New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-08-27
The Financial World.

Reading has been the conspicuous s.,.,,
the week. reaching a market price hfv,.-0
any which even It's most enthusiastic cba-.
have ever presumed to prophesy. Anro,s- o
this Reading move we have had a vveaL -
action. 10 may be that the market in,s-.-.-
the stock have made the mistake OF 80
aggressive. but in well informed circles an
Of a corner has been dismissed as unwa--,--
foolish even. In the extraordinary record -
Readings earnings present is to be fo,,na .
Justification for the price at which Readinv -.
sells. Though distributing but Der can,
property Is earning several times 4 per esn,.
It's prospect is expansion. So well undar,,,.s.
this Reading prosperity that naturally .ror-.
there has been vast absorption OF the stocr, =
banking interests directly associated wits !.
property fact which permits some 49,
on the Stock Exchange TO make daily procJsx'
tiOns-aH OF which il but empty bvplav =.
childish This market Is not imperilled -
railroads prosperity. not going to smash :.
because investors realize this prosperity 80
welcome II by giving to intrinsic valus -
sequential stamp Of market value
Next 70 Reading IN prominence Il Erie an .
whose shares reach new high prices thl, w.
cOincident with buying readily traceabla IA
terests Of the very first Importance IN fra -
way and banking world. In the estirn.t,o,
international bankers Erie in regarded =.
second Reading. Disclosure that vast asv.,-
ment plans for the property are aIreaav - .
crossing has bestirred Investigations which -.
that Erie is TO become system OF far 80
Importance than hitherto forecast -
which before long will approximate 4Ooo -
Negotiations for this accomplishment hav. -.
conducted so quietly al TO escape Vvau s..
attention, while by alliances mutually az-a..s,
TO E H Hartman and James J. HID O,o.S :!
whom are credited with large Erie hold,,.
Erie will command Northwestern tran.
Chicago. which viii be exceedingly proa,.s,.
Under such circumstances It IS that the sY,..
sive new Erie construction IL undertaken LIN, i
are TO be Strengthened. grades are 20 o. !. i
duced, cut-Ofrs are 10 be built-aH productivs III
telling economies IN operation We are 10 bsv.
as year ago was pointed out IN this revfa-v il
new Erie and there is no reason whatsoava- II
qualify the prediction which has been made 81
that Erie common stock Is well on its wav ,, II
ward established dividends-that Erie prosue-i,l
can justify its Characterization az "a s4couI
Reading"
A security which IS attracting the attention II
operators who can calculate the possibility o,
hundred per cent proft-Chicago Subway-s,l
become active upon the Wall Street curb. This
the underground railway system OF ChIcarF
whose control lately passed TO Mr.. Rocks,surE
Mr.. Stillman. Nr. Schiff Mr.. Hartman nj
associates who have to do with the fraport.k
railway systems entering Chicago. u IS nok
becoming ready for comprehensive active op,r&
ton As the auxiliary OF the great raiIwass
centring at ChicagO-actuaIIy controlled ar
operated by then-the Subway IA assured
traffic which from the very start will weld I'm
mense net revenues-and its shares nav n 9,
pected 70 duplicate the extraordinary rise vii
messed here in InterbOrOugh stock following n
opening OF NETWORKS passenger subway. Som
suggestion OF what the conpany's earnings 81
be is found in the fact that it will receive h
carrying freight one mile as much as is paid
standard railroads for carrying some ella sses
freight 200 miles. II VIII not seem strange
see Chicago subway soon double il its marss
value.
Mexican CentraTs strength begins % bs a.
sertive. The new interests in the property
before long become large contributors 70 m
property.
Colorado Southern stocks TO which attenucI
has been called frequently in this review Ia
been among the active issues OF the week. a.
they have advanced in natural reflection o. I'd
official disclosure that not only a fun divide
Is being earned upon the preferred. but "A
cent upon the second preferred and something
over. The expansion plans OF the Coora
Southern will soon make that property excsT
tionally important and anticipation OF this
heavy purchases Of the stock which 4
to be for the account OF foreign bani
ers whose holdings viii be taken from the stres
and locked up abroad indefinitely.
American Smelling issues maintain their
vance it being evident that much OF the recs
buying was for inside investment account
the annual meeting Of the corporation a tor
night hence there will be presented START
ment TO the stockholders which in its clear1ess
and informing qualities will be a model docn1
ment The stock is to be put upon . per eenI
dividend basis.
United States Reduction and Refning-beeol
ing now an American smelling auXlllary-Ha4
be expected 10 give a good account OF Use
Preferred stock dividends Cthey were torine'
6 per cent? will be resumed
In Chicago Great Western the pending
QUESTION of the Mason City and Fort DoaH
road con a basis exceedingly profitable 70 u
Great Westerly is inducing enthusiasm aoroe
where large volume OF the preferred sns
are held The Great Western system deveo
along lines Of almost unprecedented imam
and the bargain hunting inVeS
finds exceptional opportunities IN the qgolaue
at which so far the various issues or the GU
many NAV be bought. Preferred \ stock II
now be put upon a permanent dividend nas
with a surplUSage OF earnings which must -
largely augment the market Naiue "t "V'" II
junior issues.
Southern Railway has had new proufiner
this week-bought confidently by interests
hitherto openly identified with IT, Reports Ia
II that further large amounts or the conn
stock have been taken for London accourI
southern Railway occupies an exceptionally
tractive position IT is our only great railroad Il
tenn wherein ownership is not actually con's't
trated-the public owns IL. II has had the ssH
thorough reorganization 10 which Reading 81
Erie were treated-by the same masterful ha7