New-York tribune., 1909-11-21
The Financial World

The Financial World
Much that Is significant. bearing upoa
the largest financial affairs. begins TO
show-through open Wall Street dsvsI-
Opments The professional element on
the stock Exchange IS so prone "a at
tribute every development 20 mere mar
kst nanipulative purpose that there has
been little general appreciation of what
extraordinary things have been all tho
year progressing under the surface
that is 10 say. without Of1cial disclosuss
and announcement. The policy has been
a necessity. n Is not thar corporation
direction must be hidden. or that there
* preference for transactions IN tbs
dark but. so far reaching are plans IN
course Of working out that their exscu-
tiOn would have been impossible were
construction attempted town-nneetiuz
STYLE. II may be feasible so 70 arrange
minor programs. but what ar this time
engages the attention OF our foremost
iaanciers is not in the minor class, but
has 70 do with our chiefeSt affairs. WIN
our greatest corporations. with what IA
vital for the future in the commercial
as wen az the financial world. And un-
dsrtakings thus comprehensive and thus
consequential are NOT rseled OF Ike bars
Of conversation az an afternoon tea
That vocifsrOus gentlemen. engaged N
Wall Street speculation merely. -cnoose
70 be skeptical az 10 this doesn n1cn
matter-sO obvious Is the fact OF u IN
quarters where experience. comprehe1-
sion and sanity abide.
Just al the close OF business for the
week news dispatches announced West
ern court decision adverse 70 the stand
ard Oil Company. whersupon all the
talent Of the Stock Exchange hustled
in concert TO sell stocks short By whole
sale. Most Of thsse suddenly inspired
jurists were sure that the decision was
from no less a source than the United
States Supreme Court. Il isn't. And
stock recklessly sold on Saturday viii
in all probability require reDurchase on
Monday. by which tins il may beat IA
upon the Wall Street speculative fn-eiu-
gence that a circuit court IN Misscuri
does not really have hnal jurisdiction
and anninilating consequence. Certainly
there is nothing I'm the decision as an
nounc 81 which should excite anybody
into immediate hysteria- The United
States Supreme Court is still calmly re-
viewing what lesser courts are dolns
and until the United states court does
act ia this Standard Oil case. as IN any
other case. there is no occasion for even
sensitive souls on the Stock Exchange
% become so much over exercised "a
20 hurry into pummelins the entire
stock market.
Elements that are 70 have lasting i'm
portance in the making of the market
those that are potential-are wholly in
dependent of. superior 20. any tempo
rary influence. They contemplate whac
is not merely beneficial! but what is 20
be permanently beneficial That nation
al business condition suggested in the
happy phrase OF Community OF Inter
est (which. unfortunately. seemed for
a time likely 10 stay merely a phraseJ
is being approached now with a dignity
and consequentiality beyond what even
former enthusiasts anticipated And
from this time forward we are likely
70 have attestation OF This inspiriting
fact through developments OF Inagni-
tude. Much work Of wide scope has
been satisfactorily concluded, though
not yet made matter Of public record
Instancing this is the disclosure that
finally we have virtual unihcation OF the
dominating talephons and telegraph
systems Of the country; this cornbina
tion. popularly regarded in Wall Street
as but Just now arranged. having been
an actuality weeks and weeks prior %
the present announcement
What proceeds throughout the corpoF
~f1rfH raf1 in a
statements. is not only along lines OF
betterment, but seem related parts Of
single comprehensive policy Disttnc
tive Illustrations appear in the broaden
ing out of Wells-FargO's capital scope
a rich dividend incidentally distributed
70 investors. Similar agreeable an
nOUncsments are close at hand fer Jer
sey Central shareholders and, thzre-
from. for Readings owners In another
OF the great anthracite properties ap-
proaches a like development In Con
solidated Gas there ara completely ar
ranged plans advantageous beyond re
cent expectation OF shareholders The
list is capable OF much exrension--there
is scant appreciation yet of what Is N
preparation for entry upon the Anancial
program
From another standpoint other en-
coUragement develops; for while tn
rich corporations are making distribu
tiOnS cOinCident with plans for vast new
expansion. there is inspiriring progress
for relief and upbuildins in quarters
where there has been, II NOT difficulty.
at least reasons for financial quisrudt'
This has Illustration notable - Ms
souri, Pacific among the railroads. and
Amalgamated Copper among the indus
trials Announcement OF the compile
ton Of Missouri Pacific underwriting tO
the extent OF putting tens OF millions OF
dollars in readiness. warrants congratu-
Iatory feeling beyond Missouri Paci5c
itself and its related properties So.
also. what develops in the copper situa-
ticn has Importance of wider scope than
the confines OF Amalgamated and the
other quoted copper properties. A stu
pendous industry becomes safeguarde1.
is relieved OF conditions in the past de-
moralizing and that for the future were
threatening destruction
II is The same spirit end purpose,
working Comprehensively toward the
same end, that is represented in the plans
by which conspicuous industrial corpora
ticns are preparing 20 pay OF dividends
that have accumulated 10 the credit ~
preferred stockholders among such cor
poratiOns being Included Republic Steel