New-York tribune., 1908-05-17
The Financial World.

Street M
sunshine again week OF almost contiuuaI
buovancv makes up the current Stock Exchany.
record. Two or three times substantial reaction,
have seemed TO be Impending; but in each m
stance the sequel was still further advances
As made clear in this review last week mar
careful students of the situation are connif.as
to the belief that after rise as continuous ana
large as has recently prevailed sharp ssssa1,,
to quotations would be but natural-not sIsn,s
cant Of unnealthgulness in the market BUT acsn
ally helpful, scIidifyins element Upon hi.
theory there have been consequential saI.s 80
stocks by interests heartily in sympathy ~ss
the Betterment that shows-interests stiH nss-
ing confidence in the markets quality. their ~.
reason for taking profits has been that lt n
unprecedented for broadening market TO rr,-
coed beyond the records which the present nar.
ket has made without the intervention % re.c
tiors of size That so far such theories come .,
naugnt adds only an additional BIZ Of svideues
that present conditions, present circumstances
and present developments are hard 70 ind d1on-
Gated anywhere in times past
We have had over a period OF a year paala
widespread and terrific without any traceaols
Iorica! warrant In the very midst Of such or8s.
perity as never before was known % the world
we hustled ourselves into scare and li4uida-
ton regardless not merely of common sense bur
careless Of sacrifices. Yet. just as Mr. Hartman
yesterday made the phrase in washington. aDro-
pos of the present
The couiftry is all right. Everything is nor
NAL. and there is no reason why We should no.
have prosperity in plenty The basis Of pros
soil and crops here could hardly be bsttsr
There is reason for any business recession
We are all right
exclaimed that MIR. Hartman was becoming o.
timistic that he finally was In bgllish attituds
This sort Of comment Is childish Nowhere has
there at any time appeared evidence during al
the year OF disturbance that Mr.. Hartman or
otf1Ar men Of his financial sizs had lost conf
dence The Harrimans are nor becoming OPT
ruistic-; they have been amply so-Dersistsnty.
consistently
Fzyr handftaps ever disturb the s4uaols teao-
Of the market more than IN perennial pratins
of Wall street chatterers affecting 70 quote TIE
sentiments. purposes and plans Of leaders In
finance. Mr.. Norgan's position IL ordinarily
even more n1fsreprssertAd than ara o-hers-
though rot one fatr-rnindAd man familiar with
the Morgan career could find excuse for mis-
representations open. fair and above board
has been every Morgan move. And at this
tuncturA IN American fnAnc@f1volvin whsr
proceeds far beyond mere Wall Street lir1ts-
there is fact surer or clearer than that Hr.
Morgan. standing now. as he has stood all
along aggressiveIy championing American ousi-
nsss integrity. has had with him constantly and
Loyalty throughout the contest the stalvart fell
lowship of every man Of notable influence in ths
national financial field. These leaders are not
JUST no7- converted to confidence. ara not be-
coming optimistic, they have had conf1dencs
all the time. they have fought FOR the spread
Of it, to them belongs credit fnrneasurab,a rot
only for championship bur for amazing accom-
plishn1ent.
1t still stays true. as last week here pointed
out that there is conspicuous insincsriry IN
son1s of the recent campai ignfng for improved
security market prices Much noise is being
made BY hurrahins brokers' and tratsrs wh1
affect bulish position-h4vfng chiefly in mind
the theory that quick advances in price must
have denoraIizfng sequel a. soon rs any hqrida-
ton of consequence appears. These operators
in the market have been feeling Of the marked
along this line fcr q month pas Over and
over again they have sold short substantially
under cover of professed bullish enthusiasm
disappointment and losses They have mate
rally helped the markets strength, indeed. TO
the extent that they have maintained an ex-
Incidentally most Of the heroic bear leaders
who throughout almost a year have been pro-
claiming millionaire profits have dtsappeared
from off the face of Wall Street One OF ths
most blatant is attending a creditors conven-
tion.
There IS no treason in advising market con-
servatism when prices have made records as
recently The millennium does not come over
night And it is not the part of wisdom % leg
enthusiasm blanket prudence. With Undoubtsd
fundamental Improvement showing generally. il
is unwise to ignore utterances of the character
which come from authorities like Tice-Presidens
Rea of the Pennsylvania and Vice President
Brown of the New York Central Mr.. Rea indi-
Gates the necessity for judictous appreciation ot
existing conditions by pointing the actual
increase in the stupendous total of freight ears
out of service And Mr.. Brown says with rerse-
ness that traffic conditions are such that Il,
freight rates cannot be somewhat advanced
railway wages must 60 down tnese are noI
the statements of theorists. Higher practical
authority could not be found Nor can any
speculative tinge be suggested. Rea and Brown
are men who know by reason OF most intimate
personal acquaintance with what are operating
facts. and they are men Of character, Ulaf1I-
lated with Wall Street devoted exclusively 70
the actual management of Americas Two great
est trunk line systems
What above other things appears i'm the pres
ent market situation is necessity for distrirl-
inaticn upon the part of investors and Specu-
Iators alike. To buy anything. 70 dabnie m
everything, just for the reason Of enthusiasm 8
doubIy dangerous in a market developed IKE
the present It is easy for the pracJi-ed ulanip-
uIatcr TO take hold of almost any ordinary stock
and by quick, adroit. foreefuI tactics push quo
tations upward: but such success in 50 far as
profit making is concerned. depends upon tire
readiness with which leadership Of such squirt
character may be followed In a word. there is
not in this market safety or excuse for rithllns
at tips accepting the Old time dictun Tha[
the tape ta alks.
one development Of Importance not 70 be over
rated, and which Is bound speedily 20 nave WIZ
market influence. has TO do with the adoption 9l
what amounts TO a wholly new corporation pol
icy in various high places Mystery becomes
"a boo In quarters where hitherto 10 WoLI
have seemed utterly impossible To ind any DIS
position to treat stockholders considerably t1eI7
begins to rule A. doctrine which dlm0S; nlaNe5
publicity paramount. Take the Sugar Trust
for example \ new chief executive establishes
a new policy--and the American sugar Rennl1s
Company ceases to be chiefly blind pool Ana
there is even more notahle eXeu1plifVaron or t,7
healthier attitude in what John II Archo.d
leads il establishing for Standard Oil me
public's opinion has new cCnseCUenCe- IN