The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-22
finHnrisI.
Financial Forecast.


som. yssrs ago the editor Of this column had GER
-. .,p,r.nce in railway finance which was very
-..-,,,v.. but afterwnrd proved very instructive.
-, .,r,r.nes forced this conclusion; when in
,.u,r,r, men undertake the strategic use Of money
- v,,v 10 rapid accumulation. they are best
-....,,,d ~ they avoid new ventures and limit their
..-.on, 20 established securities which can be
..-D,,v turned into money. The writer determined
.o,. himself from that time forward exclusive
,..o ,r,eulativs Investments in connection with i'm
..+,nt railway properties. At that time panic and
.,,,,,on we're binding and bevildering the public
..,t many important railway values were con-
,,,.a from view. One fact was appreciated from
,..r-,, II ia not suficient that q given security IL
-..b more than its market quotations have meas
u..d, m, new value must also be clearly understood
.,a hrmly established in public confidence before
a, market position will come up 10 the level Of its
u,,, II was therefore necessary that the writer
,AouId either combine with private capitalists or
,,,ur, the cooperation of the general public. He de-
,.rnio,d 10 try and merit the confidence Of the pub
u, nv publishing sincere and studious convictions.
Therefore the forecasts which have been published
4, mi. column we're undertaken in the hope that he
,ou,d secure the co .op sration OF general investors.
All the important results of our investigations were
accorded in this column. When We discovered .
, value in some security which was worth far
more than its market quotations.. and when we be-
l,ved that . radical advance Of It's market position
cor,d he forced and would be justified. wo gave this
inform alton to the readers of this column before our
Views Of such conditions werc made known in Wall
Street. The readers OF this column, therefore. have
b.en kent at the front in taking prompt recognition
Of all important market developments. II they have
followed the guidance contained in these forecasts,
,h.v have in every instance bought their securities at
lower cost than the professional mon of Wall Street.
who are always absorbed in their own theories and
en,sneled in their own complications. Combination
and concentration are tho potential tendencies of
modern times. Nowhere is concentration moro
necessary than in handling securities. Whom cour-
Srsous investors combine their buying upon any
security. II that security has new and unrecognized
value, they will always force and sustain such an
Improvement in its market position as its merits
JUSTLY lhls Va 'eh Ho SSSN NANNa q y
peated tests during recent years and has struggled
against many opposing national sensations. yet the
positions herein taken with reference TO estab-
lished securities have without exception sooner
or later been Justified by developments.
Panics and national sensations have sometimes
final justification. Tho market quotations Of Omaha.
for example, are three times as much as they were
when this column first disclosed its coming value.
The market value of the stock OF the St. Paul Com
pany has more than doubled since this column hrst
explained that the Northwest has grown mp to the
level of this property, although its merits woro then
concealed by panic and depression. Tho market
value Of the capital stock Of Burlington has more
than doubled since the writer /" invited a partner
ship in this stock with the people OF New England"
where it is largely owned. Some two months ago q
most desperate effort was made in the public
journals of New York and in the New York Stock Ex-
change to depress Manhattan shares. and every pos
tblc manpuvre was used against that security.
After long and studious investigation and considera-
ton it was announced in this column and nowhere
else that the motive underlying that brutal bonn
bardment of the investing public was accumulation
of the stock. During a long, weary period those
who were resting on the leadership of this column
we're compelled to strugyl against this fierce on
tlauSht. As late as January LIST we stated: 1850
will bring important developments with the Manhat-
tan Railway Company. These two properties. the Met
ropoltan surface line and the Manhattan Elevated
Line. are Il g.cal counterparts of each other. and will
be worked in hirnony." And now what is the re-
suit? Tho accumulation of that stock has been
the grea. now harmonizatio1 OF New
York transportation interests has been accomplished. +.
the stock has bounded up as IL by magic. and those |
who have relied upon this column and ignored the
Wall street clamor have realized their hopes. 1t Is
never possible to be certain about immediate quota
lions. Very frequently powerful manipulators will
crush down the market most when most anxious
to buy, Outsiders, therefore. in almost every
case must ignore temporary movements. 1t nearly |
always happens before a large upward movement in
security that the market is frequently and re.
peatedly hammered in order tobuy. We now have
another illustration far more remarkable than the
of Manhattan. This depression OF p.
9. X st. l.. shares is the prelude to a stupendous
upward movement. Sometimes our estimates OF
new values have come from studious convictions;
flom opinion. To-day we make a state.
nent to the readers of this column which has
''H'N hl'h LiCiNA9
nor upon opinion merely, but upon absolute
That statement discloses the most
promise of new value in refer.
TO market quotations which has ever been ere.
Atea oy fhr gigantic growth of American railroads.
we have heretofore given reasons for expecting a
outcome i'll the value OF p, c.. I. a. ST.
10 snaFes' Our readers. no doubt. have understood
ana considered those reasons as far ns published.
ou' aur1ng the past week conditions have been I'M
and Will now Gonna iptn npnfrp1 which mt
'Ahka all considerations we have ever had about this
property and all the hopes We have ever nourished.
unr statement is worded as follows: During the past
week disclosures have been made to the writer
"hich will lift p, c., c. n st. l.. quotations far
AooNe par After these disclosures are made
puoic this stock will instantly be regarded as a
Ue"er stock than Omaha. 1t will pay larger div-
aehus and has vastly larger strategic importance.
.ese disclosures will prove a surprise in more
piAees than one; but even more remarkable than
d'sclosnre itself il the fact that no capitalists or
have been informed in advance OF the