Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-01-28

that Wnen one source IS 2L q lowe
others are likely to compensate, giving
the railroad an exceptionally stable
basis of income. 1t should also be re-
remembered that American railroads
have passed through the reorganiza-
ton period; that the water has been
thoroughly eliminated from the large
majority; that honesty and efficiency
prevail in their management to larg-
ser degrse than ever. and that they
are now conducted with more rea.
sonable regard for public welfare than
was the case in the past. Shippers still
have grievances; but fair treatment Is
certainly easier to procure now tnan
ten years ago. Stability and equality
of rates are becoming recognized as,
among the essentials Of good man
agement; the result being that public
hostility to railroads is diminishing
in proportion as they deal fairly with
the public So long as the railroads
deal equitably with the public there
will be little reason to fear hostile leg,
islation, and the shipper need nave
small fear of the present concentra-
ton of management provided he Sc
cures fair and stable rates. All of
these facts strengthen railroads as in
vestments. At present the railroads
are experiencing the benefit of the
country's prosperity. According to the
Chronicle 119 roads in the twelve
months of 1899 and So roads in eleven
months earned 1.210,000,000, an in.
crease OF $114,5 900, or about 10 per
cent over the previous year. These
are stupendous figures, but If the COM
parsons were made with 1895 or 1895
they would be still more astonishing.
They mean that the most important
industry in the country has been trans
ferred from condition of uncertainty
two or three years ago to one OF
soundness and strength. AS invest
ments or as speculative purchases
there is no class of securities that Of
fers better inducements than those of
the railroads. They are the safest,
and the surest of reasonable profits
Without wishing TO discriminate
against the indrstrials. it, cannot es-
cane attention that they are untried;
that they are sustained by profits
which probably cannot continue; that
as class they are highly inflated;
that they must face period Of hostile
legislation; that many of them must
uhuGlSO OCfClC lCpl e7eAsAH1SicAA, o-iN
that speculation therein involves un-
usual risk. There are a few Of The
industrials organized on conservative
lines which will prove remunerative
to their holders, and these may be held
with confidence. So far these indus
trials have not become a serious men
ace to the stock market, for the rea-
son that only a small. proportion OF
their issues of securities is distributed
among the public. The great majority
of the industrials are still held by the
original holders who accepted securl-
ties when surrendering control OF
their individual plants. II they tailed
to sell at the high prices OF 1889 they
simply lost imaginary prohts; there
we're no real losses to them; hence the
/ decline has caused less injury than
would have happened had the public
been a free buyer of these inflated
properties In the future operations
in the industrials are likely to be car
ried along on mors conservative lines.
The banks are discriminating sharply
as TO collateral and this is factor OF
safety
The industrials cannot expect to gain
full public confidence until they fur
nish reliable annual or semi-annual
reports of their operations and coqdl-
TONS In view of The enormous pow
ers and advantages which they hold,
the public have right to this infor-
nation; and legislation against the
trusts could take no wiser or more
effective form than enforced pubic
ity. BY such means the public would
be protected against monopollstlc
abuses; investors would be saved from
fraud, and the industrials themselves
would gain through commanding the
confidence of which many of them are
now destitute.
No pronounced advance in the mar
ket is likely until the big leaders are
ready for it. yet the intrinsic condi-
lions are sound: money is easy and
likely to so continue for some time to
come both here and abroad. so that
there is no reason for taking other
than confident and patient view as to
the future. HENRY CLEWS.