New-York tribune., 1909-06-20

chickering's. Even should bear1Sh NaH Street
Judgment concerning the Paris operations prove
proDhetic-a highly improbable event-tns az
fairs Of the steel Corporation can nevertheless
be relied upon 70 move onward IN the bread
path Of prosperity
with the vagaries OF tariff and tax debate in the
United States Senate Now. there Is clear con
y.iction in authoritative political and financial
/ circles that the result to be arrived at the
present special session Of congress VII oe bens
fetal 70 commerce. The tariff IS being revised
in a friendly spirit. The heated talk Of this OF
that Senator in dav by day discussion means
scarcely more than effort to secure some psrtic-
,1Iar advantage for some particular constituent
Ma Jority control in the interest Of sober Fgis-
laton has never been lost II y toresone cen
cl1sfon that from tha turmoil OF Washington
pov-vyoyys satisfactory ends VIII be reached.
our present Congress and present executive are
safely 70 be trusted as guardians Of the public
welfare.
Apprehension dire and deep vas voiced ~
Wall street concerning the report Of Governor
Hurhes's stock Exchange Investigating commit
tee The presumption seemed 70 be that ths
/ experts nominated BY the Governor would fol-
low along the lines Of certain newspaper and
/ magazine attack prominent for the last few
/ years Wall Street was TO be piIIoried-if not
cr,cffed The stock Exchange was 70 De ex-
hibited as the unhoIy Of Unholies. Such ezpec-
tatiOus were wrecked upon the appearances o.
tho committees report. The calm judicial ind
+ ing is that the stock Exchange fuiflls mission
Of the highest Importance honorably and en-
ciently. The committee even has the courage 70
point out that speculation Is an important anu
inevitable element In the conduct Of modern
! business-thst trading "on margin IS Let the
immoral. obnoxious practice which It has been
loudly proclaimed some minor dsfects m
/ stock Exchange methods pointed out and,
strange to say, stock EXch9 nge auJn0ElCss
/ welcome such enlightened criticism and hasten
+ 70 take initiatory steps in the Terorm OF petts
abuses The result OF the coTnnitIees rspor.
/ must he 70 restore confidence in the public mind
/ in the high character and business necessity Of
9 ~ and its meTH0QS. A Co1l-
Inittee serving without pay actuated solely ~
public spirited motives, is beyond caluran--
Nreantlnas. n Is pertinent 70 ask Wall Stree.
once more 70 devote attention 70 fundamental
conditions. The crop situation bears oGt al that
has been forecast in This review Even Vintsr
wheat il seems. is not the ruined crop which
+ Wall street bears have fondly imagined It to
be. From Kansas come cheering reports oi
actual harvesting. proving that early fears were
/ without basis-the yield more thaD good n
cidentally this is teStihed to by the STEADY ~
vance in the shares of the Atehison railroad
than which there IS no more reha DC representa-
tive wheat carrier Logically following crop as
surlDce comes steady revival in all the reading
/ industries As already noted. steel plants VII
/ soon be taxed to capacity limit And 80 runs
I the story in the copper business and its allied
{ interests In commercial circles reputable msr-
! camille agencies tell one tale-steady expansion.
I And further testimony 20 these gratifying cor
/ ditiOns is afforded by the swelling baok GEAR
/ ings the country over However excited or nys-
( tericaI the bears may become. the cuncl'lsiou IS
/ unavoidable that we are opening 3 ne" era o.
/ prosperity-one which bids fair 20 surr8ss any
/ prior period. How. then can anything more
, than the merest ephemeral success attend uFo93
! bear operations To recall a pithy eplgraul o.
: T. PfArpont Morgan. The man who goes slort
! on the United states will 60 broke
FinaIttv Of prosperity IS always summed ~
in railroad earnings Coed crops. increased n
dustrial production. general commercial eT-
Gv,F Fabf reflection m
swelling railroad trafic and mounting earnings
Examination Of current returns shows that r9il-
road earnings rise sturdiIy. The traffic Is here
And. Of great importance. the difference between
gross and net earnings shows how effective ars
the economies which the railroads we're foTe7l
70 institute when panic times struck them Ana
these methods. born Of necessity have -onls ~
stav stockholders studying gross increases car
rejoice in the certainty that net increases a.
even superior. This. OF course clearly toIsees-
new and increased DIVIDENDS kiSht ug% 5 >.sS a.
be noted the restoration OF LoulSv1lie dnG 49,. 49,
willie 20 its former six per cent basis. NLsss't
the future may hold for spectators tns.s tnsSs-.
nothing in sight but congratulaticn for slai
holders.
The action taken by Louisville and Nash'iA7
managers in making the better dividsne 1's
/ fairly be construed having especially af71e
reflection Of improved condition IN S'u'hs."
territory And on this account there may %
New York representatives, of great EuropeaN
svndicate-purchases particularly Of southern
Railway shares As the result Of caFefstV
conducted investigation these European eshN
crs have become convinced that southern 80
way common is approaching dividend pessi0'T
tiles
What is TO the advantage of southern i'ah'N1!
not merely the quickeninS Of trade anu 50
expansion Of railway traffic but the llhera'11iHN
of railway supervision laws-is proving Suv@H
tageous TO every property Of .the section 80. 49,
apeake and Ohio is An especially u AIsS PtS P- Re
And Chesapeake and Ohio. by the oy, me- e..--nsr
/ expected very speedily TO start upon Iui'A''
inward market value course. -..--
[ Mr. Edwin HawIey. just back from W 49, ~
/ inspection tour is quoted sayins mat .
found everywhere business conditions S@tls- Es r.
tory All the Hawley list OF railreaas ,.,ssr IT,
considered still I'm the bargain list hoWEso. 49,
much some of them have gained IN TnatAet ~, -
tation during the past year Takins In.i -
and Alton for example. 70 may be + talrlI S'iIl
| mated that impending further deveiopiislIL
! warrant new advances-and the Alton SItu-.t
is not much different. in intrinsic me- ~. S-s1-
| from what prevails in Mr. Hawleys IS.5N Io%1 -
/ trail Minneapolis and st. Louis ana A''-
Louis and western
wall street is deIuged with fantastic CaO'
grams from Paris concerning the SAD stals -
| Mr. Harriman's health. such advices u'
reach Mr. Harriman's family or friends anu
to judge from the published reports OF Mr' g.. =
rimans doings, he is an exceedingly H'o'
snecimen of a hopeless invalid He seems 90 80, a.
/ going about business In the same enersettS ~ s-5
he does in New York Those ge1tierlsn 81 stecs
ay hnd themselves before long IN thrlLl,s SSs,,
Z : with a live wire or two CertslnLS 80 -s
the practical point of view: nothing can .ss Ses
/ insp; ring than the splendid reports OF Sn7 @bsv
ness icing done by the Hartman roaos- =,
/ are esJab ablishinS new standards oE
measure railroad prosperity.