New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-05-31
The Financial World.

OF processes which prOduCeu lO"0A PAi~O'
throughout the whole list; but at the weeks
end there was recovery. leaving net results for
the period that may hardly be considered Sig
nfacant OF ANYTHING that has to do with the
markets early future
What is 10 be regarded notable appears ~
the very general agreement Of important CON-
mission houses that outside business has sud-
denly shrunken- A fortnight ago there aD-
peared to be most substantial reasons for antic-
mating a pronounced revival Of public interest.
Some conspicuous stocks were bought largely tor
the account of customers not hitherto showing
anv market interest for a long time past WHAT
Union Pacific was doing seemed the especial per-
suasfon. And unfortunately. there came ths
sequel OF Union Pacifc's break almost imne-
diateIy following the outside purchases Thus.
tn some considerable extent. budding enthusi-
asm got modification
OF course all the bear OracIes OF Wall Street
fell into happiness over such an incident; and
we have ever since had plattudinous bulletins
representing that the public has become resent
full and that suspicion and antagonism succeed
to what was the promise Of confidence and a
broad investment tendency. The burnt child,
and all that manner Of phraseology, Is paraded
to suggest that nothing further may be counted
upon by way OF helpfulness from public buying
Against this sort OF recitation there looms the
high class issues is snapped up. that in most
cases there IS extensive subscription This
has been significantly ever since money mar
ket ease began to show In banking circles there
remains little doubt that present loan conditions
will be for some time maintained; in fact. TO
signs appear anywhere Of changing probabllity.
Borrowers can get time accommodation over tha
rest Of the year under 4 per cent and over Hlec-
ton Day at around 3 per cent What IS OF
more consequence, however. than these loans
upon collateral shows in a pronounced expan.
sion in the market for commercial DIS ana
ordinary discount paper. This is change for
the better which will be greeted with applause
in Wall Street much less now, OF course. tnan
will be accorded in industrial circles, but tnere
is consequence in it for Wall Street OF very de-
cided sort Thanks 10 their new opportunity 20
find a market for their securities. the rallroacs
or ths country are able 70 become buyers OF
supplies on a large sCale-meeting demands
which have accumulated for over period q
nearly a year and forthwith there IS the nat
uraI sequel Of materially better conditions Tor
the related manufacturing world So far thts
betternent is showing only in a preliminary
way: nothing like normal influence is yet Wis
ibIe. So manifest the evidences of the ap-
proach Of such Improvement. though, that ex-
perienced observers are counting upon the ex-
panson as if il we're already a certainty. This
is the way that good times come
Much Is heard Of national politics ar
gument' as to the security markets future
IN the matter. Interests short OF the market
have become urgent advocates Of duIlness pend
ing the nominations; and it is not hard 70 dis
Germ their reasons for their theories. for in any
activity there would be much greater likelihood
Of advance than decline; and it seems highly
improbable that any important financial devei-
opments will be delayed on political account
Something Of a token of how international
bankers are disposed can be found in the an
nouncement Of the immediate offering or the
new Mexican Railway issues Houses Of the
consequence Of Speyer. Hallgarten. Ladenburs-
TbaInann. Kidder-Peabody and Kuhn-Loe0 join
in this new offering; and IL is not supposab-9
that such alert and experienced leaders would
be going to the American investing public at
this tuncture II there were reason TO be doubt
full This union OF the national railroad OF
Mexico and the Mexican Central system, now n
their merger controlled by the Mexican govern
rnent has ultimately to do with our investors;
and inasmuch there can be no reason JuSe
now for especial haste 70 conclude financing
plans the choice of the present i perIoa OS S--'
Mexican Central stock may naturally be eN-
pected to become active. Il ought to score
substantial advance intrlIlslGdlis u t -
cheap. Those interests which have orouSn-
about the present status have had broad ideas;
and what Is already accomplished goes oeyon1
what Wall Street was wiling 70 DeIeNe posi-
bIe-a fact which will become much Clearar
when official announcement IS Forthcoming as -
vrha- NAV be counted upon sequel 20 the new
MEXICAN Government relationship some ele-
ments which will contribute largely 20 the COM
panv's prosperity have as Vet been hardly mint
ed at
one interesting feature Of the market shows
in the disposition of bearish traders 70 pick out
for attack conspicuous specialties wherein there
is no Immediate market interest. stocks which
are left 10 take care Of themselves, Ike New
York Air Brake and Westinghouse Electric Man
ufacturing In both OF these substantial short
interest exists and they are representative OF
list where raids can from time 70 time be e.
CONTRIBUTIONS enforcing liquidation Al tn'
end Of rnfs week Westinghouse closes where y
was a week ago though at one time four or I've
noints were knocked off the quotation by ~
sborr sellers The statement hitherto made n
this review that Westinghouse at its present
rrice IS phenOrnenaIly cheap Viii before l0Is
have public confederation through a financial
exhibit whose showing will be amply Indicative
From the standpoint OF sensational Interest,"
the Gould stocks have been the weeks central
egures Missouri Pacific tumbed down ~
prettv much the same untointed way that char
ac+arIzed the performances that had 10 do with
lacking IL I'D fortnight ago. and the rest OF
the Gould list has swung around similarly H.
vertebrate. OF course there have been plenty
~ ruuors 10 account for such deu1oralizatlon-
Gossip schedules two or three properties FOR a
recevershfp. One is officially announced vi
Gould is assaiIed But it will be doubtless tound
in the end that he has had no more personal re-
sponsibiIity for the bad mess into which ths
Waba -Pittsburg Terminal enterprise has been
pushed than he had responsibility for the recent