New-York tribune., 1908-06-07
The Financial World
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Feverish markets have been ,-,s.
week Quotations have been sent m, 'aiA
every day record almost alcoL.1,- oo8n.
staggering. strong and weak ana g.. ps'ces
again. without mucn show OF anv sN'ons
conference %
OF influential news deveIounsrs,
had none. The stock market stav. e.. aa7s
for long time past It has been sf,ua,ss 'ners s
ing consequential enough 70 give Gasss1 noth-
dency one way or the other sting tsr-
AS we approach the national politfc,f
tons STOCK Exchange theorists fan =, onVen-
INTO excited nervousness IL is idle 10 faTse
quence are befOgged-in so far as r.,,o sonss-
concerned: and, perhaps. il Il eycrsss1sics rs1.ics is
they should be subject 20 worries sns = tlat
penoins ,nis 'irne OF nominations and patrar,.sss
OF one fact there must be contfnpf,~
tion-the fact that the administration 40 70
dore Roosevelt is not paItering or eva,
rernotest extent falterin2 in its fnsists,o. @ '
recognition Of government rights and -. ~
ment duties as to the conduct OF corno~,.,--
Monopolistic coal companies realize this s.s
weeks events The Standard Oil has s5-S-as a. Sas
recognition in this weeks events. Rajrossss
operators, rate-maktng geniuses are ealIad nos'
also this week for similar recognition 1poa
1t IS free and easy recitation and ass.-,
that as the national campaign opens conciIta...a
governmental tactics may be counted me- Icy
foolishness and the libel Of this sorf - =. no
by this very weeks developments eynosas 49, - =
branded The sincerity, the earnesfnass 80 :.
aggressiveness, OF current governmentaT ~ .7
cedure can need no exposition whatever 49,,
what the present week puts upon record JIM
Union Pacific stays conspicuous esIts I,-,..
figure than anything elss IN marker rnsk+.-
Mr.. Hartman is represented as having IT,
tremendous victory; he Is scheduled "a s,-,-
ing sad setbacks-aH Of which Is quite a. u.r,,
in so far the name and the plans a. w.
Hartman are involved His stocks ara So
In all Of them are large short interssts NJ.
faction acclaims; an opposition coteris so-.-
shows deplorable possibilities II there evsum..,
largely half Of the happy events whtc5 -
levers IN Union Pacific and Southern paeSs,
count upon the millennium will doubly blaszo---
IL only 1 per cent Of predicted troubIss a.
destructtveness come to pass the stock a.
quarter Of it's present price viii still bA =.
mendously high. It is difficult to keep steo vss
hysteria like thts-sinilarly silly upon boS
sides
That the Union Pacific fs earning the div,a.-s
II now pays there can be no dOubt-for uovSs-,
is there basis for question that earnings va
rant these dividends This warrant, too Is osr
titled through the very leanest period OF or-
national depression. No such record can h.
misunderstood
Mr.. E H Hartman may be wicked Eur Ia
has a mighty good railroad
Il is one of the fashionable theories cur-zn-
upon the Stock Exchange that Morgan Interest,".
are unsympathetic with the markets improve
ment. Some recitations have It that Morgan
affiliations sell stocks literally whenever and
wherever strength is shown Evidence ~ an~
such thing is hard to finds not fndable Thev
who are of largest consequence in Morgan circles
are confidently bUllish. Perhaps they are doing
nothing aggressive in a buying way. They ara
not consequential sellers
long list Of railway and Industrial stoess
are scheduled as likely 10 have material market
rather sophomoriealy and
in quarters wherefrom not altogether unsehsh
suggestions may be expected 20 ISSUE This IN
dicates a feature Of the present market not ar
all encouraging-a feature belittIing and Jan
gerous There are many pools overloaded We
have host of spectators anxious to sell stocks
bought during recent enthusiasm. Their exi-
gencies have not a single thing 70 Go with actual
values present. past or prospecttve-yer in those
same exigencies are motives a-plenty for eneg-
getfc hurrahing as 70 the merits Of this. that
and the other stock to which. IL IS hoped pubic
investment may be attracted II is needless To
recite the list of stocks so beng 5u-ellsc--
stocks like An1algamated Copper, Ansonaa,
Smelling. Chesapeake, NOr1Olk- Denver, IeAAS
Pacific, DiStillfng and the Waoashes-tnIs group
barely suggestive United states steel 015a-
intrinsic value but because insiders (tisap
pointed over their inability 70 hold pricesl are
selling by wholesale. The Rock Island group
can be naturally Weak-fOr The reason that one
of the most important Of dominating Interests
there withdraws from the properues s1sal
Trust shares suffer from the same er1oaTr~sSs
ment-only in Sugar there IS the added ro19s
that insiders have suddenly fallen 1nio nsntlns
one another. A Philadelphia banking interest N
Hooking Coal & Iron has sold out 90 "a
European banking interest IN Loulsvl-le q -Sas- s
willie. These properties are or dl1erent s..
But in both there is the same dlsapp0lhLAl0A'
over inside Misrepresentation
Missouri Pacific has gone clean of the arVl-
dend list. Bitterness shows as sequel IN same
1uarre-s of consequence enough to be eohsleSi7u
Court proceedings are not improoaole-eoU'
proceedings which will bark back 70 tns ul-'
not So vcry Iong ago when dominating lns-1s s
interests hired Stock Exchange hrokeI4s1 - T.. e.
TO make alluring false statements ao9S.,s-s ao9S. "a
Upon the Stock Exchange Hse- ''1
may be investigation. There ought 10 Dc
One tremendous factor is in favor OF 80
market strength-the rate for money. Cpea .
The interest charge is insignificant Time l--'
can be mad for all the rest of the ye@- ~
per cent. ,,rs,,ui-y
None the less. as TO the average eplyt;e"iI
In the New York Stock Exchange hs1 'l4'
better time to watch than load up 1-sv
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-.-rsrr To TAHLkS