New-York tribune., 1902-08-31
RIDGELYS
FINANCIAL FORECASTS

7h.ra "a oas argument and only one ieft 10 the '-s
on American railroad securities -
nv IS phenomenal; he deny that the OUTLOOK =.
the steel trade which all economists agree y 10 -
prosperity Is the best ever 80 con-
DENY that the outlook for the crops this year. ae
,eogen,l for increased railroad earnings - 50
as to fairly astound veteran railway on'es - -
this and much more as one can imagine iNS -
uaitted- -,.tss
.T,, look a the high prices railroad securities
now says the pessirnlst- How can we have ooi. a
kst from these high eveis7 Why. few years ago ~
to sell ST. short at $50 a share and niaNs ~ ' -
and now you ask ne to buy stock ar 10 ror
further market. Absurd RidicuioHss. cr@]y.-
This is the last argument left 90 the BEAR ana NJ
IL. reflection will It IS no argument AZ a''
Ny poor misguided never sold 81 Pau sn0's
at $50 made money: that IS not me prese"
ST Paul. You securities ot praifle l&Aloa-
called St. PauD That is true But ne securi'e
~ sra then were based on road did business for
villages where now with the SAME name oo@s
business for great The ST. Paul that you use %
sell had lightweight iron rails "nhe tne new =
Paul 70 ID. steel rails The re" 81 Fau. n-' -.
ballast in place ballast steel bridges IN pace OK
wooden ones engines In place OF dummy engines
thousands Of miles double track in place OF the
or rust across prairie freight whose carrying
capacity is st double capacity OF the cars OF the od
road operating efficiency ton mile OF the new 81
just double that Of the old and at about onsn
OF the cost.
In short nv dear sir you fooled BY name
The name security used to sell snorS prom
at $50 a is the same. but the thins - en'eS
ally than twice as much as the ola- ana :
already worth four much The old security vas
dear at $50 a share but the new is cheap at loo
What is true Of equally true OK the Illinois
Central the L. p the s p AtchisoI; in fact OF al
the great railroads properly managed Tney as
all brand new retain the old names
Let illustration to make this matter clear
to obtuse old fogy- Suppose that very rev
years ago. street. New York. was an hours
ride from City OF Central Park was snanfy
town. and beyond Central Park was wilderness-sup
gr Hqd eF1
lied into stocks actually worth only
$50 follow that securities~itn 'ae
name y. Y. stock for example should not oe WORTH
$50 share to-day when snanty- y-to"n nas
given place to great apartment houses and there Is
great city beyond Harlem. and westchester nearer
now than FIfty-ninth then The name IS tne
same thing itself has changed There We're pess-
mists on New York in tie old days.
have called your attention 20 the merits or
southern Pacific in three weeks ago In the
Sunday newspapers this stock would advance 80
roints before declining one prevailing price
es- So and the on > 2 sAas .ince nzd
ten-point advance resting I consider . .
the safest thing the list for Investors or con-
servative spectators Southern Pacific may sell ma
teraIy higher week. but 1t not the purpose
OF this advise immediate noVeEasnts C'c
are referred e. nv Daily for thOse but rather
to take broad and grasp the basic forces
which make FOR tremendous upheaval OF values this s
and early When people talk about the innauoh
Of our they overlook the fact tHat there
still wide margin between the ineresSs o se'o
and the increase OF prosperity Since lsso
the value OF products has increased 70 Per
cent steel and products cent, value OF fa
animals billion dollars. increase OF % per
cent years value OF farm products one
greater then; bank eieariHEs have more tnan
doubled increased 40 can't deposits
in national and savings increased ia btiions
or 65 cent 500 millions year more are pac AZ
skilled labor than in lSS9-
argument that stocks must go oo]Il
that great deal or cas
will be them According To tnae kln
If CROPS stocks would go up Sno1o
the Big men find confronted with proa2ie
money squeeze situation viii be promptly relieed o
heavy gold imports Only a few people kio" ~ Du-
will be importing gold N lnnleIse
witch will greatly the material already
hand bull market: Penna at ~ oo--
earnings OF any road IN tne
world except Penna and many other stocks pro
detailed advice
ferred to my Daily mailed At 4o p NJ N seaeo
envelopes; IS per month