New-York tribune., 1908-11-22
The Financial World.


stantiaIly r@duced-but the market a whole
could only be made to show a haltins tendency
Union Pacific and Southern Pacifc-stiI the
most conspicuouS-feH two or three poin5s-but
the decline OF the rest Of the ilst barely aver
aged full point.
Bearish enthusiasm was kindled enough how
ever. to produce din OF pessinistic predictions
the whole market. ran fashionable pr0cla-
nations had been artificial from tne start, prices
were dangerously high, the public was refusing
utterly to give Wall Street any Cooperation.
returning good times. 50 proceeded the recita-
tiOnists had been fOOlishly forecast, there was
actually present show nor any show in pros
pect for prosperity: and insisted the Speculative.
bear chorus wha. had seemed TO be boom vas
forthwith going to prove calamity.
From Monday morning till the last hoar OF
Fridays business on the Stock Exchange ther.
was direfu din of wordiness But not uH
Thursday and Friday did the market give any
apparent heed TO adverse manIpuldtive tactics
The short interest had then much expanded
Nervous souls had let stocks go Commission
house margin customers had taken profits, scaled
down commitments, while most Of the active
traders on the stock Exchange had whipped
over to the hammering side Are We about to
have disastrous break became Widespread
query. Professional OTacles IN loud voice an
Swered with prophecies bluer and bluer.
Then in the little space Of bare half-hour
the stock market itself did some answeTing-and
that answer tripped out over every ticker quota
tions higher and higher, with a bTiskness that
swept values up TO 2 point actually better on an
average than records prevailing before the finn
fam fusillades had started
Yet when Saturdays market opened the Ma
And they had the good fortune to find one stock
unprotected-foTcing by smashing processes
drop of points or 80 IN Iennessee Copper
advantage being with the raiders by reason ot
the fact that financial interests responsible for
the cornpanys credit mad gone blfthely away
enjoy a college football game They return
to business Monday a little wfser-their
friends are a little pOOTer-but amply able u
make good any market value Tennessee Copper
has vet registered, IL success Is actually 70 at
tend upon the expansion plans which are TO give
the company Importance In the great field OF the
fertilizer trade Of the country
1t is not strange that the whole Market snoulo
recede enthusiastically from high points GOMEZ
dent with such a savage break 4et-ln any
fair measurement OF facts-nOthfug very conse-
feverishness. apart from the effervescins energy
of SPECTATORS increasing more ana more 'hsir
already tremendous short accounts
One appreheusion much paraded during ths
week was that something lad gone wrong IN
the adjustment of the affairs Of the Westing-
house company. Those important hnanc1ers %
whom was committed the work Of rounding on
anew the affairs Of that great corporation ha'l
been detected. devOting more than one day etI -
time to their duties; and such continuing con
ference could have other significance lnait
JfstrrrF,a ance-annOrncefnent being teiegrdphed
all over the country that Westinghouse stoc>
was forthwith doomed to COLLAPSE sugSeSOioii
carving as was intended. a slguIncance OF pos
sibilities much more considerable than lnNolV7d
the interests of that ore company ltS-il. LoI p
was the natural bear theory that if there were
TO be snarEs and delays in such cons nsPlslo'S
quarter there might be 1nanclaL diS4ulttuu- a.
to mending fortunes elsewhere But Nestln@-
house fnanciers answered promptly the crlJlcal
crew with official announcement OF complete
Westinghouse rejuveuaticn- not aS a prospect
but as "A fact already accomplished IN Nha-
comes to pass for the Westinghouse therH IS q
benefit broader than ordinarily can yet De ap-
preciated. Not for this one group OF investors
is the Westing ghOt1se cornpanys revived prfsJis7
a cOnsummation of consequence nuI Tor Je-
whole country the exhibit Is an insIire.ll'n -tie
intelligence and integrity OF George W esIlng-
house capitalized anew a. a typical national m
stitution-
That business activity is increasing through
out the country is manifested daily. New Eng
land leadership shows in this Massachusetts
and Connecticut manufacturers seem particu-
larly advantased at the start; but froR Other
parts Of the country cheerful deVeiOpLleLS
come upon the record aOUndantly- What was
forecast as to contracts for supplies from the
big railroads Ia surpassed by the recorded
orders themselves. Not only the premier sys-
TENS of the country but practically every road
of any consequence appears on the roll for large
expenditure Tens tens Of millions OF dol
lars worth of orders have been awarded Eve-y
railway equipment corporation IN the country
has extraordinary business already provided
This feature of renewed activity would or ltseit
be sufficient to beget enthusiasm as TO the GER
tatnty OF good times; yet the new business OF
the country is not SO confined, In virtually
every department. Of industry the wheels begin
TO go around with vim And vast crops and
abundant money uuderwrite the soIidity and
the safety of what develops
Pessimism may have spurts Of vOlublity IN
Wall Street; but in the country at large there
can be lack of confidence. for there IS no
lack OF substance.
Here and there spectators quarreIing with
facts, affect to find excuses for financial worry
and market furry over tariff revision prospects.
Actual business interests have no share in any
such alarm Two three times during the
week Stock Exchange traders revised all the
tariff schedules, reduced most Of them, actually
abolished what have to do with iron and steel
and sugar, the little fOrmality of waiting upon
Congress and common sense evapOratins CO.
incident with wholesale short sales in the stock
market
In the markets renewed strength-and II any
thing can be sure renewal is sure-what We are
likely soon to see is growing popularity upon ths
part of stocks OF low price. While Southern
Pacific by reason of developments about TO be
officially. announced may fairly be expected 70
rise to a figure where it will have class parity
with properties like Northern Pacific and Great
Northern and st. Paul and while Union Pacific
(by reason OF its receipt Of Southern Pacific
per cent dividendS) may not seem high above
200, while the Southern leaders Atlantic Coast
and Louisville may register further substantial
advances. While Canadian Pacific and It's 500
auxiliary can naturally rise much above present
quotations-while the chief standard stocks of
the market may ali be counted upon. under nor
nal conditions, to eNQali materially in market
value-there are indications not gainsayabls 7t
a popular tendency toward shares OF lesser
quoted price IL is already OF record that suC1
stocks have been taken in vast volume by pur-
chasers who pay in full for what they buy. re-
moving their holdings wholly from Wall Street
PhenOmenally this has been proved IN steel
Of railway stocks-of Alton particularly Alroa
is earning over 10 per cent That il can re-
main AZ its present figure is unthinkable
And Missouri. Kansas and Texas common 8
Iva uth1