New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-13
The Financial Rorld.

vesting now.
OF course the great influence was the sweep
ing Republican triumph. which made assurance
doubIy sure. But not even yet has Wall Stree,
fully grasped the meaning of that event Rec
ords of foreign trading now say each day. 'pur-
chases On baIance'-fo~cisn buying becoming
more and more important factor. Ccnservatlv.
opinion estimates prospective foreign buying OF
American securities AT $4,000 Ot0 between now
and the end OF the year. The certainty Of another
four years Of Roosevelt and stability Gissolves
the last impediment to European confidence IN
our securities. Bonds ard shares Of American
railroads ana Industrial companies stand 20
day the safest and most rem Heretfve OF any m
the worlG-eonvicticn 20 this erect will become
more ana more potent.
Those ircredulcus pessic7lsts Who IaSorsa %
find argument after argument in Tefutatioa O..
prosperity are left bare OF resources-even com
crop killers cannot withstand the government
November report on corn. confirming. the Octo-
Der estimate OF $500, COO 600 busheIs-aad Sc
curity market operations are based upon the
certainty Of great and profitable crops.
Great crops. easy money. revived industry.
magnificent export trade-these are the granite
pillars whereQn the financial structure rests
These opulent fundamentals have been many a
time recited in this column-the position taken
INDICATED now beyond doubt or cavl I, is
perity is will the-wisp but solid subs-2n-
tial reality-and political developments remove
the last fear of any interference with the
onrush of the mighty stream.
Most reassuripg TO conservative interests Is
the generally stable character Of the r1arket-
manipulation and speculation being insignificant
alongside genuine investment demand. Sales OF
| bonds ON the Exchange are reaching huge pro-
portions. but even these are overshadoved By
| outside bond transactions For example. more
| than $2000O0O00 OF municipal bonds were al
| sorbed by investors during the first ten months
of this year. which IS $14S,0G0.O00 greater than
| in 1886.
| In market with hundred interesting feat
ures, Pacific Mail has suddenly come forward
conspicuously. Thomas W Lawson has take.
hold OF it-and how alert and confident III
Lawson's following in the market IS. shows in
an activity and strength beyond anything that
| Pacific Mail in recent years has known. When
| Wall Street overnight discovered that he was
ready to champion Pacific Mall quota tons the
| price of the stock went BY leaps and bounds
| from under - TO IS. IN Pacific Mail as in
practically every stock wherein activity has not
hitherto shown. extended short interest has
been pessimisttcally reposing all the year-and
some conspicuous traders have suffered smart
| losses in the stocks new turn.
| ing OF the Panama anal. which Will give TIE
| nnendous impetus Pacific trade and which
will no doubt induce the company 10 resume its
| Atlantic service. And the result Of our Con-
| gTessional election certainly does not forecast
] government attack upon shipping interests.
| while Pacific Mails business will be peculiarly
| assisted by the rapid expansion OF commerce
with new island possessions and growth Of
Chinese and japanese trade Pacific Mails
L ;SoTs.-, 49, .f4TAC. n
! little over one-half is owned by the Southern
Pacific Company and there are no bonds.
| Various elements OF Waite are to be taken into
account touching the tremendous possibilities
opening UP in Oriental trade, and 75 does not
seem an unreasOnaDIr value r,sviao man
/ stock.
Quite apart from what Mr.. Lawson may pro-
pose and what his friends count confidently
upon his being able 70 do-and their talk is Of
high fgures-present Hartman control is guar
antee Of broad management and the application
Of effective modern methods in the handling Of
the property
The weeks Stock Exchange business mas not
only been in tremendous volume With inspirit-
ing buoyaucy, but it is an exceptionally health
full sign that there has been wide distribution
in the trading The market has at no time
been sporty: the whole investment list has
borne itself spIendcIy. while developing specua-
ton has shown in movements helpful to prac-
tically every issue that can hope 70 benefit from
the unprecedented national business expansion
which conservative authorities are now agreed in
predicting. Properties of the very highest class
figure prominently in the current market ac-
tivity, large gains being recorded for stocks Ike
Lackawaana. Jersey Central Illinois Central
Northwest. st. Paul Observation-Disclosures
every one of the lists prime investments. Ths
fact that properties now paying good dividends
are getting ready to pay larger ones is finding
final appreciation in many quarters that I'LL The
Election was over held back from making sub
startial commitynents- They wanted the last
doubt removed. II has been.
In stocks of lower price the buying has been
vigorous phenomenalIy. Belated bargain hunt
ers have been competing with one another m
efforts to get prizes which ordinary perception
ought long ago to have revealed. Take United
States Realty and Improvement shares. for ex-
ample That stock (IIGer - WAea &t'e ltioh
directed 10 il in this column CIoSeu ySsts1
day within a bare fraction Of 80 United states
Realty is now TO go upon a dividend basis The
stock ought 10 sell well above par. ma : "
confident expectation OF bankers VINO nave co'''e
into control OF the company - $1,000.
As with Realty with stocks tNe =I1Ass
Coal. Colorado Fuel and SlosS-Shetheid' |t'c"
as independent iron and steel producers il1 ~"
entering upon a pront era nov hlhrI'V a
preached at any time in their history ~ Is COY
upon rumoTs. however, that stocks ne t-sf
are to he bought II IS probably true lI4,'I -.
orado Fuel will merge INTO CutteH STATES -.
and tie long pending plan for Tennessee Cca-
absorption of SIoss- Sheffield may be nu1u
nearer a hand than yet officially dlStt'>ei' -
while developments like these would eGL NC
rally 10 going market values, none o. 49, 49,
properties need any other market help t-~lH
the certainty thar from this time forward tI1SS
make dividend earnings
The entire metal industry Of the country
.-rsf rFrsrfN