New-York tribune., 1905-04-16

Rut gaping into warped mirrors is not a q.
curity market luxury that pays. Sense zoe a
chance before the week proceeded far Result.
a record of net changes wherein nearly every
standard stock advances.
me Street begins to regain eonndencs IN ehs
early completion Of the Southern iron and steel
consolidation plans. Tennessee Coal - held
above par and Sloss is only a few points bs-
low There Is longer doubt that Joseph Il.
Hoadley's original program Is 10 be virtually
followed. The accomplishment OF this win benz.
At vastly every branch OF the iron and steel
trade throughout the country
Steel trade cOnsumptive demand Is simply
enormOus-crowding the capacity OF every plans,
Significant testimony comes from such q eOns
servative authority as the "IrOn Age" which
says: ''The enormous consumption Is anOther
reminder Of the extraordinary Industrial ex-
pansiOn Of She country with the iron Industry
In the van, and 1ustifes the unconquerabla
optimism Of our people"
As forecast IN this review last Sunday Amer.
ican Locomotive shares have come into activity
and have scored substantial advances. The
statement that the company Is earning 8 per
cent upon its capital stock Is said by insiders to
be "a very moderate estimate" It is disclosed
that the fun dividend upon Locomotive pre-.
ferred is being earned by the repair Departments
alone. So many and large have been orders
from the great railway systems for new loco
motives that further contracts are being mads
subject only to delivery after the first OF next
year. On the dividend basis now officially fore
cast. Locomotive common ought TO sell mate-
rally higher than any figure It has Jet ap-
preached. while the preferred stock-wiJh it's :
per cent safssuardsd beyond question-is natu.
rally attracting the attention Of investors. WIN
seldom can command such bargain
Further activity and strength show IN Ameri-
can Smelling and related properties Announce.
meat OF details in the contemplated concentra-
tiOn Of interests may be soon expected It is
predicted BY insiders that on exhibit or ths
American eOmpany's financial progress $50 viii
be popularity regarded as a reasonable price
basis for present American Smelling common.
Federal Srneltings friends stiH confident oE
good things coming to those stocks the come
pany's business expansion being phenOmenaL
United States Reduction and Refining COTn-s.
RaRy issues begin 70 reflect the nOtable business
gains recently scored. II will be surprising noe
20 ind those stocks soon both active and
buOyant. The preferred stock Is now 70 be put
upon a 8 per cent dividend basis, ana the COM
mon stock VIII only little later become divisj
/ denG payer II Is semi-oficially disclosed that
/ the eOnpany's tangible cash assets have in-
100000 some Investments have increased ir
value far beyond any anticipation: and out OF
/ gains 60 accruing II Is forecast that the conf
pany's entire funded debt can be cancelled One
/ inspiFiting development likely to be found sOon
/ Will have to do with newly acquired interests
i In the United States Reduction company by
\ the more important controllers OF the American
Smelling company.
American Smelling common stock looked no
/ more pFOmising-cOuld make no more favorable
/ shOwiRg-One year ago than United States Re-
dUction common can to-day.
Pre-eninent throughout the week has been
0~l tina hat
panys stock reaching new high records on tre-
mendOus transactions. OF course, there has
l been abundant representation that the cOntro-
/ vsrsias between Nfr HiIl and Mr.. Hartman in
/ this quarter are by no means ended that they
! are Hkelier TO grow In bitterness. Yet nowhere
I appears any actual evidence or such III viii be-
/ tween these leaders as might involve any con-
seQuential market effects. Gentlemen cry war;
4 war! but there Is no war.
/ ing announcements soon to be made is likely to
appear IN the much forecast Vanderbilt deal
/ and Mr.. Hartman have things in hand; and
1 they are beyond the point OF details. IN the
annals OF American railways no preceding trans
/ action has approached this In Importance Tor
not only Union Pacific and it's cOlIaterals North
1 west and Omaha. New York Central Lake Shore
/ and auXlliarieS, VIII have prominence ana pfohl-
| but there are other systems with interests ad-
/ vanced whose relations 20 this great cOnnblna-
\ ton have not vet been publicly brOached
/ Two OF the Junior Vanderbilts (Three Cs and
Nickel Plete) figure especially In the matuTed
/ planS-bOth so advantageOusly as to promise
i
| any OF the issues. Referring TO the description
/ Os Nickel Plate as q second Omaha. an iHpOr-
/ tant Vanderbilt tnsideF says: That IS war
/ Tanted-Rnd investors viii soon realize the iacI
| I expect TO see Nickel Plate common on 4 per
cent basis within a year from to-day
4 Holders OF the securities OF the Corn Products
I company are 70 be put In the way Of ootainins
| something like adequate Information OF the az
/ fairs OF their property and its administrator
| The courts viii be asked to conduct an INQUIRY
II
Louisville and Nashville may be expected 70
| become much more conspicuous. Market plans
| credited 70 John W. Gates and his associates
| will help the stock TO something nearer an aP-
| probation OF its intrinsic value. Information
| from interests closely Identified with LouiSNhio
| suggests that the Atlantic Coast Line company
has recently added materially to its LouiSNiAs
Il holdings. having now much more than Ihe ma
| jortty control with which IL started. one FuiSl
1 tntimGtiOn has Il that fiat ofter may De InaGe
| 10 take all the minority Louisville and NaSh-
4 willie stock az hguTe materially above the pteS-
| enG quotation. NIr. Gates has recently said Lu
| personal friends that he expects to see LouiSvue
az 300 before the end OF the year; and, he ADDS.
| 1T will not require manipulation to put-t thei0
| either
In .he past five years d0Ot compared with
Il 1s4O Louisville and Nashville has increased ~
maintenance expenditures S5.$IS66l. or -. -
| cent, while mileage Increase has been only Oo'
| miles. or q per cent.
1 In the same period however. an increase Of
II IS. T14.S46 IN net earnings has been sec1FeG,
\ while az the same time LOuisViue'S net nNeu
l charges have been actually reduced, Ihis haS
l raised earnings for the stock from S2.626 {tO to
4 66SS. III. an expansion OF more than StVNV,VVv
FOR 1QNi compared with period as recent as
/ 1s9R. This Is the remarkable exhibit IA Aou-
Il lated form;
! Net earnings . SSOGI.sas Sitsee "a S35I&Ssss
Balance Tor stock. s2sasSs 'SSsis5 st9si sst9siio6 i5
/