New-York tribune., 1908-07-05
The Financial World.

80
the fact rush even to the enthusiastic poins a,
believing that STOCK Exchange troubles approacs
conclusion All this is cheerful enough B,,
cynical criticism is possible. BY way OF actual
measurement the current bond markets.
banded as IL isis none the less open 70 some
suspicion Of manipulation
What is very clear in any consideration ot
present conditions and present sentiment in
wall Street is that there is Cfor some reason
that only claiTvoyant may discern what seems
a concerted disposition 70 expect cheerful mar
tet exhibits Just as as the Democrat -
vention at Denver is out OF the way Il gr.
BRYAN is nominated. Wall street VIII feel thar
Democratic default is already recorded II there
be a radical platform Wall street will see IN It
only the final gasps that spell defeat II oy any
roockarv of itself the Democratic party adopts
resolutions OF conservatism. Wall street viii
hail the performance as merely melody Ot
politIcaI suicide Vested interests generally are
satisfied with the situation. There are estab-
Iished already the roots Of a confidence which
trust the doctrine declared oy slr Tar
when he avowed himself the exponent of ths
spirit which stands for progresstveness without
destructiveness-
In the stock market not one thing OF especial
interest deveIops-judgment guided by super
fetal records There is activity Yet there
is no weakness What above most other Things
shows is that (even IL they do not care 20 add
10 their present hoidings) the owners OF securi-
ties are content 10 stand by the commitments
they have made. They cannot be scared out %
what they have bought They are content with
their purchases
II NAV even be calculated that there is rot
vet an end 70 the tremendous absorption ot
stocks in odd lots" which last winter gave such
exceptionaI character TO the. market when for
a time apparent decentralization threatened Inc
consequence of such investment absorption. not
anywhere vet amply comprehended- reaches not
only to the present. but will. in me opinion OF
competent experts. prove Influential even doTni-
Mating through a long market period % come.
II is to be borne in mind that in largest vo-c1le,
the buyers Of odd lots Of stocks bought them IN
times of virtual panic They have pronts now
in their Investments As values appreciate, en-
couraged bV the exercise of their earlier Judg-
ment these holders OF STOCKS VIII 1e sure
70 do only ono thiug-Certify appreciation ot
their own Judgment by buying sun 1LrtllSI' and
in the event Of quotation reCesslons they VII n
all likelihood proceed TO take on new commit
uents by way of making clear that they nave
no doubt of the wisdom OF thelr own vftI...'A9-
Wall Street never had TO do Win e&i-o4~ %
problem like this before The sltuauos : ne"
in all its phases In former tlIIieS' OF course
there were odd lot purchasers in some Noiuhle
but past utterrnOst total was insignificant ana
inconsequential besides what are present assFe-'
gates -. %.
find that stock holdings have increased % per
cent In some Of the most important corpora
tions of the country the number OF stockholders
has during the past year actually doubled
And not merely from the investment stard-
point not merely a quotation influence -
this new element in the situation chaLehsllS
consideration OF still larger importance Is tns
probability of what is involved as a corporation
administration factor These new stochlolGerS
are going to vote For plenty OF reasons they
will be watchfu of the policies and the execu-
tive pe-formances Of the officers who run their
properties In this one development alone there
is vast reason for appreciation Corporation az
ministration is, one OF these days sOlls u %
recognized as a trusteeshlp-
We are hearing a good deal of trade revival
indications Actual examples are scarcer tnan
the bulletins of them. Yet undoubtedly there
is a hardening tendency in business, and N
some conspicuous quarters we viii proo2oly
have this month resumption Of industrial ac-
tivity on a liberal scale.
Helpful pot only to Wall Street, as the specu-
Iattve centre but TO the country at large IN al
t+s interests is the current cheapness Of money
*Funds have become abundant Interest rates
are down 10 figures not known IN the past yVdI
and a half; and conservative bankers are I'Ee-
casting continuation OF this situation Whlle Ior
the present these low interest charges are neIp-
full chiefly 10 the speculative contingent, ths
ultimate result must De to tHe aavanlaSe u
general commercial and industrial AFFAIRS
Building enterprises seem ahead OF otner n
vestn1ents 10 be benefited far; but sigrlr-
ca nee undoubtedly attaches to reports rom New
ENGLAND of plans there based upon the oeEe-
that bettering money market conditlohs WI.
soon be exerting tonic effect 10 an extent lLIaI
a
Iished New England. the first 70 feel ne
evil influences Of the panic, cannot unnatlra--y
be the first realize the change 10 improve
ment.
So far ss agricultural prospects are eoncerned
quoting a tested authority-they appear ~
the moment to be promising The crops had 20
pass through a rather trying period n June.
one in which there was excessive precipltatlon
of moisture and serious foods in many dlrec-
tions Recently there has been a change for the
better in this respect but the agricultural CUT
tIrn can hardly be formulated with certainty
until the autuuS Meanwhile, however. wat
uneouivocaIly is certain is that banking inter-
ests in New York find in the agrlcu-tur4L
situation not one thing over which 10 NOL-- "a
even measurably To be doubtful
Before the end of the present week II VIII
he strange if incentive does not appear % en-
courage purchases in the security market Most
careful students of the situation viii be diSap-
pointed e we do not have broadening tendencies
shown In any such development they who
invest and they who speculate VIII alike oe
best advised in exercising extreme discrlr1ita-
tiOn The Stock Exchange list Is jamned VIVA
bargains-but some other things are there t1an
bargains 700 In the Industrial list appear very
clear tn. evidences OF merit and opportunity
the chance offering 10 buy al discount stock I<s
Westinghouse. Harvester. United States Steei
and some Others-while among railroads =
Paul and Atlantic Coast Lines ana Great N'rJI-
ern and Colorado Southern are pre- eminent AZ
fractions TO any careful calculator