New-York tribune., 1909-03-07
The Financial World.

come Out-there appears show Of nervous
liquidation When with hurrahs the market ia
lifted, to the tremendous extent Of half a point
there follows no buying. The public seems quita
content to be a IOoker-on. neither disturbed nor
! inspired by the petty daily Stock Exchange pro-
gram.
What seems most likely for the early future
IS that wide awake traders upon the Stock Ex-
change will devote themselves to participating
in special movements in special stocks 1t may
be the fashion to decry market Of specialties
but the record Of the past half year upsets the
logicians-for they who have chiefly benefited
since last September's initiative OF improvement
have made their profits in specialties. At no
time has there been any general market move
ment Offering advantage indisCriminately. Il
has been in particular properties like those Of
Edwin Hawley that gains have been sure and
large Colorado Southern. Alton. Toledo South
western, Iowa Central, Chesapeake and Ohio
properties like these-have been the typical pur-
veyors of satisfaction The more Iordly list Of
standard" issues. like Great Northern and
Union Pacific. for example. have been centres OF
disappointment. Union Pacific is not down ma
teriaIlv from its top price. 1t Is true. but what
signifies and what illustrates is that while lesser
stacks "speciaIties" have risen materially
Union Pacific has net merely refused similarly
TO go I'D but at It's very best has wabbled wear
lily.
1t is plainly Of record. Of course. that SONS
hippodromed movements in speciaities have
curious appearance. Examples Of the sort are,
indeed. very much in present evidence More
striking illustration could hardly be presented
than in the circus tactics with which a mystery
is exalted in the affairs Of the Kansas City
southern Railroad \ fortnight ago. when Kan
sas City common was under 40. the hnancIer
most intimately associated with its affairs said
unbesitatingly to friends that the stocks price
was already exceeding intrinsic value Yet the
quotation has been whirled UP ten points or
more since then-and Mr.. E. H Hartman is
proclaimed upon the Stock Exchange as its ar
dent buver. NIr Hartman himself is not au-
thority for these statements.
Kansas city Southern has become a good
pronertv. Herman Sielcken's management has
made it so. He took it over from Union Pacinc
quarters .lereIict Union Pacific was willing
10 toss il aside Sielcken proud when he
could make it earn its interest on Us ooll-s-
Now preferred stock dividends seem fairy sure
But that forthwith Mr. Hartman steps lor~aIJ' lI
acclaimng the superiority or SleIcheh tVi'to''
Se!cken methods Sielcken results. IS a httIe an
7c,IIt 10 conceive Up to date there has never
been a Hartman exhibit like that
Prt this particular specially movement n
vlting scepticism. lends merely emphasls 20 li5
fact that in its present mood wall street stree - --a9
inclination Whatsoever the cirClII1s tancel Io"
ard sDeciaItieS-and such market features, anu
only such are fairly sure Of attention ana re-
sponse.
It Is in line with the favor commanded by
sDeciaIties-favor which will be maintained pre-
ciseIv to the extent that merit can be attested-
that BROOKLYN Rapid Transit finds current prom
inence and popularity This stock advanced
materially at the beginning Of this week anu
has retained a substantial part OF It's gam ''l
the face Of a developing adverse dispo7-'l'"
toward the general market Back Of Brooklyn
IL tested tIS
earning capacity: and even though there uiSht
he ten1porarv duietude in the market for lhe
stock there can be no doubt whatsoever lIsi1
the eventual market price Will be a price i"s10
rally higher than the present price. 60
TEat There may be for some little TIME tp
,oI,1 ba1tirg market is not fairly TO be con-
- - as i'm 9uv logical regard an element IN
voIy-ing lasting bearishness for such pr'PeTIleS-
Money market conditions are still favorlnE
borrowers-fuuds in vast volume aNallslDI7 at
half the legal interest rate Money uhtli I"7
md Of the year can be borrowed at three per
cent Call funds are much lower IIls' 'l
course IS an element Of fncalculable consequence
from the security market standpoint-"h here.
with other elements normal, such loan Pppor-
+rrttfes would be bound TO exert potential IN
aueDce II is only because there are elemental
conditions I'm the situation that are not normal
that the money rate fails 10 govern some m
dicatfor Of this shows in the weekly review
wherein Bradstreets reports "A disposition 70
trade couservatively in general business uil4
the several doubtful elements in the situation
are solved" This waiting attitude IS WarranleI
an,DIv II is not that any dangers are staihliS-
r3,t broad business issues are fnvolved-and the
waiting disposition Gin commerce and IN n
1,,str, as we'll as in flnance) has the basis of
,rafr common sense. Tariff discussion alone -
of consequence enough to induce the ultra pru-
1.r+ mood Generally the belief undoubtedly IS
that the fnpending revision will be wisely con-
{ucted with heaIthfuI resUlts-fOr there Is 10 %
rows sion b., the friends OF national industry SUI
business interests. having experience. viii none
rho less he kept acuteIy Observant and impatient
for rssuI,s-and until what is definite is con-
cIuded il is lust merely impossible that there
viii he throughout the country any outourst
of great enthusiasm And new business commit
rnents are bound TO be kept at the minimum
In the end this very patienCe-inactiUty' even
,,sr,ousness-viH be sure Of the sequel OF good
tirpes-so clearly runs popular confidence but
wall street is not likely 20 concern ltselI WIN
any hurried boisteruusness- And ncJLlllS ;
more certain than that protessloIlaI " 49, an -
throughout the eaTi- weeks of CorSressloildl - :
tntiun will take advantage or every uev-...7
phase of doubt that can b2 lnpuIl@u lHto -
situ,rfOu II is not any part Of wisdom 10 dHee~
" L,I;s,.a that until tariff revision detiniteneSS
is reached there can be stock market quo pyi-l-4'
This view is not construabIe INTO pea -,
Intelligence forbids pesstmis.n IN Anlerita. -
rnrntrv is all rights going to stay all rignL-
no poIItics can obstruct the certainty Oh 20
grandeur Of its growth. And American III
S,,aytr,ants measured by standards ALREADY =
tabIisbad have become the safest OF al lls
world There is nothing OF doubt nothlhs %
encouragement, and surely nothing OF ueS[olIts =
er-v i'm the attitude OF business puDhc' IL
nerchance for the next few weeks there seems
70 he agreement that in so far as NaA StIev'
is concerned-in so far as concerns inveSC.l.e1ii Ci
specuiations. quoJaIiOns-Jhere be a gehsIal
waiting time. This does not necessarily look 70