New-York tribune., 1909-06-27
The Financial World.

Security market transactions for the wsee
opened with practically all the speculative tai
ent" arrayed on the bear side. Every ernanner
Of ingenious fiction was resortad TO for deprss-
sive effect NotsbIy. Mr. Hartman was snes
moro consigned to the tomb As a matter or
fact Mr. Hartman seems 70 be really enjoying
himself abroad. having good time socially and
incidentally Keeping keen eve Upon me 8Tsirs
OF the New York STOCK Exchansa. Certainly
the course Of Hartman securities reveals no
signs of Hartman decay They more than any
other group of stocks. give the bear party rtlds
successive iolts. Other hear fancles Include al
legged deterioration Of crops. defeat OF the Nor
gan plans for listing steel in Paris, wonderful
aprrehepsfo~s concerning approaching tight
r66nev fears Of Congressional legislation ard 80
on ad minimum There would be no excuse fo-
recftfue surh rnanta small foes were n rfCt far
the fact that their utteranee does from time to
time actually have influence ia the masking q
market quotations But the spheneral nature u
such influence becomes more ana more apparent
after each brief raid Facts cannot be forced to
fight by fctions.
The most CURSOR examination ~ facfs reveals
heaIthfu1 development in me financial world,
testified to BY dividend increases already made.
by the virtual certainty Of further increases IN
the future and BY the promise Of new or
restored divide nds- The reverse movement from
the panic results Of 19G1-'os is in fun sTfrs.
And the reason for this is the plainly apparent
rAeuperation Of industry and business The
Great metal rnanufactures- copper and
2acity strained 20 the limit Consumption has
been delayed 70 the point where orders simply
renorts are unanimous Of widely lettering con
dtions The public Al large is once more buy
ing heavily the necessaries and Iuxuriss of r's
All authentic indications forecast renewal 20
that wonderful prosperitv which was artfAciaHv
interrupted By the remarkable panic from which
re are recoverfng-a panic which was not bred
Of actual adverse conditions. bBt was the o3-
spring Of sentimental hysteria
These facts are fully realized in high hnsncial
circles Development plans long held in absy-
ance are now maturing Those which have 20
do with the unifcatlon Of great systems are ths
more frnportant-and are certain 20 come 70
early fruition of these the Hartman pro-
eran1ne looms up gigantic But I'm another hAd
Illustration is found In the plans under way for
the consolidation Of the majority of thA ind4-
rAndent iron and steel concerua There is ~
thoritv for announcing that by next fall com
hination will be effective including companies
owning or controlling ore lands with a capacity
Of 100000, O00 tons and representing capitali-
zatfon of $3.50 600 60a And il can also b an
nounted that this combination viii r1set with
n6 hostility from tha T-nffsf states Sfssf co.,
poration-has indeed IFS friendly good wishAs
The result could have no other effect than q
add still further stability - The iron and steel
business along the same lines 50 happily worked
/ by the premier corporation.
But professional Wall Street, as usual prefers
10 deal IN mysteries rather than in accomplish
ments-shuttins its eyes to the real dreaming
dreams For example ~ fs paving no attention
whatever to the steady rise N th4 price of
wheat Now. wheat is not going up because or
any revelation Of disaster to our home crop On
the contr7rv evArv- report from the h4~vestineOf
winter wheat and the progress Of spring wheat
indicates that the fears Of sOns months ago
were largely eva r7tsd-actlial yield per acre
being far gratifyinglv ahead Of both official
and private representations. Wheat is going up
because Of authentic continuing reports Of short
age abroad we have one Of those crop years
peculiarly favorable - American prosperity
but when home abundance is cOneident with
world deficiency. Of course. this means i'm
rnenss additional wealth for our farmers, and.
as frequently pointed out in this review. agri-
cultural wealth is the fountain Of every utter
species of national wealth Just this wheat con-
ditiOn alone. without taking into account the
hattering prospects for corn and cotton, is sum
ciant basis for an increase Of general business
Does Wall Street give this fact consideration?
: It prefers TO guess and gable and gossip about
the mythical doings Of operators It prefers
10 stumble along in happy gO-luczy fashion.
which it pins its faith Now, disasters must
have origin Just what there is IN sight at
present to create calamity is unaiscoveraole 70
a1v but Wall street intellect And that facts
must govern despite speculative theories is ey1-
dent from the steady upward trend If prices Tor
sound. tested securities
still while assertive bettsrr1ent proceeds IN
securities Of high price Cand that betterTanr
amply justified bv developed business condi-
tions) IT is none the less clear that the ordinary
buyer Of stocks whether for investment 9r
speculation. is hardly prepared TO Join largely IN
such purchases I-rfon Pacific around 5000 per
share-hOwsOever warr4uted-is not for the pru-
dent man whose resources are unequlPPed Ior
fluctuations Of five. ten or twenty-five points
But what is equally clear i'm the present slJua-
tiCn IS that the higher priced issues IN these
movements are being pushed upward by force
Of circumstance. that they do not At all n1onopo-
Itze-thev represent. and their gains are repre-
senting. the new national trend OF business
achievement uudeTWritten by new ndrlonal con-
fdanfa Increased earnings. bigger even in net
than in srOss-substantial expansion IN 1vat-d-
HE dividend funds-fs the record universal And
while the richest corporations are addlng %
established distributions there II bound 70 oe
shOyr-in immediate Coincidence increase or
additional dividends upon stocks that have oesn
less tested. the declaration too, or dlEldendS
where hitherto there has not been assurance
and particularly. II can be anticipated mat ca
dividends which panic times diminished VII
begin to go back TO what was formerly normal
Already attestation of this shows in PrepaFa-
tions by various companies TO arrange LOT pa
inc off dividends that have been Accumulated
t,non preferred iSsues-iuStdnCes already 70
corded including Republic Steel and Ansriean
Can-yvith similar action approaching fr'nl INC
Vulcan DEFINING COMPANY
n fs scarcely necessary to cite list Of prop-
critics whose stocks ere now at SO low figure
as TO make conspicuous bargains Erie woule
be notable in such an enumeration Erie devel-
opments close AZ hand will Hestir popularity
Southern Railway. Rock Island. Mexican Va
tiouaI Kansas and TeXas.-suCh are examples
which in aDv fairly sustained general market
can go up ten points and still look cheap meas
t1red by actual progress as wen as by prospelS
Pacific Mail belongs in the register t''.[. -
alert observers will not overlook what one ot tfe
mast weeks developments at Washington can
signify.
In the view of many a conservative ths
choicest Of all opportunities however stir looms