New-York tribune., 1910-11-13
ALLAWAY'S REVIEW

The security markets most conspicu-
GUS feature is dulness. Outside interest
seems to have evaporated wholly. And
professional spectators show insignif
cant interest. Such periods Of activity
as do appear are traceable almost uni
fornly to room traders who are bearisb-
ly inclined and who try raiding expert
ments in rather trifiing fashion.
We have great crops; and for the crops
we have satisfactory prices The West
so much the subject OF Wall Street lam
entation lately, is coming through an
other season into larger and larger
prosperity And as recent predictions %
agricultural disappointment have proved
false, SO also and equally will soon be
dfsproved the chatter now SC much in
evidence that there has been sucn West
ern extravaganza that even despite cur
rent stupendous crop receipts there will
be financial Western disturbance AMI
distress The "authorities'' who r1rge
this latter representation are mere fable
makers; they have not even the founda-
tions for their reports that were available
when Wall Street, in midsummer. be-
came expectant Of crop shrinkage, for
then there were weather conditions wen
warranting apprehensi0n-those erecting
present Western financial scarecrows re
+ lying merely upon Imagination, merging
romance with mendacity. The West is
all right. Were there any grave issus
! at hand Wall Street would find it upon
the creditor side-not seeking relief. but
+ being able, rather, to provide it.
| AS TO general business conditions moth
! ing new develops Of discouraging nature.
| Railway gross earnings are evidence that
in commercial and industrial affairs
/ there is continuing activity 1t isn't
merely the crop carrying railroads that
are making big earnings-traf1c is large
the country over What is unsatisfac-
tory is the relative poor showing in net
results Some critics affect to believe
| that the railways are issuing net state
ments not altogether candid-are chang
| ing into current operating expenses
much which ordinarily would be distrib-
uted over long periods-thus being able
to make exhibits which can serve as ar
guments in favor Of advanced freight
rates. From no responsible quarter
| however, comes this suggestion II
/ hardly needs elaborate argument 10 per
suade any business man that the cost OF
doing business is actually increased. 1t
needs little argument TO understand that
with every railway supply advanced in
market costs, with labor payrOlls vastly
expanding and with capital not at all
| inclined to be generous. there are oner-
GUS conditions operating in railway man
I agement beyond past records. To the
/ impartial student of the situation. there
/ fore, IL is clear that the railways Of the
country have a case" for presentation
to the Interstate Commerce Commission
which needs no padding. The same ob-
server must equally be frank in recog-
milton of the fact that the governments
commissioners have records for square
dealing-are not prejudiced toward cor
poration oppression-will be found ready
Judged by established records) 70 Do
what is fair and straightforward, what
soever the interest at stake. whether
that of shipper or common carrier.
Moreover. We are going 20 have TO wait
for this more briefly than popular senti-
ment has been estimating.
Much ado is made over money marker
conditions there being much pessimistic
calculation as to what viii happen IL
the Wall Street loan markets at the close
of the year. The most important bank
ers of New York do not share in such
apprehension. do not understand how
such estimates are made There are
some uncertainties abroad which may be
attended by sharp discount advances in
i December: but the reflection here should
be insignificant. Stock Exchange brok-
ers are at the present able to borrow
in volume far beyond any demands IN
sight at rates extremely liberal Indeed
this week has seen rather sharp marker
concessions made by lenders
While both speculative and invest
/ ment business Iags. Wall Street IS abb
to devote itself TO gossip illimitable: and
we thus have masses Of tittle-tartle
aho1t the affairs OF even the biggest OF
orr corporations. Tales touching the
Vanderbilt system have been conspiCu-
o71s New York Central has figured dur
= ;rs, the week in q score Of canards diff
ferfne chiefly in comparative Stiffness.
What before long Wall Street will re-
> aIize is that there has been brough1
} about q complete readiustment OF the
financial and corporation situation IN
what the Stock Exchange comprehen-
sfveIv calls the "Tanderbilrs- What
Mr.. Hartman planned in the last year
of his Iife-a project TOO broad, If has
been. feared, for others 10 complete
going to be disclosed as still alive, pro
crossing and apparently sure OF early
accomplishment In this great enter
. prise there figure other factors OF mag
nitude quite equal to the New YORK
: Central itself We are going 70 have
the unbroken transcOntinental system
which was the Hartman dream-and
[ cnincidert with its conclusion it will be
p found that participating in this gigantic
deal are interests which could not have
bsan cooperative during Mr.. Harriman's
lifetime. This includes bankers II III
cludes corporations.
The year 1911 may. in fact. before Il -
T far advanced, become known as period
, of combination in the American railway
worid-in ways and of magnitude Un-