New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-29
The Financial World.

When current Wall Street aids shan
reached their early natural end. and whom ~
conditions shall be restored the slror,a
BE; An episode In a great DULL market " ~
MOI one single change is to be reo,rao,
governing conditions. The basis Of all. tba :"
situation. reveals absolute strength crop
following in its wake is the rernarlab,o
OF prosperity facts in Industrial brsi,a. wing
iy aioof from the hysteria of Wall Str.o. "n-
business of the country marches onward 49,, ma
~ard with impressive demonstration N-s, 'p-
happens to disturb the actual growth "a sns
mense expanding prosperity stock rnarI,as 49, a 'n-
'u"'ions representing only the fears and -.
- , can anything be pointed -
Los ueStroyed or impaired the vaI
any railroad or Industrial stock ar,o OK
winch make up the bulk of ST. 'hoss
transactions? Has anything bannono., '.'@lss
tract from the earning power oe 70 de-
corporation? american
All Wall Street is wheImed -
gossip and rurnOr concerning. the -, "in'i or
1911 VI MT Hartman. The create = NOn-
''4' 'ai~ IS without foundation Pm, Of
''''s tie most Pessimistic conrlusion - as
Us 'ii Harrifnan. what is there in tbi.
y "'ouse ustrust? Beyond doubt - NJ --''''er
man Is the sick man whom Wall c.. MART
tors would have him. he has Coz 80 Speeula-
"teieS's 10 the hmit-for Mr.. Farrt.-o MS
p'aeucai man. 1t is simply Iunacv 80 - ia a
'ia' 'i'e elimination OF his personaIit, -'-1sihs
.Ai'oao world would spell disaster W. W. nc
mas accomplished Is beyond abolition W. NJ. ne
may yet accomplish is not YET concei,ah,a no
with or without this great Hartman o Out
ai'y' american railroad developments ia oo-.ol
On the broadcast lines. The eoncr.,-
system becomes a fixed Co.
ar
~ anu economy Of administration -
assured And in this lies founda,,o. 90 are
otuuy 1Onhuehce OF investors who remain ou,r,
unshaken by the vagaries Of stock p,arI-at T-'''
tations Ae' quo
illustrative Of public opinion-as on,os.s
professional Wall Street opinion-ia ~ a'-eU %
strength OF United States Steel cororoo-
during delirious debauch OF rnarLe+ -
remains within few points OF the - -
ever recorded for this typical gtock II. -
tEan one hundred thousand Steel stockboI.o-'
are not one whit dismayed by the antics 90 ~,
street Gears They keep their property or 80
10 their holding. with perfect confidence +h..
the management or the Steel CORPORATION w..
continuing vast profits. From any point ~ 80.
the resistance marketwise OF steel 10 the 4o-
ing foIiy or present speculation must be a.
cepted as convincing evidence that the n,b,,.,-
not inoculated with the bacteria OF Wan So
pessimism- There is no more important barm,-
eter-can be no more important one-tban r-,t,at
States Steel As the greatest OF tndustr,a1 -,
corporations and the most representative Of ma
SonaI business movements United States stsa,
holds supreme position S'esi
what Wall Street professionals NAV saa-, ..
20 90 In the present tuncture IS probIenatic II
IS evident that powerful bear party is or9a1
ized ana willing 10 take extreme risks T5a+
they can influence immediate Quotations 90
without saying. That timid holders can he sesreJ
OUT Is equally certain But that any Operation
or any bear clique. hOwsOever powerful car
turn back the wheels OF progress and reversa
the situation OF national expansion is TOO cr,ldar
SHY a proposition 70 call for discussion an
soiutely nothing has happened 10 weaken conf
dence IN the future. Absolutely nothing appears
10 warrant fear for the future The most emf
nent or our business lcaders-Jarnes J. Hill and
Ebert H. Gary, for example-testify 10 the glow
ing prospects ahead for agricultural and indus
trial America Not single discordant note IS
heard anywhere except in Wall Street circles
where boastful bears. Cheered by temporary de-
presstons. proclaim the immediate downfall Of
prosperity. Facts will foil such fanacy The
countrys business will go right ahead regard
less OF what may happen in any stock Exchange
maelstrom.