New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-04-18
The financial World.


wall Street terms creeping market" By this
Wall Street means a market which gradually
sscends without speculative hurrah. The mos,
cursory study of current conditions reveals tia
investor as the buyer. Professionalism cItnss
to pessimism, fighting every advance with really
courageous persistence but the small effect
produced by traders onsIarghts is disclosed by
the mere study of quotation tables. For ex-
ample. average quotations for thirty representa-
tive standard stocks approximate the high aver
age of the year-are points above the average
OF month ago-and nearly 30 points above the
average ot year ago. And If to this USUALLY
cited list nov somewhat antfquatsdJ wers
added numerous stocks which have become pop-
ular favorites since the original table was made
up a far higher average increase would be dis
closed.
There is nothing in sight to warrant worry.
The much talked Of wheat corner seems in the
Wall Street view TO be no corner az au-high
prices for grain being due. more than to anything
else, to an actual shortage OF world supplies
The May option in which interest now centres
cannot. Of course be much affected by new erop
conditions but the later options will reflect
those conditions One indubitabIs result Of the
current wheat market is vast addition % the
wealth Of the agricultural community.
/, The money market continues 70 be an i'm
that there is no temptation to capital to seek the
loan market. while there is every tlducement
to find profitable employment for surplus funds
in the purchase Of sound dividend stocks This
factor alone renders any serious decline highly
improbable. There must be radical change Of
conditions before there can be logical argument
in support Of bearish claims
Just after the middle of the week there de-
veloped a pronounced. persistent selling move
notwithstanding in the offerings most Of the
conspicuous issues. To some extent this had
exceptional influence. through the disclosure
that one large seller Standard Oil trustee
mot Mr. John D. Rockefeller. whose attitude
toward the market one Of his closest business
friends describes as more and more confident
From this source 1t is even intimated that all
the sales by his brother trustee were absorbed
by Mr.. Rockefeller. And an interesting side
light upon Mr. RockefeIIer's financial disposition
Just now may be CLEANED from the statement
that in market operations he has been devottng
himself chiefly to purchases OF railway and in
dustriaI shares selling at small figures 1t may
not be surprising even. il ultimately attention
be given to the theory that Edwin Hawley. IN
his exceptional corporation records, has the
counsel and active financial cooperation Of Mr..
Rockefeller
In the pressure recently put upon quotations
IL has been notable that Hawley stocks have
been among the stocks maintaining the greatest
firnness. Though not yet ready for announce
rnent there has been registered during the week
q substantial move forward IN the upbuilding
AFFAIRS Of the Chesapeake and Ohio
Interborough shares are under forcsful ma
nIpsIation-the effort evidently being made b.
inside interests probably new inside interests
holdings without advancing
prices But the action Of the stock shows tina.
such campaigning is pursued with difficulty fcr
floating Interborough stock has pretty generallv
disappeared from the Stock Exchange district.
AS already stated in this review. Edwin Hawley
enters the Interborough board NOT cornpl-
ment TO his friend. President Shonts, but as
working director who sees opportunity for profit
-somewhat Of Hawley habit. hythe-bye.
Missouri Pacihes new finance plans are ready
for announcement They are co-rnrsharsive-
They assure the future
European selling Of American stocks is much
proclained-yet careful scrutiny OF current mar
ket operations lends little corroboration 70 tie
abundant bulletins OF many and varied rea-
sons why Europe is scarcely likely 70 sell our
stocks in any large way there is one reason -
especial consequencs-and this IS that Europe
hasn't got any volume Of American stocks 70
sell That England Or German Or France
should be sellers OF our securities could not, g
course be based upon any investment calcUla-
ton wherefrom profit could be figured IN Let-
ting our issues go in order TO purchase their
home stocks-for American shares are producing
dividend yields far and away greater than can
! be averaged elsewhere In the world Truth -
Europe is virtually bare OF American STOCKS
has been ever since last years panic got under
way. It is not improbable that spectators IN
London may be extremely bearish upon Ameri-
can values-for there is one easily understood
speculative reason for such attitude-tniS
reason 10 be found IN the fact that options have
been sold in London upon tremendous scale
calling for the delivery OF score OF consPicu-
Gus American railroad and industrial issues
These options give their purchasers the right 70
call for stocks At prices materially lower thsH
the present range. In Reading alone II IS est
mated that hundreds Of thousands OF shares are
under such options-a vast volume from Is to .
points lower than the stock can now be bought
in the open market And as some Of these OF
tons NOTABLY in Reading and United states
SteeI) are maturing az early date. It Is no'
at all difficult 10 understand why the sentlenasn
who must deliver at lower prices are inclined ~
outbursts OF critical pessinism- It IS 10 p
borne in mind that issuers Of these options are
not ordinarily the possessors OF the full amour
of stock against which they write calls am
are therefore finding themselves in the pcslIr'
where purchases become expensive ou' t0'
pulsory ., 49,. 90,
incidentally here a short interest stin larger o'1
more widely distributed
General business conditions continue 10 sAoN
steady recuperative power. With tariff revision
70 ~