New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-09-20
The Financial WorId.

Virtually every share in the Stock Exchanya =.
shows decline.
Some outcries are heard It Is insistes :,
there has been no reason for this ra.o.sA
Various authorities join in the chorus r..
preston has been forced by speculative ra,.~
Iation. and that forthwith we ought TO ha,,.Ne
vivaI for quotations-that prices should zn.a.,,
be higher than ever. The cheerfulnesz !. .sa
sort Of stuff is nonsense.
Some three. four OF five months ago ans,,..
interests not merely controlling large amoun,,..
securities. but. as we'll, controlling banks. r..
into a merger proposition through which a..
were agreed it would be possible TO boom 49,.
market prices tremendously They were i
thusf2stic at the start; they have been enfbrs
astic ever since. They have accomplished -
of thrgs. IL IS within bounds 70 estimate -.
the stocks to which they gave direct atteuf5-
have been boosted score OF points apiece h.
that they originally anticipated they rsaIzaS
But at the top they became even more c0nfde-.
than they were at the bOttOrn-ths scope ~ tEs-
purchases at low prices expanding at the hig5s
prices. And this was the situation when IN ii,
review a week ago il was stated that danger e.
ments had entered into the market
That view was welcomed with outlaws. n.
talent was sure that quotations could NOT y
interfered with; that II there were TO Re AN
thanges in quotations the changes were oovrs
to be changes upward. ard it became insistenr.
myriad places that the warning was entitled "a
no consideration
Yet the result Of the week shows record M.
this: Amalgamated Copper down five poin;s
AlIfs Chalmers down four, American Smel,7-
down ten, Anaconda down four, Jersey CsHtrzi
down four, St. Paul down eight North Wsss
down five Consolidated Gas down seven D4l.
ware and Hudson down six, Great NOrthsr
down eight Illinois Central down five. LOuIsvH.
down four. Metropolitan down eight, Lead down
four Air Brake down eight. Northern Pacisc
down seven. Pacific Coast down six. Southern
Pacific down five Union Pacific down sigsf
United states Reduction down twelve
Exhibit like this has not been in the records D,
the Stock Exchange for many months past.
We have not this week heard so much Of tas
pbilanthropies Of Mr. z. H. Hartman Back
the East again. he seems TO have become ones
more a commonplace business person. WITH u,
Harriman's stocks dipping downward along vic
the rest of the market-even leading in the divs
it has been trife difficult for the sxaltatio-
bureaus to perform their usual stunts. Mr. Hsr.
riman has not officially saved single rsiIWs7
system this week To Mr.. Harriman1s oH-
credit is to be entered the fact that he persor.
ally at no time or in any way has been idenl.
fed with the exuberanCe affecting To lift hin
into a superhuman place such performances
and nominations may even have n3useated hin
what in Union Pacific and Southern Pacia,
is to be disclosed from this time forward is thai
the dividends they are paying are more thar
earned-and that upon the oasis OF lheF Ggi-
dend disbursement their market value is to b
measured.
established not as 2 temporary dividend paw
but till the rate goes higher"
This is Mr.. HaTTiman's own personal dirsI
unequivocal declaration
Erie has continued conspicuous in the weeks
Stock Exchange transactions In the univerz
reaction it fell less than was the average
shows signs of recovering buoyanCy. As H
been pointed in this review. there is 10 b
trfnsfc warrant for present Erie stock advances :
But it would be dishonest to ignore the iss
that Erie issues can have popularity. and t1
Erie quota tionS can be put up Temporarily, e
CARELESS OF what eventually may be the dow.
ward influence of controlling facts Erie con
mon is not worth what it is selling for b
this does not prevent sentimental support aos
not prevent the making OF quotations Wnel
independent Of facts. II IS easy 20 hear N w
street the prediction of early Erie divids7@
Every such recitation IS dishonest
The crop situation is now virtually assursi
total agricultural yields are but moderately T- /
moved from bumper years. The government
statement of the country's foreign trade
August showed an excess of over S1s.00O9oa
exports of merchandise over imports For "a I
eight months since January I. the exports haTs
been l,Vtl, UUU,UuV- VI OILY SOsUVtyVv SI-VH
corresponding period of the previous year: scon-
omies cut down imports $500. 0O0.o GOO so that W
have been able to show an excess OF shpmsns
over importatiOns OF $391,000.000, or loo ps
cent greater than the figures of last year y
almost phenomenal that the United states an
so violent a shock and so extreme pr0sVa.
ton. even If temporary. as that OF last autumn
and December. should be able to Connand.sael 4
a strong position in its trade relations Win y +
outer world. 1t fOretells a great c0nnaAL-s Z
credits when necessity forces a still more As
eral foreign buying of American cereals NEE
and cotton. At the moment We are toiCs1
provide for the temporary borrowings SOl.-.
made during our panic stress. that IS me 81.
of the recent rise in the exchange narAsL ~
have also absorbed large amounts OF seel5.-.
of our own manufacture from European Ioi-- - 4
At recent reactions these sold out holdings -
begin to look attractive again 20 foreign ~
itaL
Depression in the Hill stocks appears 70 ~
sprung from the failure of the trustees 81
Great Northern Ore Properties to declare
dividend which a year ago had been ann0al.
and paid before this time The ore snip1s
this season have of course reflected the a.
shrinkage in the iron and steel industry I'M
ing the 1907 panic. The resumption OF acu S
going on in iron and steel so far this AutaHA
continued. assures a different couEss Io
shipments next YEAR As TO the rumors q u"
dend cuts on Great Northern prefeIIse
Northern Pacific they win be answered - &
according to the best information. by tne -. s
declarations. The Great Northern WI. &,
this season the largest grain tonnass -,
history. Northern Pacific has sufncien' 80. &
to declare an extra dividend. and IN vieN .ssyss;
fact there need be no worry over li0 Tssss
dividend rate for some time 70 CUii..r .,yrrcs s.
who figure a reduction IN the St Pau S S.orss
dividend have to assume that ouslileS $3.50 q.
sion will continue and that the new .cs ssss
tension will earn nothing on the nc" rsgar5 s
two unwarrantsd assumptions -H5;osr q &
Union and Southern Pacific. Mr. Fta..ts.~ tsss Il
interviews suggests postponenlenL is t.rvs. r. b
abandonment Of holding company - rothlns &
norine these points. one would WlSn ~ --ssn p
more encouraging than what he gives .sr SUI Fl
tells how his Pacific properties nav ss..,sing q 81
nm until they are able to give CO. - rost &