The sun., 1900-04-09
In Various Ways is Shown the
Fact That the Public has
Come Into Wall Street.
INVESTOR vs.. SPECULAToR
We Are I'm an Era OF Railway Con.
solIdation, Which Will Yield
Profits TO Investors Not
Anticipated by
Them.

In various ways is shown the fact that
the public has come into Wall street.
London continues large and confident
buyer of American stocks. Increased
favor appears in practically every Euro
pean financial quarter, some changes
OF disposition being extremely signi6-
cant. 1t is the estimate of conserva.
tive authorities that London during the
past month has bought more American
stocks than in any six months of recent
years.
What counts with even greater influ-
eHce in the maintenance of Wall street
confidence ls the conservative commits
sion houses on the Stock Exchange have
become almost uniformly outspoken ad-
visers OF purchases OF securities at going
prices. This leads to the q ickening
OF sentiment among investors through
ous the country; and one token Of the
effectiveness Of such counsels ia that
stocks in small lots are being bought
largely-Btooks paid for outright, taken
away from Wall street. Such invest
ment absorption 10 never missing in the
Preliminaries TO q naturally developing
bull market.
| While some uniavoraSls sisns are la
the market, some sveR that are aaxrans-
| ly bad, one notably sesd is that shares
OF high character ssen msse In request.
This reflects the prsssAos Of the investor
rather thAA the over night spsesla.0r.
Contributing 10 this festurs OF ths mar
ket are developments disclosed In the
tar reaching plans Of properties like Few
York Central and fsHnsylyania. We are
in an era OF rsilway oscillation. Of con-
centrstion OF sontrol. W. r. Wander
| bilt, j. P. Morgan, and A. J. Csssats are
today In control OF the sntire Eastern
railway eituation. Corporate policy may
require that the facts be yet for q time
further disguised; but it cannot be long
before the truth becomes patent to every
| observer.
| When completed the capital combina-
tion in control of the Eastern railroad
situation will yield profits to investors
beyond anything hitherto anticipated.
Economies OF operation alone can make
dividends for railroads which in the pc ST
nave known no dividends. Traffic rates
can b.come remunerative finally. Rate
cutting can not only disappear, but ad-
vanced charges will increase revenues. 1t
is not to be supposed that intelligent
management will try to attempt what is
torionate; bnt good many rates can
b. lifted withtut burdening shippers.
Even The maintenance of what now are
i'Ntt SNllNNtf!tS WILL 6NpuHu IdlthuH
tecrip's tremendously. And that such
policy is Observation-Disclosures fair
" csttNin.
I Nothing could be more significant of
the policy 10 oe governing in the Eastern
lailWay world than what is already
shoWu IN the conduct Of the affairs of
Tie Pennsylvania railroad. Ever since
Mr.. Vanderbilt and Mr.. Cassatt came
into accord, concluded their compact of
alliance, there has been slight effort to
conceal the fact that the Pennsylvania
Company is to hold intlue tial, if not
dominating, interest in properties oper-
atng in or adjacent to its territory
In recent years no freight traffic has
been less remunerative than that of coal
carrying. What can be done toward
revolutionizing the old bad condition
into new situation that will pay is al
ready amply suggested by the announce
ment of sharp advances in coal freight
charges. The advance in rates upon
bituminous coal alone is even figured as
equal to an additional per cent. dNi
dend upon Pennsylvania railroads total
capital stock.