Omaha daily bee., 1905-08-20

have persIstently bee- advising con-
ssH,tuents Of tae long oNpeeted rise in tne
day with gain Of over. two points. In
the last hour the market was extremely
firm, the proht-taking resulted In actual
Copper and Missouri Pacific Locomotive
was strong late feature which gained
ming along at a rapid pace until a gain OF
10 points was registered.
The reports on steels were favorable,
crate buying can be located; generally
speaking, II Is In rails and structural lines
s5d h 6eS1 re report 81 the Inter
state Commerce commission Of the, growth
Of the railways last year was a big bull
this industry even certainty SPECTATORS
hold that the future outlook in the steel
Sde Is 81 aI number fS Of pa
are to be constructed. Among the railroads
the 81. Louis Southwestern shows a gross
increase Of 81. $40 900. while the net Increase
was Sll90OO and surplus increase SO6, 900.
The Ontario 4 Western for the June quar-.
for the nscal year net increase S7sa,OOo.
Increase Of $4,000, and Baltimore 3 ohio
for July made gross gain of S4O4,0OO ana
net Increase OF $4,000. -.
The street was greatly excited by the
in circulation is that there will be consid-
cradle change made in the capit0lsatlon
Of the Hill properties, which VII give W., tne
There are persistent rumors with Iele.
tion to the great ore lands which are held
by the Great Northern. Some place the
estimate Of the iron ore In these lands
rs high as 500oO00o0 tons. outsiders are
Of the opinion that lease has been MADE
The gains OF the Union Pacific are largely
due 20 the prospective prohts that VIII
ownership Of the Northern Securities COM
wednesday, the Hill interests without any
Chicago
Great Western. The general opinion Of
the knowing ones Is that an increase OF
dividend on Canadian Pacific Will be de-
a very good indication that the peace
conference will terminate favorably Is the
fact that foreign government bonds are
holding very strong.
Comment.
The gist Of this entire letter is that ex-
treme caution should he exercised by those
OF my readers who are inclined to jump
wild days are coming and Internationally
a fierce wave OF speculation Will sweep
AS have ave said Before, this is the time
when a cool head and mature Judgment
is q the utmost value. Dc not allow
carry you away when you make selection
for speculation.
In the investment world It is a source OF
great satsfa elton for me to observe that
the small industrial enterprises which are
honest and whose business integrity is un-
questioned are receiving bpltnulu puuilo
support. Those institutions which l have
carefully examined and whose securities
represent all that is honest and meritortous
in the commercial world report that they
are making splendid progress and that they
observe in the public tendency to scruttn-
lie securities which are offered much more
closely than they have I'm the past. one
oficer explained to me that this was the
true reason why the smaller Industrial or
CARNATIONS were really being supported
so generously, because, as he said. when
the public was really seriously inclined
TO delve down and discover the real value
OF securities offered II invariably found
that the securities OF the small orgRni-
cations were comparatively much cleaner
and the comparison, therefore, reacted "a
the benefit OF the letter.
At the present writing one glaring in-
stance OF overcapitalizatiOn is just being
noised I'm the newspapers. It developed
that the actual investment was about 5000
OC0, after which this company promptly pro-
ceeded TO issue stock up to and including
$57. 900 900.
know with all certainty that the pub,
lie at last has awakened to the fact thai
actions of this character are little les,
than criminal. II is, therefore. not at al
surprising that the general investing pub
lie should be inclined TO regard the smaller
organizations which have not inflated thei
companies by DISQUALIFICATION more ia
vorably than what II has done in the past
I was personally greatly gratitied when
examined into a number OF the smalle
organizations and found that the integrit!
OF their methods was all that could be de
sired by even the most critical investor.