends Is a sure develop
ment close ahead
To calculating Observers there IS. moreover,
the prospect that we shall have large augmenta-
ton Of mining security favor among even most
conservative investors. And reason for that
development Is ample. quite Independent OF any
shifting that may take place from the higher
priced railway stocks. One influence is the rela-
lively small capital represented in such proper
ties. this characteristic supplemented by the
abundance Of evidence that actual production OF
ore IS in such volume and richness as to provide
profits that can be counted upon as sure. rich
and expanding What most can be influential
however. IS the new character OF man who
comes into prominence in the mining world
there being inspiration in the fact that in
changed conditions we have the appearance Ce
our very foremost bankers as personal investors.
underwriters and directors in standard mineral
producing properties.
Stock Exchange policy. certified mining corpora
tions to be admitted to regular dealings. such
quotation being OF appreciabIe value-both
the property and its stockhOders-as adverted
to in this review a week ago referring to the
rejuvenated Comstock Tunnel. whose quotation
of less than half dollar a share makes 1t 50
conspicuous a bargain-uen of character and
means directing it's new extensive developments.
More than score OF the famous old Comstock
bonanza mines are getting ready to resums
active operations-something Ike 100000 re-
Gently expended upon the Comstock Tunnel it,
operation paying CCnstOck Tunnel substantial
cash tribute For cost so trifiing and risk 81
petty, il is solomon the New York Stock E,X-
change or elSeWhere-Jhat possible percentages
Of profit is more apparent
Amalgamated Copper continues In rs old ros
OF rnystery-earniugs known to be unprece-
dented, but market value under pressure all tho
time; and this pressure apparently direct from
the inside No stock has been lately in mora
public favor; but there seems an endless supply
every time bid appears. and any independent
effort to help quotations gets promptly sQuelched
while copper metal makes new record price.
In encouraging contradistinction. show the
purpose and methods of F. \. Heinze whose
activities In the financial world broaden now
beyond what earlier has been disclosed Those
extraordinary successes which save him pre-
eminence IN Montana-actually surprising the
accomplishments OF Clark. Marcus DAILY and alt
the older confreres-have signifying sequels i'm
the East as we'll as sthe West. Capitulation -
Heinzs by the Amalgamated at the close OF pro-
fracfed and hetter caunDafenfne was DODUarlv