New-York tribune., 1908-03-15
The Financial World.
THE TRTBUNE'S FOREIGN NEWS

this movement has dealt largely with the theory
Of the covering of an extensive short inter...
No doubt there is some element OF fact IN this
j but short covering could be entirely respon-
sible for such advances have been scored
unless the entire speculating fraternity (an In
conceivable thing were committed to the short
side Something else must be sought FOR to &C.
count for the steady appreciation Of values
First and foremost looms the crop situation
Beyond doubt 1901 harvests were satssacto-v
in volume and are finding highly prontasl.
Notwithstanding that basic elemental faero-
of prosperity agricultural wealth Beyond
doubt, also, there is apprecfabie restoration =,
confidence In the integrity OF the financial stv-
alton It begins 20 be seen that the U1covsriny
. OF black spots, prominent feature % recer.
times actually makes for betteruent. Y i uc.
thinka BILE that there could be attempted now
any such financial methods as were responsible
for the market catacIysu originating last Oc-
tober-in proof Of which stands the actual fart
that prices Of securities OF representative char
acter are now quoted 10 20 80 points higher than
last fall
Upon Wall Street also dawns appreciation that
governmental action Is not necessarily de-
structive-rlay i-deed be upbEi.diEs. o. course.
adverse business features are seill IN evidenca
-uotab blv the sorry record Of decreased net rail-
tive conviction that the worst has been seen in
this direction and that Improvement (perhaDs
slow) may be looked from now or n com
r7ercial circles there is still contraction and
hesitation. but even here signs are not wanting
Of a hopefrI turning point II is true that there
has been among other incidents reduction ot
wages oF employees os cotton rnanCfac-oriesi bur
this NAV be uleasuraSiy attributed 10 the Diff
Guilty which manufacturers encounter N secur-
ing adequate supplies OF raw cotton az prices
which warrant extensive future contracts As
s,n,ing that the country is 10 continue its con-
ouerinc career (undoubtable to students OF eco
nor7ics), such incidents are temporary and VII
be seIf-a justa ble-
II may well be that the wall Street movement
OF last fail. which outran-"discouHted '-sUose-
quent commercial depression, is finding contrary
illustration in the Wall Street movement which.
it may be- is discounting commercial recupera-
ton. 1t is trrisrn that the security market in
- action is always anticipatory. II may be
safely asserted at least that there is an ac1uai
effort on the part Of everybody TO feel better.
which in itself stimulates public confidence
Towering over other sentimental considers-
tions is evidence that the public is no longer
looking at Wall Street through blue glasses
Where for so long visions Of gloom and spectres
OF disaster nOnopolized the view there IS no"
apparent q disposition TO recognize tna- 'ne
country is still here. it's vast productiveness un-
impaired. it's ma gnifcent commercial career as
related to the rest OF the ORD, unchecked US
capacities Just as boundless as they were before
the shock OF horror. incidental 20 local develop
roents. last year srnote Wall Street with panic
And this Is the more important when due rec
ogni,ion is given TO the tremendous power OF
--o-r
transactions are ofttimes based more upon sen
timent than upon fact That fact must ulti-
rately prevail is inevitable. but there are long
periods when it is ignored-and through such a
period has Wall Street been stumbling Z -
recognition of such sentiment which started the
voIurninous short covering OF the past week, fer
none is quicker to catch the turn ot the tide
than the professional Wall Street trader II IS
recognition of this fact which has lined Up the
important banking interests of the country IN
commanding support Of good securities Or
course the present movement IS subject 70 sharp
reactions due TO technical considerations; but
beyond doubt there is wholesome and exhila-
rating change
An irnpeI,inS and inspiring influence IN bust
ness affairs is the revelation OF existing cond--
tious IN the steel trade. Here, since the end q
Nor is this influence mercy confined 20 incre2s-
ing orders and promising prospects II has "a
one great factor the policy OF the Steel Cor
poration in taking the public into It's coEEderce.
publishing frank and full reports o. its tra1saC-
tions. dealing with It's shareholders and irs EN-
pIoyes in the spirit OF absolute fatrnsss-jea--
ously guarding the character Of the trUs-eeSHlp
OF the Corporations managers Nothing n LhsS7
times could be more conducive 10 stem the tld7
Of criticism which has run 70 unwa-ran-ao-s
extremes than this plain bUsineSsllNs ex1ioit
Public appreciation comes in the form o+ stead-
lily advancing prices for the Corporartons seca-
rities-than which. as often pointed out N t-'
review, no safer investment exists e--ler LIo-n
the point OF principal or yield As tine sosS y
the wisdom OF the founders OF the steel Go1-
poration becomes more and more conspicuous
II is not difficult 10 conceive what chaos n-SAl
in these times have ensued had there been
score OF more Of squabbIins manufacturers o1'
bidding each other for customers and hnanc-a'
accommodation. As il is the Steel Corporation
moves calmly on. preserves its vast surplus 'a'
all times available for money market n7c7S
sities) and maintains equilibrium fer prices On
products. guaranteeing stability 20 notA PFC
ducer and consumer For itself. for me srsaI
trade II dominates. the United States steel Co--
poration stands for rluch-bur rot toT lno'e
than il stands for IN the yet broader world OK
national thrift ard prosperity succinc' a1-S"e
TO almost any national criticism IS rlshI AZ A'
in the records which this. our greatest COY
poration makes.
In any consideration Of what may be furtner
market manifestation, even those who are NOS
enthusiastic over prospects will give attention 20
rba fact that the poor traffic returns CT recent