New-York tribune., 1907-11-10

banking interests are providing market suppore
but any actual investigation makes very clea,
the misleading character of such representation
They who are of real consequence in the New
York financial situation too busy with otbe-
and more Immediately pressing interests TO per
NIT of their giving attention (much less MANN
ulative consideration to the ups and downs ..
stock quotations. The fight now fought has ~
do with conditions. looks to results tremendouslv
more consequential than the pettiness of a dav,
advance days decline in Stock Exchansa
prices.
Large buying of stocks in small lots continues
to be market feature-and this is destined IN
be important much beyond any influence per-
tanning to the aggregate of the transactions
the effective influence being as last week was
here pointed out, in the fact that the great arm,
of new owners of stocks become committed N
confidence in security values, an army %
apostles OF confidence In national prospArifv
And no manner Of enthusiasm can overestirnatA
what factor like this stands for-what such an
influence can accomplish-for in it before long
may be found almost dominating power
To particularfze bargains seems wholly IN
necessary. Yet there is much demand for such
specification. 1t is not overstaternent TO char
acterize the whole Stock Exchange list as n
bargain counter. Price and value never befo-a
were so far apart The point is reached far
passed whereat quotations and dividend yield
can be regarded in any sense related
Nor Is there advantage OF any sort in inouir,,
as TO the why and wherefore Wall Street pre-
fers 10 accept-even with show Of aggressive
ness 10 urge-that responsibility for every cur
rent i'll attaches to Theodore Roosevelt. Mar
rowness Of such paltry sort backs this propa-
sanda-for il is campaigning. neither pure nor
simpie-that not one observer OF sanity can bs
deceived
In this review there is jot or title OF rea
son for tossing nosegays toward Washington
certainly no reason for attempting opposition IN
any fair minded Wall Street sentiment; bur N,
proclamatons projected minute by minute de-.
mandatory OF Mr.. Roosevelt come finally 10 h.
productive of nausea
In established fact. in actual operating rac,
what has the President-the Roosevelt admin
istration-done. or assumed to do. against which
Wall Street or any financial interest whatsoever
can honestly protest? The answer is not hard
TO find. Important railroads were favorin.
shippers who were able to command" inside
relationships; and such railroads. such favor
itisms, have been brought 10 book. Millionaire
shippers by dlnt of cunning and strategy and
power were able 10 be domineering IN the rail-
way world. were able TO command rates for tbsfr
shipments which put competitors at their
mercy; and tnat cut-throat competition ia
ended that domination is not scotched nereIv
but 1t is exterminated; and-nore-thav vbo
hitherto could control and could debaucb bava
been brought into court upon precisely the sa1a
basis Of any other buccaneers accorded The
utmost opportunity for court defence-havs "a
eeived what they merited. straight-out-fron-
the-shOulder justice.
II is become a Wall Street psalm "a chant
that the Standard OIL fine imposed bv Jusvs
Lands is harsh, unjust. confscatory. ridiculous
and whole lot OF other things to the lirlft OF
language. But even in its excitedest utterancs
"aH Street marshals not a single suggestion
that the United States Court at Chicago srraysd
beyond the power which the national laws pro-
vide, nor beyond the warranty OF what the re-
corded sworn and indisputable evidence In this
particular case provided. and, certainly. not be-
yond what the common sense. the heart and in
telgence OF the country uphold in the SIMPLEST
doctrines of fair play-for fair play proceeds
beyond any pretence that It can be confined %
wordiness merely-sAmerican fair play meaning
and only meaning Just plain straightforward
fair play-and in business fair play there Is no
room. Under any guise whatsoever. however in
genlous. or desperate, or clever. for aughr else
than just this same plain str4aibt forv-5rj fsir
play.
And IN any analysis Of the volcanic complaints
which professional Wall Street urges against tha
government the one certainty or inves tigatioR
is bound to be that outcry distances the facts.
What any fair calculation OF current condi@
tions will show-to the investor-is this: Tha:
there is to-day increased net revenues for every
corporation, railroad or industrial. whose securi-
ties are publicly held-that corporation p-oper-
ties are to-day run as never before in the in
terest of the stockholders who really own them
that rebates and all the long list of kindred
tmpOSitiOns OF graft are made back numb 1bsrs--
that fair play has become assured 10 the ins
VeStOr.
Perhaps II may be that what Wall Streee
howlinsly assails as destructive policy" may
not yet be quite fully rounded out; perhaps
there is not to be abatement Of proceedings IN
and out Of COurt-perhaps such relief and pro-
lection as has already been afforded TO investors
may get yet further addition-perhaps corpora
tion rings and corporation cormOrants are In a
Ions line yet to be brought 10 the bar. It ia
inconceivable that n Wall Street quotation
hurly-burly can end In any masquerade. Wall
Street has no right to confuse itseIf-to fool
itself-ordinary plain, non-staggering. common -.
sense honesty Is afOOt. is simply marching
straight forward And no hurrah OF antago-
nistic. passionate wordiness is going 10 be an
interference.
In the events OF the week the passing Of tbs
control OF the Tennessee Coal property TO ths
Steel Corporation has Importance Of two sorts.
a dangerous weak element is taken out OF this
stock market. the United States Steel Company
has relief from the curfo campaign some time
ago started against the quality OF its steel rail
product-and in this latter element there is cons
sequence beyond current comprehension.
Coincident with the passing of Tennessee Coal
control is likely to be disclosure of new domi-
IN,