New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-10-30
The Financial World.

4-A'FOANe-itF even OUatluarINE. Influence u
markets great expansion
What has this week taken place A., tho g..
Exchange eertifes amply their judgment
Further at the same time IL was aq..,,...
mere that such reaction as was due Womb -.
J ert helpful infiusnce-that the market vvouI1 =
al the better FOR temporary use Of the c,rb..
There are times when lust plain or5,,.
business sobriety does recognize that tha~.- -
t Ie hsed ana there can be helDfU1ness in aDblv-
Hs curbs- No man who loves his horse oSo,.t,s-
20 make him RUNAWAY.
There was at the same time no corcs.,...-.
In Wall Street Of the fact that syverf,,1 60
including James r. Keene and John U Co.
were personally and very explicitly eoun.oI
ling conservatism.
ana powerfully helping reaction cana a.,
I shocking news Monday morning Of the sfar,sso-
CT British fishermen by Russian warships h.
was the UneXpected-tbe thunderboIt from,
clear sky-and how did the market act2 We
resisting power so great so actually marvel
ious' as to daze calamity seekers. GIore supern
demonstration of Gibraltar strength has never
oeen witnessed at any time in any market.
Strength exists because Of conditions -
cause Of manipulation. Illustrative is The st,,a
ment Of the United States Steel CORPORATION -.
the quarter ended September 80. Prediction,
were plentiful that profits would sink 70 SIX
OU0OOO-Steel securities were pounded ana
pounded on that theory. The statement show
prohts approXimating $19O00O0O for a ouarrs-
which started with orders on hand bur a t~tea
over three million tons and including two ann
midsummer months These profits provide for
charging on the depreciation and reserve fuuss
OF S4.OOO.O0O. and for interest On bonds - an
Ailos' ana Tor quarterly dividend OF Ia Der
cent on the preferred stock. and sim Leave
credit n a
anybody now contend that Steel preferred is
not safe per cent diSidend-raver? Gan
ANYBODY doubt that the future holds reasonabr.
promise or resumption Of dividends on Steal
common Wv, Chairman Gary d.scIoses thai
ORDERS since october are more than thfrtv nsr
cent DETER compared with year ago: LEI this
average be maintained will probablv h ~
I eFeaseG-and common dividends are acruauv 4,
| sight. And this is the corporation which has
been so bitterly assaiIed as a monster Of obi
Canery, and because Of which J. ?. MORGAN has
oeen VeNoInoUsly attacked. as have his personal
confreres on the Board. George w. Perkins and
Charles Steele. while now it becomes annaran+
that this vast property has been 50 ably con-
Quoted through a period Of depression thar {,
energes with proft-earniag power uniDDairsd
| equipped 70 take full advantage of The ba--s-
| times.
An exceptionally important event OF The week
is the completion Of the Glanwood extension Of
the Minneapolis St Paul and sault sce. Marie
Railway to connection with the Canadian pa
| cihc at St Vincent on the Manitoba frontier
/ transferring from the Grea4 Northern and
/ Northern Pacific to the 500 Line q roononorv ~
business originating on 5000 miles Of the Can
aolan Pacific. including the city OF WINNIPEG.
/ the fourth in population in the Dominion of
4 canada. the second in commercial inDor
lance and the most rapidly growing CITY Of it's
/ class on the Continent Traffic through the T.
/ Vincent Gateway was sufficient to gaIvaniza
J the old St. Paul and Pacific as long ago IS 1879
and has since that time been the most probable
business handled by its successors. the ST. Paul
! Minneapolis and Manitoba and Great Northern
7 railways. This new line from the Twin Cities
to St Vincent traverses fer its entire length
$50 miles-the richest section OF Northern
Minnesota, where local business viii be large.
and those who are familiar with the situation
predict that the result viii be that the Soo's
let earnings will al least double. simultaneous
with the completion CT this connection comes
( the announcement thar the 500 Line has let
contract for the construction OF 300 miles OF
road from Thief River Falls Minnesota, west
/ through Grafton North Dakota, travsrsing the
richest part OF the Red River Valley TO Ken
mare. on the Soos Pacific Division This line
viii cross seven parallel lines OF the Great
/ Standardization enough that business n
abundance is there. And for such business
I as may be competitive the 500 viii have the ac-
tive support OF every line eentering at St. Paul
ana Minneapolis except the Buriin gton.
Results from the new Canadian Pacific con
EectiOn will show almost Immediately though
the rich acquisition is not needed TO give 500
earnings attractiveness-they are already eN-
traordlnaTy-this weeks exhibit showing for
/ the three weeks in October an increase Of over
Il per csnJ-and ali TIE new mileage assuring
Tar = been added without
the addition of a single dollar to the eOmpaHys
capital stock
Throughout the week-whiIe the market yield
ed as well when il misunderstanding has
been upon tremendous scale. What develops
II ontario and WeSteTn-UaElnS good pfe1e-
tons of new controls haVn5 tural eHec.
upon speculative opinion and O variety OF
deals" not hitherto confidently counted upon,
find reader acceptance. For example, there
abides the conviction that the accumulation
of large line Of Chicago Great Western STOCK
is indicative OF some new position for thar prop
erty. So, too. in Erie, conservative lnIorIna-
ton tends strongly 10 the expectation that an
official announcement % exceptional lmportanCs
is close at hand-and weight is given 20 this
view by the quiet assurance OF an Important
/ banker that 'OGe sure thing ahead for Eris
I common is the certainty OF dividends. And
that this is we'll within the range q te1slbiIty
no fairly informed mind doubts. in view Of tna
tremendous traffic which intimate alliance WIN
either Rock Island or Union racine can IN
mediately provide
Rock Island securities begin 70 assume. ne
prominence which their cheapness warrants
Against Rock Island there leers continually tas
Innueudoes Of professional cyuics; in favor O.
Rock Island continually looms the fact tnaI
under able. progressive management, the prop.
erty advances in earning capacity by leaps ana
bounds. AS with Rock Island 50 with those
properties under the control OF Edwin HawIe!
and his associates. Toledo. 81. Louis and KAN
sas CITY. Iowa Central Minneapolis and p
Louis and Colorado southern are every enc ~
hting from developments which must oefos
long be disclosed
IL -.LON-~>N-- Slant