The sun., 1903-11-23
THE SUN, MONDAY. NOVEMBER 20. 1908:

tract for the continuance OF the operation
The call for the formation Of a stockholders
protective committee Of the United States
Realty Company means, simply. that the
days of the Chicago method OF running that
branch Of the Rally Company which is In
charge OF the construction OF buildings
are numbered. The entire business COM
munity rejoices thereat.
II would not be at all surprising II from
now on our stock market should display
a little more irregularity than 1t has in the
past Some stocks may be strong and
others not so strong. For reasons that
have been on many occasions advcrted
to in this column, the railroad list is in
a stronger position than are stocks in
the industrial department and among
the railroad stocks thore are those for
which weightier arguments for an ad-
vance in price can be adduced than In the
case of others. Reference has often been
made here in the past to the peculiarly
brilliant prospects of the Erie road. 1t
must be further pointed out that the time
is very clearly approaching when the
patience of the stockholders of the South
ern Pacific Railway Company will receive
material recognition. Tho great scheme
OF improvement of the Southern Paclhc
property is nearing completion-the ex-
pectation is that it will be finished by next
July-and that the earnings Of the Southern
Pacific system, which are In gross as large
as Pennsylvania 3, and boiled down In net
amount to about 8 per cent. on Southern
Pacific common stock will be available for
dividends. or course, all this is quite
way ahead, and contingencies may arise
requiring the company to place itself in
stronger defensive position than 1t now
occupies, although this position is already
pretty well fortified. 1t is, Of course. un-
wise for stockholders in corporate enter
prise to look forward to any given time
as one on which original distribution upon
their shares will begin. Nevertheless, 1t
can hardly be expected that the price OF
the Southern Pacific stock will not dis
count what is obviously great and ap-
preaching change in the status OF the
shares. Among the industrials the Steel
stocks should certainly do better II the
iron business picks up. Every one UNDER
stands now that the Steel Corporation can
show assets fully equal to the present
market valuation of it's property, earning
power entirely aside. Just now the iron
business is quiet, as 1t always is at this
season, even in rushing times 1t is the
confident belief Of good judges in the iron
and steel trade that marked improvement
in conditions will be shown with the be-
ginning Of the new year. Amalgamated
Copper has been helped, recently, by sort
of general impression that the cases in
which it is interested now pending in the
Supreme Court Of Montana and which
will probably be decided in couple OF
weeks, will be decided in it's favor, There
is substantial reason to believe, however,
that the controlling powers in Amalgamated
Copper are now more interested in the price
of the copper metal than they are in law
suits. Reductions in the price of copper
have been made very frequently of late, and
the demand for the commodity is small.
The American Sugar Refining shares are, on
the ,her hand, not unpleasantly affected
by the favorable prospects for the passage
through Congress of the Cuban reciprocity
treaty DANIEL F. KELLOGG.