New-York tribune., 1910-06-12

"a " llAu4UuS ulSdPpSoA7Hs DIndn1 a.
fruits Of a pessimistic campaign WI.
has not in many Wall Street sav s.s.
paraIIeIed.
And for most Of the rest Of the w.
there has been maintenance OF tbs ~
standard-tiI at the very close v...
with barely an exception quOtatinns b,,.
SlOughed Off again. activity disapnss-s..
anything like spirit o. confidencs -
where showing in Saturdays total tram.
actions
General business is not satisfaeto,
Commercial agency reports indicate ana
stantial contraction Most trade -.
denotes are backward. This is trus ana.
in iron and steel. where up 20 this IN.
there has been confident reliance m.
maintained expansion. Weather coma
tions are interfering II is an abuor-.
summer which is represented By sue
June records as are now obtruding.
effects show. OF course. and il is h-
foolishness to affect to beIittle the copu
QuenCe of what in every asricultur,
quarter is recognized and Iameutsf.
Crops are not ruined But crop eanw.
tUnities are handicapped. And-fust !,
in the Industrial situation-the ouflo,,I
is undeniably qualified-
OF more Importance, Of worse irpo.
than trade contraction. than crop thrsss
however Gn so far as the security mar
ket is concerned), is another factor wh,S
is looming too large in Wall Street-;s
factor Of Wall Street trying TO fool 4.
self-much proclaimed that is not trus
utterances for diplomacy's sake. n
country Is not lost if better ralxs
rates are for a time delayed: ths NIL
Iennium is not here by reason Of any n,
tice that there is somewhere IN d,
early future the prospect OF a hiytr
traffic tariff
1t isn't a petty task that railroad nas
ayers have TO assume-eOnfronte up,
the one side with the need 10 make tss.
properties look attractive to fnvss;-1
so that new securities can be markets
thus called upon to look cheerful-e-
frOnted upon the other side with =
quirements to justify increased rats 8
called upon TO pose as altogether misr
able. In the face of the varied dens5
it is. perhaps. hardly to be wondered
that some presidents have become ns
curiOusly voiceful. chortlins pessiniz
and hymning happiness in daily rg-
medleys.
But over and above all this that =
to do with the pettier. even il the "
conspicuous, phase Of the current hnss
cial situation, there looms one certain
the assertiveness and undOdgable rs-
site that the corporations Of the coun-
must stop being mysterious in any
their departments and partiCulaFF
their aCCOUnting-there must be cam
publicity-there must be recOgniuol
the standard which has been set 70 2
open accounting policies Of the III
States Steel Corporation. Persistsi@
the contrary imposes precisely those p
alties which stock market quotanl
are now too much recording.
But professional Wall Street does
on it's hypocrisy. BY way Of exanPs
a recent unctuous annOIncemsnI >
one American bond issue o1ere1
France was Oversubscribed at I"
cent. Of it's FACET being almost I'D
diately disclosed that instead Of y
negotiation (for actual net return
barely at SIS, information st!fed 3
banking commissions. French taS ~
sitions and the like totalling close
fat 10 per cent. out of principal =
Gs such thing necessarily charss'
tic?) there comes now even . iA
detail Of the uews-the detail tna1
all. this particular bond issue mai
have been sold at all. You have
exceeding careful when IN a uluiN1
way you go pawnbrOking internA-
If unfortunately IL should turn Vl'
we have been depending upon Pl0-
and prospects in place OF csr'-S-~
some of our vast foreign nego1iati'-
resulting jolt may be rude.
interfere. for example, win 'Aos
mendous orders for equipment VIZ.
the railroads were recently SO -
arranging. The equipment stoeAs'
rate. do not in their quotatioiS \
what is too cheerful This
dividend era. uiles'
railroad rates at home are a's -
an exceptional railway bond ilAia
vided abroad Earning four a-'' !.
miII,ons. a wear upon its coHlnloH
in tqos and 1907. and over II per
/, zoos American Locomotive
stance. has this wear serious ion..,.,
following last years net ~, 1rll.f
preferred stock denCit or ~
Of a million dollars and NOR l.s-.-i,is-i-
fea sfNle TO Criticise the aa l.,.--o-sc1
policy of the American II.s.,,ss
I-onnany- its officers are ,1as-
DolfCiss are intelligent -'he Srscf
thing needed Is husineSs-Asss - sVE'
~ such character aS can oe .issrcss !
CrIy- by- railroads that are
q nDlv financed. LOcomotiNs, n.osels5- !
from most r. /,
standpoint IL is typical i
Among the weeks whinisiesI~..
quotation changes like that ils..smc
NJ a downward rush Of ie pom |
-, and Alton upon transac'io
han a couple OF thousand si- ant
-or,,,,n has been paying pei I,f
dends. II was earnins h'ls rors
sn't earning the four. ,,sstss
,tber Hawley stocks are Sy
,,,o.Do,ad Even hesapeaks sss sss =
<ets nervous at the close - Sssr 8 /
ST the beginning of the ed q
,er cent. stock ChesapeaAss b.
N while on its new pei Jobs bss !
: now under so. ChesAp2s,g AZ
for oee9II III. ~"
market issue.