New-York tribune., 1909-07-11
The Financial World.

doing little. commission houses virtually nothfn-
Much news-good news-has come during -.
week but hardly a market ripple has rssutaS
That the current dulness is in no sense disturb
ing or construable into bad influence Is plainlv
enough written in basic facts From every quar-.
ter of the country and from every interest thsrs
is heard now one Uniform expressiou-that q.
complete confidence that not only is businss,
betterment already largely registered but thst
there are multiplying evidences that this in
provement is moving forward in daily expansion
Good times, indubitably, are here again
In the government crop report Just made uub.
lie is every assurance for confident anticipation.
Yield records are 10 be broken Far more I.
revealed than ultra enthusiasts dared exueet
National agricultural prosperity. splendid as the
exhibit has been In recent years, is to reach its
greatest heights in the harvests Of 1863.
incidentally, prices for wheat and corn ana
other grains are still advancing This. though
IS in no sense any indication that independsr.
crop authorities are in conflict with the Govsrr
ment calculations. The truth is that recent
grain market strength, even the highest points
attained. is traceabIe to the fact that the whois
world is suffering from grain scarcity And what
seems providentiaI in the situation is that while
American surpluses have been heavily drawn
down. there accompanies our present tremsn.
dousIv inspiriting crop outlook the exhibition %
discouragins yields elsewhere. for those nations
ordinarily our chief competitors are facing bad
crops. In this adjuncture there Is. of course
the CONFERENCE.-The unavoidable csrtainty-ot
vastly expanded American benefit With great
crops We have great pr1ces-and what this
means 70 the farmer. and what through the
farmer it means to the entire country. business
wise, IS beyond any approximate computation.
C,oincfdent with this agricultural status thers
* recorded material Improvement IN those IN
dustriaIs that have to do with iron and steel
and copper and Iead-au the mineral list This
IS in reflection OF expanding trade Of many sorts
and thera are signs that gains already shown
will be much increased by reason OF iransdiats
activities, particularly account Of the
satisfactory financial position in which the rail
roads Of the country now find themselves. For
the first time in long while the railways
able to give out orders for maintenance and I'm
provAnent upon substantial scale and being
so placed they are naturally and even of neces-
sfty preparing to make their orders bigger than
up for omissions which hitherto hard times
made necessary. This better element in the SIT
uation is likely 70 become very forceful soon
Railroad earnings keep on increasing. net eve,
more encouraging than gross And what may Be
counted upon as certain is that before long
traffic viii be pressing upon every western prop
erty beyond ready accommodation The phe
nomenaI crop outlook. the coincidslt expansion
in industry the gains recorded in every com
merciaI quarter. Join in underwriting this fore
cast Barely sixty days from now outcries vii
be heard that shippers are unable 70 command
accommodation-there will be shouted excite
nent over car fauines. This is not merely the
view OF spectators in Wall Street. not the
prophecy Of folks who are grinrorTned-its the
calculated expectation OF railway managers rho
are informed and experienced
All this combines to give emphasis 10 ths
calculation that in so far as Wall Street affairs
are lust now concerned we are in a waiting tine
Those factors which already certify prosperity
must before long become so forcefu1 asserrvs.
aggressive that Wall Street can no longer stzv
placid. Yet that in which the foremost leaders
Of the financial world seem most in accord Is that
all the best interests in the security market VIII
for the time. be proftably served by proIongs-
tion Of present market quietude.
With good conditions growing each day still
better, the market when IL does start upward
as naturally eventually II nUsu-wiu in al
proba biIity make records not hitherto paraleled
Then we will be beset with protests that we DO
not want boom Just as now we are daily IN
formed that dulIness IS disturbing Pessinists
have forever the gift Of CAB. Under the present
circumstances they affect TO be worried because
improved conditions are not conrneusurately re-
fiected in quotations But the moment that &C
tivity brings betterment they Will be heard IN
loud belloWings that there is danger in buoy
ancy. Just nov they profess much worry over
night that bugaboo viii have evaporated- And
soon thereafter we viii have returning virtually
every financial leader now abroad-tncluding
J. P. Morgan. the leader OF all the leaders And
Morgan viii not come the apostle OF aught
less than that progressiveness which - twin 70
prosperity.