New-York tribune., 1904-09-18
TIE Financial World.

try and its finances. And not word was
spoken except in eloquent testimony of prospers-
ty-nOt pessimistic note arose. II Wall Street
ia willing to accept the verdict OF the Nations
Auanciers. it must abandon its theory Of hope
Iessness-must recognize the existence OF IN
sUiring conditions. And that Wall Street ele-
rrent which derives it's inspiration from local
CracIes densely ignorant OF what this country
is and means would better read the reports of
the bankers speeches and open their under
standings to intelligent conception.
And yrhue the bankers were publishing their
clad tidings the security market furnished
or,DIs ,ondrmation Disturbed for day or tv0
b,, croD-killfng romances. it gathered heaaWay
- the r,idweek and furnished demonstration
. st-aretb unmistakable and Untmpeachaoe.
S4erline properties. like Pennsylvania ana =.
T,.,,1 we're the leaders in the advanee-ceIiand
for them swelling to eager proportions. m
,-astora unable to procure bonds because Oi usF
scarcity are turning TO the sldHu0'N s'NeAs'
which offer the double attraetiO" VI "a
.ouort ,ncous WELD and promise OF eapital M
provement
l...,.,,.,,ors among such properties are ta'
shares of the leading anthracile coa' .O''o
-o,,,arEable illustration was anoroeu Nle.' uR0'
,,-c5,asee OF less than 500 full shares. Dsi@sae'
Tactavanna ard Western aoVa"ee" E-'s ~
VA a
:. - 1a-se, whose yearly statement Jus' ~
OF ,,@...s .,,4racrdinary prosperity. II paid
. ,.,t dividends on $2T.OOO.OOO OF stoeE' say
S1 oooooO after arbitrarily charging on tas
80 sur, Of ST 100000 for bettermen's' Aftsr
.,,,so ravr,ents il still retains handsome sur
,Irs AnaIvsfs OF official statements SHOWS Ua'
Tarsev Central Ia really earning aUout - ~.
cant OF it's capitalization IL can '"iS
o,,ostiou of tirgle-not so long time Al mat
-, stockholders Will receive larger d'S'r'0u-
t,op Of prohts-and IL per cent diVlusNu 'S''
is nov a ssnni-oficial forecast
=. the cheerful Improvement limited to
,ba high priced properties. In every quarter s
ssen the rebound from the unvholesorne eepre'
.,o, 50 long dominant. The shares OF minor
rosds long neglected. are after submission %
c.-.f,l scrutiny finding ready purchasers TINS.
g. evar,DIe is very apparent IN the HaWey
srouD which under the leadership or io-eoo'
Ct Louis and Western continues s'eaoiy aa-
vancing. To Toledo. st. Louis and western AZ
,s,+io,, vas directed in this column not 50 long
acc when il was selling twenty points lower
than the price II now commands It's neri's
7rara dvralt upon it's conditions analyzed-ap-
D-.c,a.ion ia becoming evident. There - an
other Hav-lev property-COlOrado and southern
which Will repay investment lnvesCsalloh.
This road owns and operates LII miles OK
trackaze running through portion Of the conn
trv developing with phenomenal rapidity- Ie
main line Is from Denver 70 Texltne. ~ NJ Ie
taps rich mining districts along ali It's roulss'
giving it a stability Of traffic always 10 %
counted 1pon. During the last year its business
suffered from disturbance caused By the Coz
orado miners strike; but that incident is now
closed and normal conditions again rule. rs
Capitalization Is small. including S3l.NeNO'1
common and SS.5OO.OOO each OF 1st and ID pre-
ferred stocks. Each OF the preferred issues 70
entitled 10 : per cent dividends when earned
For the fiscal year 19O2-'OS gross earnings
Dassad Sc 6OOOOOO-aIrrost double those for ths
wear 1856 '9I-the 19O2-'OS year being quoted
as normal conditions then ruled The sraTSs
are selling at very low quotations-1' for the
common. - for the Cd and 30 for the lsJ pre-
ferred Operated as the road now Is. u1dee
able executives. and with board Of directors
including many OF the most responsible Of cur
/ hnanciers II Is certain to be administered both
physically and financially. under she most i'm
/ proved modern methods In these circunl-
stances. and with growing prospects theTe -
no more logic in the ruling quotations foT tei-
/ orado and Southern than there was IN - LOT
/ Toledo. ST. Louis and Western preferred. n
the latter property light has daTned upon rs
l investing public II is a reasonable aSS'Hhptoh
that Colorado and Southern Will feel Ike stun
/ ulus.
That Wall Streets fabricated frost scare COL
/ Iapsed with such inglorious aIacr.ty is in no
sense surprtsing-so vuigarly palpacle was me
/ dishonest purpose and performance The N
vestmeut community has finally Sor beyond tns
/ point OF accepting stock jOhbinG special as
/ patches as trustworthy. and this new depart
/ ure is the part OF common sense There haVs
/ been times when such avaiauches ~ uisrepre-
/ seutatiOn were thrust upon Nall street as'
/ Monday and Tuesday would not only nave in-
/ cited anxiety but sent a strong security uarS-
| staggering But We now arr able TO Wines
\ the reception Of hysterical bulletins az thei,
/ proper woVthlessnesS-with the eXamp!s OK
/ stocks sold largely only by The fable inventors
| and distributors themselves. and. thus. actually
/ technical market conditions have been aslpeu
/ by the creation OF speculative short NtereSt
genuine liquidation showing IN not one lal~-
/ tant quarter.
/ At the close Of the wsek even the professional
! bugaboO pervaders affect 20 worry over onN
/ serious crop damage In one Guarter-they SO--
| tiRue to exuerminate the Canadian wheat par
I vest Upon what foundation they build TINS
| final distress is effectively disclosed in per
( sOnal telegram from one Of the very hlsnes.
| authorities OF the Canadian Pacific Railroad
received only yesterday in this city. "Ofirai IN
! spectiOn proves there IS no warrant for eIop
/ destruction reports hers-Manitoha preGucss
! this year 5S.OtO.O%O bushels Of milling wheafs
| against 53.O0OOOO a year ago
! One fact the investing public Will prohtan1
| keep in view Is that in Wall Street Just nov
many important hnanCiers are resuIninS ous,s
/ ness after long extended vacations. some o.
| these vacations having had important business
| features, however, coupled with them 'i--
| Rogers's trip abroad. Mr., Reids European trip.
/ Mr.. HaTTimau's visit In foreign financial cen'feS
! Mr.. GOuld's conferences In LondCn-Uay eaGa
! and all show important financial seQueis I"
/ American corporation affairs
They who keep keen watch iDteruauouai
| finance see far-reaching significance N uuS,
conservative policies upon the part Of EuruVsS
I foremost financiers-the current statement on
the BaIik of England. for example. diSCloSi.e
| features with bearings unmistakable. II - m
/ highest European financial quarters that ~
| Far Eastern is being most ANXIOUS,
| watched-with sturdy preparation Tor poss's,.