New-York tribune., 1908-05-24
The Financial World.

To some extent recessions result from oeaF
raids; but from the standpoint of result and
general market effect the changes registered are
entitled to be regarded as favorable. irrespective
of some Of the agencies which may have con-
tributed.
Fundamentally it is not at all debatabls that
conditions are sound. that business improve
ment is showing and promises 70 De Iasuns.
Standardization apt and comprehensive OF tns
bettered situation comes from many sources
is put with especial terseness and force N an IL
formal statement quoted from Presll-1-L
bull OF the Colorado & Southern MI 1FuLlO1I. ~
making an official inspection tour through tne
wide territory served by his railway system h4s
succinctly this to report.
not of one branch. but Of most branches OF
trade II IS true not merely Of one locality. put
is conspicuous throughout the entire Soutn"esI
Representative merchants manufacturers, agrl-
culturists all alike are confident OF good Jlr1es
still growing better crop PI"7p0~IS O -
be brighter"
expression Ike this has signtfying consequence-
And IL is agreeable coincidence t1at Io-12N- -
ing Mr. Trumbul's unreseTved commence W al
Street has heard during the week from @ olL-e5s
whose opinions are similarly entlt!ed % co-s-1-
eration-aH finding substantial business m
provement. all seeing still better things aheaa
In many important corporation quarters prog
ress of substantial character is recorced-sonls
instances including relief from past vexatLons
and handicaps. Those threatening factors T1lca
were troubling conservatives in the tro1 ana
demoralfzation in either crude iron or hnisned
steel products.
Another exceptional development OF helptl4
hcbaracter will corne-possibly This week-i1 an
nouncement Of satisfactory solution OF lls
troubles Of the Westinghouse EleCl- .-5-5-1 =
American premier property nnally ool4-Ll-s
normal opportunity. Not only VIII O4d e---oa-
easements be cured. but broader nsld anu
still greater strength than ever before VII p
come available. What this re-esra olls- - -
signify it is possible 20 OVersst1--aIe L'- 20
embarrass, much less 70 destroy an y-..
of the type which crystaI!lzes the .5 l-lz-.-5
| and ambition and enterprise and lnleSI-lS o
| one like George Westinghouse WOULD Ia-- A2-
| jot short Of national calamity
Money market conditions still reflect tnae
| lending capacity which the prophets OF misery
| were decrying for so long We are sun ao-e %
send tens of millions Of gold abroad while at tne
same time showing an apparent linitless power
TO supply current funds at low rates here Can
money has been down even 70 l per cent t1-S
week one fact attested by this, not much a.
Iuded TO- reflects the conservatism Vllcn
throughout all the critical recent period oanAers
outside of New York practised-wlth the result
that such banks have achieved lndepeLd7L-5 70
an extent hitherto known NAaL wa
Street is pleased 10 call the country pans
comes through a year OF country ice pane
with record unapproached, with resources even
actually augmented
| Corporation managers are showing qulcz We
| come 10 the easier money conditions num-
Der of them disclose their readIness-not 70 say
their necessity-tO get funds In TINS one p--dS7
| there appears less that is encouraging t1an n
most others for bonds and notes are oe1ng
offered at figures which provide returns -ar %
| yond quoted current rates ana III SOM -
| spicuous cases materially above the -esal n
terest rate IL is too inspiritlng 70 discover
| Standard Oil enterprise applying Tor I'VE
wear loan for which it is willing TO pay over
| per cent. though more than twice the Iace Na-lo
| of the total loan applied for is covered by de-
posfts Of gold bonds in trust. IN addIti0n % JL9
| personal guarantee OF a Standard OIL trustee
| ~ eT1nr,7eDsDts his Endorsement by a special
S4-ric he
| now yielding annual income OF ABOUT S!g}-
OOO. and having an aggregate value OF over SIu,-
| 100000" 1t is a curious exhibit, calculaI9d 20
| induce the cynical into questioning whether
really the money market situation tas SlaIoa[o @ q
| Oil views it, is altogether as pIeaslhs aS l.
| seems to lesser folks.
Another Standard Oil relationship challenges
especial Wall Street interest All the Gould
stocks are strong-for the reason according 70
the oraces) that Mr. John D Rockefeller has
accepted an invitation 10 join Mr.. Gould IN pro
| prietorship. Every one of the Gould issues
bounded. 1t is difficult. however TO find by close
study that there is more than very remote fOun-
daton for either the theorizlnS or the spe@.4-a- @
/ tive performances exhibited Truth IS that none
of the Gould stocks have had fair market treat
| ment in a long time past IheEe mas psvA a.
| most uniform chorus against them on the
! Stock Exchange; and their quotations have been
| kept under continuous ramn1ng ana JaIllrli-S
| processes until quoted prices in no way fairly
/ represented intrinsic values COlnclGent WIN
the declines there was. OF course piled Up al
extended short interest in every one Of the Could
| stocks: and the TreTe making Of these shorts
| nervous affords ample explanation for the recent
| sudden advances. There certainty mas apIe4rsd
| no indication that Mr. Gould himself has e1-
gagged in market activity And Mr. john u
/ RockefeIler's philanthropies have hitherto been
| somewhat outside of Wall Street
EIation develops in bear speculative circles
| over the government suit 10 hold the New York
! New Haven & Hartford Railroad accountabls
| to the Law To this largely traceabe the
| weakness at the close OF the week. some stocks
falling and points Not much consideration
need be given 10 the highly seasoned gable on
| the Stock Exchange as to what this suit signL-
| fes In so far any fact is disclosed the Pro
/ ceedfng is simple and straightforward enough
| needs no explanation. is susceptible of none u
the sensational TRANSACTIONS that are beiEg DIS
| tributed by wholesale. The government believes
the New Haven railroad has transgressed the
| antitrust law and announces It's plan u nave
a court adiudicate. II the New Haven road -
| guiltIess very great damage Will be done %
| security holders. for if evidence Of inrOCsCCe
| exists the traditional thrift of New Haven may
| be depended to have il on hand II the law has
been defed there certainly Is urgent need for
the government Of the United states 70 show that
| "favoritism is no defence. that the personal
popularity of a railroad president has its hnlita
| tons Friends OF President Mellen do not doubt
that that experienced manager has proceeded
in his consolidation policies along lines advised
| by trained specialists in the law and that -
| law health: but that issues are raised whlch
| will have 70 be met is equally sure, and. mean
/ while, there is little warrant for antics or the
/ Stock Exchange aprOpOS of this one new GOV
ernment suit. In far the New Haven rail-
road is concerned there is vastly of COnSe-
| quence for security holders in those financial
| exhibits which United States Senator Morgan
| G. Bulkeley brought 10 their attention az tAs
| company's last annual meeting
! In recent market gains one lesson conspicu-
i