New-York tribune., 1909-11-14
The Financial World
We have 2 waiting market

I tions OF the day strength Il manicss-
Nobody wants TO buy" srowIs the bear
-'NOboty wants 20 sen" rs-orts ths
I buil-and the bull has the better OF n
While In the main the market - slug
gish, on a dead center. yet such change.
as occur Of 11te are rises. many no-s5i>
/ gains showing in specialtiez. There -
fair response 20 sn~ buyinS r-ov.rnsns.
while repeated efforts at bear manipuis-
tion meet with frosty failure.
We have gotten through with the Brit
i-h budge- bugbear (of terror mainly -
those VINO would not know 5gdzsf
from a breakfast foodl. The Bank OF
England makes no further advance IN its
discount rate and the opinion Is held IN
best informed tsnking circles that ths
per cent figure recently established
has amply accomplished what the Bank
dssired-that there would be no nsces-
sity for any further advance It be
comes evident that the cbtef Ooject uas
10 protect the Banks gold supply AMI
that the action taken had no direct rsls-
ton whatsoever 70 the Amsrican secur-
ity market That London may coctinue
to be a nervous center for some time -
political crisis. but nervousness thers
will be largely localized Our own
money market discIos.s no threat True.
a few DAYS since call money Just touched
S per cent. at which rate large 0fssringz
from interior points az once caused
drop. The fact Is the available supplies
OF money Throughout the country are too
abundant and too readily avaiIabls -
permit any squeeze IN New YOrN.
And back OF this situation IL the suaEan
tee provided by the emergency currency
lava law specially and effcisntly DE-
signed o. put a stop 20 gambling N
money
The approaching session OF Congress
causes no apprehension anywhere II il
the same body which enacted the tarif
law in that special session which re
vesIed conservatism in control-the rad
zeal element m the minority. Nor is fear
felt concerning what the Presidsnt ma
say In his annual message-indssa. III.
Taft has very frankly and freely our
lined whs. that message will be during
his recent prolonged tour OF the coUn-
try-snd the people coniids in Mr. Tar
We approach Thanksgiving this year
with real reason 20 BE- thankful and with
hope unqualified. We are at peace with
the worId-plenty and prosperity rule
great crops are harvestsd-captral -
confident. showing no HESITATION N err
barking upon new enterprises OF sx-
raudins old Onss-labor fnds full en-
plOymeut-yes. We shall celebrate an
iGesl T!snLsstvlng
II has been merely q matter OF pru
dent Judgment that has 50 Tar withheld
the disclosure OF tripending gigantic
corpOrats rearrangements. Important
among them are those which we're de-
layed by the death OF Mr.. Hartman.
But Mr. Harrinnan's death meant Onlv
postponesent-ths work OF his genius
survives him and will be carried on o.
accomplishment
Some indications are apparent OF ire
attitude. the prog-es>iveness, OF our fore
most nnancisrs IN respect TO certain
plans now ready 20 be put into effect
When rounded out 20 accomplishmsr-
Pennsylvania. New Haven. Atchtson ann
St Paul wiz bA found IN effective com
bination New York Central Ilhnois
Central. Northwestern. Union Pcctfi'-
and Southern Pacific viii be similarly
grouped And in addition 10 these pre-
eminent systems there IS rapidly torrnlnE
under the headShip Of Edwin Hawiey "a
third transcontinental system or ln1por
tance and influence. the cornerStone o.
which Il Chesapeake and ohio.
As 20 the security market-it tS but
fair 20 recognize that the STANDARD
stocks (the market leaders) average con
siderabIy lower prices than prevailed
some months ago. Purchases made 20
day are certainly not purchases made a.
"the TOP.
This is an era of making good. Tes-
tanony to this accumulatss every week
We just have the inspiritins news that
I Sloss- Sheffield begins extra dividend
distribution intended to offset DIVIDEND
withheld during the time Of depression
American Can shares become strong on
semi official assurance that back divi-
Gends due will be taken care Of sim
! liar conditions (also reelected in price
n1ovementl are revealed in Pit-sburgl
Coal Nor San the cleaning up Of accu-
nuIated dividends in Vulcan DEFINING
preferred be much longe- deferred-thesa
/ dividends amounting now % 90 per cent.
thus making Vulcan Dstinnius the
/ cheapest per cent preferred stock on
the list There is no need for any aua'-
/ ifcation OF che statement hitherto mad.
I in this review that the Vulcan Detinning
Company is now earning more Jnan
twice per cent upon its prsterrel
I stock.
Traction stocks show renewed rctlviN
and price advances. Many ruTlorS anc
stories are current 20 account fer this
but none OF them is authoritative. The
fact Is that New York's LEGAL passenssr
/ traffic enjoys constant steady srowtr'
\ visible 20 anyons who uses the lines.
Traction stocks have been unduly dis
/ credited. and the present advance seems
10 be Just msrsly natural It has here
tofors been asserted IN this review thai
l Third Avenue is a valuable properry-
that in any form Of reorganization valns
win be found far eoovs what is repre-
sented IN market quotations for the
stock That opinion IS reiterated sim
liar conditions prevailed some time axe
In Pacific Mail 10 which attention wa
. csiIad in this review when it was hover