New-York tribune., 1907-08-18
The Financial World.

Wall Street unrest continues. THROUGHOUT No
week quotations have seesawed actively-on
some davs we have again had almost panic
conditions: and while intermediate rallies hav.
been forcefuI enough to keep investors from be-
inc homeless the net result of the Stock Ex-
change week does not make an inspiriting ex-
bibit More stocks are down than up-and some
declines are serious
Much ado was made when at mldWees an
nouncenent came of the Pope Manufacturing
Company failure. but financial interests IA
miliar with that particular corporations anairs
seemed surprised only that the insolvency con-
fession had been until this time delayed COL
onel Pope has made a brave fight but conditions
were against him from the start of his reorgan-
lied bicycle trust and for year past the life
of the company has been due TO the tonics and
good nursing of a group OF New York hnanciers
disposed make personal sacrf1ces In behaf
of the veteran New Englander- 1t may be that
the concerns affairs can be soon so Strengthened
that the name of Colonel Pope will be main
tained prominently in the industrial world; but
even If should come to pass the worst that
pessirnistic oracles are forecastng the failures
result and it's effects would fall far short Of
what Wall Street rumor mcngers proclaim
ing In their hue and cry it is loudly insisted
that the Pope Company is representative Of a
great list of progressive American industrial
enterprises that it's exigencies are typical and
that its disaster is bound widely be duplicated
In this sort of talk there is the inspiration Of
stock iobbery. Evidence Of any such sort Is to
be found nowhere That the general industrial
situation of the country is unsound Is unbe-
lievable Testimony to the contrary abounds on
every side. And only in Wall Street can De
heard reckless contrary allegations
That there IS stress in the money market Is. OF
course understood by everybody, though even
these conditions are grossly magnifed by bear
exaggerations kept in circulation Crop nov
ing will make heavy drafts on the East. but
probably not to the usual extent. and the main-
tenance of business activity throughout the
whole country keeps funds in urgent demand
This however. is in sense a dangerous sirua-
tion-i, actually the most substantial evidence
Of national good times. This years tremendous
crops going to market at prices materially above
past averages Will add hundreds OF millions OF
new surplus TO the cash resources or the West
and the South: and this is disputed only by spec
ulators whose profound wisdom IS bred OF bear
market commitments Some Of these gentle
men occupy conspicuous places in the pubic
eve. thew are able to command attention for
what they say-and they say good deal Ut
terIy radical always and not unusually reckless
From, such authorities is TO be had the intell-
eence of trade recession at every Industrial
centre manufacturers unable to make deliveries
because merchants are overstocked-a cond1t1on
which they advert to relatively encouraging
for the reason that IL the merchants were not
o,-arstocked and were to continue to receive
manufactured goods the fate of the manufact-
urer would be still more sOrrowful because any
how. the merchants would not be able 70 get
enough money to pay their bills And the Jere-
rnfah recitation about crops is along similar
lines of si1liness-that the cost OF living on the
farms as in the towns, has recently risen 50
tremendously that no matter how big the har-
vest NAV be there can only remain slim money
surplus for the planter Neither down Souln
nor out West where the planters are. IS there
any spprecfation though, OF this woful sltua-
tion: the westerner and Southerner are IN a
strange state Of confidence actually irreVerent
enough to be contenptuous OF Wall Street lam
~ntstions And as 10 what the railroads are
doing and have the prospect Of doing there
stays the calm summary or T. n H1aiil11A'
uttered in Omaha:
"Au the railroads are busy-and are likely to
be buster"
From the standpoint OF business conditions
If but the barest Of fairness be exercised-there
arises nothing to occasion such nervousness d.
exists. not one thing TO excuse the alarms which
are so hiDpodrorned through Wall Street The
national Administration devoted to the policy
Of obliging every man respect the law ana
standing sturdily upon it's principles. Is exSlteuy
assafled in conspicuous quarters; but where IS
there criticism comparable with Wnat comes
from, those points and from those persons sullt-
i1,, involvedg One answer 20 this is thar tn5
innocent by wholesale are sacrificed IN prose-
c,,tions of those who actually are the evil
5osrs-tbat 10 drive the fly from the puohc
&c.. e,-sa+ tudiciaI rocks are thrown, which
,.tiIa axtarr,iuatine, the fly, MAIN and Kill the
,,,br,c-+bat holding the Standard Oil corpora
tior to accountability destroys the innocent m
,,as,r,Ant interest that Furnishing railway corpc-
-a,,ons for law breaking should not proceed be-
ca,se forsooth stockholders may suffer for acts
M. personaIIv their own. acts committed oy
,bair representatives managers or trustees
Such nIea in defence mOcks at sanity Win 50
much confessed as that laws are made 70 be re-
rarded and that officers under the law are not
IN contemn their obligations as jests-Witn the
r,sra recognition that faith has got 70 be kept
where and by whom is it possible to find war
rant for complaint against the executed polcleS
of Theodore Roosevelt? The square deal lsh
q ioka Neither is it merely a game of playing
tag with felony
We are not having any such harum scarun
governmental prosecutions as Wall Street Is 50
vociferousIy procIaiming. So far-and wltnou'
one noteworthy exceptiOn-there has been eSl-
dence and law and jury verdict in unquaIineu
approval for every important complaint the gov
ernment has taken into court
AT the close of the week Stock Exchange
prices show IN various parts Of the market al
most panic suggestions
All the talent in Wall Street IS bearish-S
aggressive in operations against the market