New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-07

by the record Illuminating the formation OF THIS
American Smelling Securities Company. The
preferred stock it offers is not a Z per cent, it
is at D; 100 per cent. common stock is not thrown
In for bonus. there is no bonus whatsoever;
and. moreover instead OF reluctant subscribers
having to be assiduousy persuaded il IS dis
closed that the bankers Of the new corporation
are overrun by subscribers who apply for the
total capital three times over.
For this corporation itself. and for that con-
servatism which American Smelling finance so
notably represents, this record has excellence:
but the supreme testimony Of II all is the simple
record presented OF the progressiveness and the
integrity OF the great business corporation trus-
teeships of country. These trIsteeshfps
tried, do not merely stand tests. but this thew
do so splendidly that the investment world "a
challenged into a revolution; and where bur
a little while ago the investor looked askance
he now completes Enthusiastically for co-ouara
tive opportunity. In such records is arnples,
answer to all the gibes Of pessirnisrn il all tina
warrant that anywhere can be asked for con-
fidence
1t is altogether waste OF effort for any group
Of spectators to proceed upon the theory that
the American investor is not wideawake alert
for bargain opportunity, and ready to cooperate
in wholesome undertaking. No good loan is
offered normally attractive enterprise pro
posed which does not meet with immediate
oversubscription- Yesterday. for example, when
announcement was made that the PETERBOROUGH
Rapid Transit Company had authorized $1,000
600 of per cent. 3-year notes there came CO.
incidentIy the disclosure that the entire amount
had been sought by investors many times over
especial attractiveness being in this particular
issue, OF course. by reason OF its exceptional
QuaIfty New Cfty- farr,a
above current rates. for with money on time
having current value below 315 per cent, II is
natural that such security should forthwith
command a substantial premium-the immediate
clients OF bankers like William A Read & Co
August Belmont & Co. and Lee Higg1nson &
Co. being in themselves ready. OF course, 10
snap up such a bargain instanter.
In the course Of prices upon the Stock Ex-
change. while there may be some disposition
u. n the part of important interests TO wait a
while. there is little liability of disturbance that
can do any lasting damage. The bear party is
well organized and aggressive; but all the stocks
such traders sell they must rebuy. and 1t Is pat
ent to all reasonable observers that. however
energetic raids may be, market values have pres
ent indisputable prosperity for their foundation.
and such prosperity does not crumble away at
the behest OF any passing manipulation. Stand
ard stocks are cheap.
What is significant, too. just at this Juncture
is the temperance Of foreign buyers for our
securites-as instanced by the confidence shown
by purchasers OF stocks like Canadian Pacific,
whose auxiliary properties are piling UP earn
ings increases almost beyond precedent-the 500
Lines showing this very week gains approaching
60 per cent, reflected IN the market by
point advance.
Why should not 500 be a second Northern Pa
cifc, Canadian Pacific is bound to be an
other Great Northern? H ALLuAWAY.