New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-17
The Financial World.

largely advances. All business Developments are
satisfactory-rnany inspriting.
Yet bearfsh persistence creates a pyramided
short interest I'm the market. IN some stocks.
like Union Pacific and Canadian Pacific OF the
. railroads, and in Shelters and Steel among tae
industrials. this short interest is conspicuous.
Ever since the first Of July we have had lurid
prophecies Of money market troubles-and the
net result (save on one solitary day. IS 3 Der
cent for top notch. with September over half
gone Yesterdays bank statement disappointed
the pessfrnists sorey. They were sure that SUI
plus reserves would be eltinguisheG--a defc..
created. The actual change was Insignificant
We were to fall short Of two billion bushels Of
corn. we have three billions. and Of wheat AMI
oats and hay and cotton ana hogs ana cattle
and everything agricultural there is correspond
ing record. In every branch OF trade activity Is
actually beyond parallel North and South and
East and West mills must run overtime. wages
mount to totals never and nowhere before
known-and labor troubles. they have sledad-
died into the limbo OF the lost arts. Moreover
while throughout the world gold is coming out
of the earth unprecedentedly-this country IS in
the unique position of being the pre-enainent ag-
rlcultural producer with a surplus 70 sell
against reduced crops among all competitions
and what our ready for hemarket surplus is
no calculator can approximate II is against this
prickly record. crudely and but suggestively
stated that the arrogance Of Wall Street pes
sinism is kicking.
Gold imports have started. They will con-
tinue They will be large. We are not giving
billions of exports away. What Europe buys
Europe must pay for-and in this year Of
Lord she has no surplus American securities 10
pass back to u.s.
Each week brings confirmation OF the telling
rr-Tfa in ro--a rrarf
prosperity translates into bigger and bigger
awards to investors-indeed. almost every day
adds some stock to the new dividend list or ad-
yances some other to figure still higher.
As forecast in this review weeks ago. when its
stock was selling % points below where 1t IL
now. the American Smelling Company advances
its common share dividend to per cent-and
ACCOMPANIES the action by an Official exhibit
cramued with details that are inspiring. Earn
ings 81, 0OO 900 three years ago, were $1ooOeO0o
last year. Vast expansion this; but considered
on a percentage basis-as conservative mer-
chants Of the type Of Daniel Guggenheim cal
culate-rnost impressive is the phenomenal con-
version Of this tremendous gross gain into still
better net resuIt-for while gross earnings IN
crease so per cent, the net earnings balance IL
creases over 10 per cent. 1t Is difficult 10 com
prehend revolution like this. so exceptional Is Il
in every way.
Bear in mind, moreover, this potential iact'
The extraordinary results recorded in the OIL
cial report tell only Of conditions up to date
nearly half a year ago-a date when exceptional
profit yielding factors were but just beginning
TO operate. Smelling earnings in September are
far and away ahead of the best to be shown In
April, and from this time forward they adVan-
tage bv DEVELOPMENTS that assure returns hlth-
,-,o ,,,annroached-for the annual report makes
+ba unqualified statement mot by way OF sur
mise hut as If a matter of mere mathematical
deduction) that impending developments guar
antee that "the earnings OF the company VAL
be materially enhanced
Tho large maker Of money in the security
narket-whether Spectator or INVESTORS ~
who recognizes development incipient or pro
crossed. and sturdily allies his interests there
1,itb American smeItings recent expansion Is
q conspicuous yielder of such profits. From ths
dox of its new control and its new policies lh0
inward stride has produced prosperity tor every
attendant So elsewhere throughout the ISL
so in the past, so for the future equally certain
the rule is bound to be Take Chicago subway
Fo- n nA,y example-adherence there is sure %
Weld returns ranking with american 9L.e,sl o35
exceptional ones. Chicago Subway > q Sc 49, IN
Network marlborough Its price, no" uiiie.
par cannot Iorg stay so low. It's merit - that
Il stands investigation.
DEVELOPMENTS of the utmost consequence III
the fortunes Of Erie approach announcement
Erie Is to become a much more Important IaS-
tor in the coal trade-abIe to take COMMANDING
position in certain Central Western terIl'o'S .
whose occupation will be Immediately produ''l'7
Of large net profits-profts estimated oy con
seryatlve authorities as certain 10 a114 ~ rrLo
-aLen1ies at least So 100000 net per year. mo
characterization Of Erie by bankers aS = -
ord Reading will be proved wen JustlIso-- -. a
second preferred stock may De reli'ed- - "
subject TO call.
Apropos Of the maintained advance IN OS'.
dian Pacific Cpassing 1T2 yesterday an -
teresting report comes from Londoh
naturally enough-it is frequent that ear
fr,,,otio- Is disclosed Of that railways H'o'7
innortaut purposes and policies ms I0li0'
s+o+aroent has it that the minority hoioIAss -
c., s+ocl, are to he acuuired-added TO tle COZ
troll already in the Canadian PACING UeAS1 :.
+ta transaction 10 be attended by an issue OA
valuable rights to Canadian racine So
holders In modern corporation developf,sn'
NO similar record surpasses, ana rev et 9pSst
vnata the results OF Canadian FacLlo ,.,'-a+iC,
roent in the 500 systenl-sone surIaTe 80 Isaac
of il reflected in the ract tIlAI - s,sra Of
6t,1diDes of the stock within the pare So -,
10 va re have risen in established InIhe1 55I
from less than SIS OOOOGO 10 over So $500 ca
to-dav-such security asset expansion US ,,rd
incident with the phenomehaliy ny 80, pacific
trass,ry asset beyond 500. OO,OOO-lahd oS-1
nv Canadian Pacific being market>O ,,o,y,'s
az the fuu face value OF the railroad CUM Itl IN
to+ot canitai stock Thus develop prehet, al, -,
s,o.+t,o1ts an increased Canadian Pacihc ~,
6eDd is merely a matter OF OHclaI uete- re-
80 % 10 opportune date-earntngs anu
sources warrant the poncy, De 'N'