New-York tribune., 1905-11-05
The Financial World.

Stock market changes for the ,,,oal-
advances. Here and there a deei,na =. '-ees
size is recorded, but not one reduct;on .. s0A''
tended by transactions of volume. yybs-..o..1
activity has shown strength shows
Percolating philosophers have thropgbo,,..,
Improvement been oozing information
theiess'. that 10 ouy stocks is to be endangered
because on the day after tomorrow New w..
City is to have municipal elaet,o, iorS
oracies: 1t may be that William Randolpb t..-.s @
becomes Mayor it may be tina, 1ocs1 - .st
corporations will have new. censor,o,,. ss.''es
vision; it may be that our street rai,v,..- -,
have to look ths Law square in the TO-. =. VIA
be that local gas bills will be eut ho,s -, - may
1t may be that shall have nav, -, '"o--
tions, improved vastly. even If not o,,..
millennium 1t is not to be disy,,,sos .He
fair observers Of current poIitica,
ity are much surprised by wba,
meetings are diSClosing-for possthu,.,
the election of Mr.. Hearst or Mr. sbss-r "
not been anticipated. Professional w.u G
has agreed that such results are inst ros-o,-,
possible. Still. however election facts w.,
velop-and this review has not one tht,a
in any partisanship way with nolittos - 10
bearing can municipal vote in Neur-v,
ert upon American security market valrs,, :,
Hearst's election might be bad for c,onso,,s..-
Gas-he would stand for a policv i,+o-,--'-
with those increased dividend disbprsar,.-.s
which have been promised upon the stock e
change. Brooklyn Rapid Transit might b,v. >,
bury its wires. cater more to the public g., %,
service than hitherto its management has DEAN
ed necessary. Metropolitan Street Railway
might have to face new requirenen,s-srd
Metropolitan stock might, therefore. dive down
| ward beyond the margin point where there
IS t-hf Ia
market, of course, might be different from wha,
| Mr.. Keene has recently directed: and ths NOW
rounded out capital of million share. Of
Consolidated Gas might be less easily handled In
| speculative brokerage offices than now
| Then-what? In Hearstism what is thsrs
| actually threatening against intrinsic values?
| Mr.. Hearst will hardly stop the earnings OF the
Steel Trust, he will scarcely be able to cancel the
millions of advance orders on the Steel Corpora
| tion's books. Can he stop increased earnings by
| ST. Paul and Great Northern. Union Pacific and
| Northwestern. Louisville and Atlantic Coast
| Line-and all the long list OF established prop
critics wherein augmented prosperity records
week by week earnings expanding. expanding
and expanding? Will MIR. Hearsts possible cleo
| ton extinguish the pyramided orders for bust
ness that every railway equipment company
has. will it interfere with the profits that every
| iron and steel corporation in the country Is
| earning. will 1t bring 10 a halt-can It even to
! the slightest degree interfere with the good
| times records of every American business in
| terest In every American business quarter?
| What value is at risk? What actual investor
| can be forced to sacrifice?
| 1t will be yet a long day before New York
| municipal elections are final national iudS-
ment day.
| In the weeks market Reading has had con-
spicuousness. reaching quotations never hithsrto
approached. Some sensitive souls hurried on
this action into hysteria- Such high figures
| they insisted. full Of threats Of disaster.
The theory of this sort of criticism Is that the
rise in Reading is unnatural. unwarranted. the
result merely of manipulation. This sort Of "ar-
gunent" ignores facts. Reading under 140 Is
not an unreasonable investment with earnings
applicable to dividends passing Is per cent
When eight years ago Reading began to I'm
prove its status when business sense manage
ment became efYective-before the adminstra-
ton of Mr. Baer found it's fair, full opportu-
nity-Reading's situation was upon every side
subject for sympathy; but Baer administration
has wrought revolution, till to-day Reading
figures show an Increase Of 124 per cent In prof.
liable volume Of general business, 80 per cent
In anthracite coal traffic and over 20 per cent
in biturninous coal Statistics like these arc not
to be dismissed by shrugs Of the rnancla shou'-
der. They justify amply the calm Observation
| of Henry Frick that Reading IS well worth =
| hundred and fifty. and more
This Reading example leads naturally to
consideration of the new status OF El'@
Through absorption Of the Cincinnati HanliIon
| z. Dayton System, Erie reaches consequence
| size not hitherto dreamed of by entnuslasu'
| friends Its Importance in the anthracite ooda
| trade Downing the great Pennsylvania coal prop
| erty) is of course amply appreciated; out no"
| it moves into the field of bituminous tAioo-
| becomes really one of the mosS extensive p.o
| ducers and carriers of bituminous coal In tni'
country. Erie will duplicate the progress Vhion
Reading has made.
From no reasonable standpoint can there %
found excuse for any depressed feeling as 70 'n'
outlook for standard railway properties Tne'
are TODAY on an economic basis satisfactory D.
yond precedent-gross earnings SURPRISING eVs''
record hitherto known and net results naAnS
| exhibits still more inspiriting. In exempun0-
| tion tower the splendid gains OF the PennsyN
yania Railway for September Dust announosoS'
| showing gross increase approximatns sAsss''
| 600 for the month, of which over 100000 va
retained as net In the face OF sho"1nss ~
| this, how petty and pitiabls are any cFoAA1ns'
| OF pessimism-
This exhibit by Pennsylvauia. our prsala.
! railway, is duplicated by our foremost tnou'o..
| the United States Steel Corporation IA
report Just issued for the quarter ending oep-
ber LIST. this great company shows net eafn-.s'
exceeding S31, 100000 after regular apD''u
tions amounting to more than sI.ooo'ooSS -
| these met" earnings an extraordinary App pp....
| 90 ~no n.dn Cor tr1DrOyeu1oGU