New-York tribune., 1905-01-29
The Financial World

the face of extraordinary pressurs 81 20
burg's terrors were ardently acclaimed - -
raiders of quotations here. though on vhas 10 10
sonabls basis can nowhere be explained N,,,s~
! the Gar nor the rioters could have bean ~
ily burdened with American stock rark.,
counts requiring liquidation. Yet II wa. .
Just such insanity OF theory that our ~ IN
Exchange captains Of depression proc..s~lk
Their smashing campaign was started - -
evident belief that II could be long ana s,.-l ga
fully continued. but the career OF II waa .A.s
lived and-to it's bear promotsrs-expsuzsv.
Just one more illustration has been p---.,.-.
OF the dominating fact that actual stock, -
held here now safeguardee by inforna,so- -
telligence-nervousnes wholly our a =
American security market-scars caSnuaiz-.- %
longer effective. Stocks sold IN such r.. -
easy campaigning as developed last 49,
and Tuesday were stocks sold IN iarzs 80
for the speculative short account-wers ns.-.-S
stocks-and real investors were affected sca-.,--
If at ALL while the sequel in the close a, -
Stock Exchange week shows not merely n -
establishment OF market values as hiys
they were before our local Cossack raids bsz.n
not only as high. but higher.
Warrant for this inspiriting record is m. q.
70 seek Practically every business dsveloun.-.
in the whole country certifes 70 the stur5v ~.
u.
buoyancy. 1t has the right quality IN to-
lasting quality. In times Ike these there IA srr,
pettiness in pessimism. They who buy and bols
standard American securities to-day are buv.--
and holders OF the best and safeSt-ths mo.,
productive-securitiss known IN al ths uars,,,
Of the world.
Taking yesterday's-Sa turday's-raarkss a.,
exemplihcation Of what the new and sstts,sa
Stock Exchange situation is. we find lsaasr.As,
in shares OF the highest type-Ied BY Northw.s,
and ST. Paul by Union Pacific and Nsw-Yu-k
Central and Pennsylvania. By such as have Tor
years Of superiority to hard times and specua-
tive enmity) shown both ability and readiness Ia
maintain high dividend levels: and participants
(even vying in leadership in the markets q.
gressive improvement are the new issues unts-.
written by that business intelligence which pre.
sumss to contemplate and make sure Of ss
future-secUrities OF the character Of Northsra
Securities. yesterday mounting 70 a figure hishs,
than ever hitherto approached. and reaching rla
altitude with no show IN any quarter OF d.s.
position to reduce holdings by any one Of thoss
interests whose fortunes and regulations ara
Herewith identified Northern Securities az fT
indeed. indicates naught that is abnormal: Il
market value founded sanely upon bettermsr,
present and assured. approximating even ths
splendid superiority OF our old staldbys North,
west and ST. Paul
Coincident with the Northern Securities move
nent the strength OF Erie is signihcant-as this
independent trunk line system. reaching fon
the seaboard west. must figure largely IN tAs
ultimate rounding out Of the Comprehensive
plans for amicable and profitable division Or
rearrangement Of transcontinentaI business
In a market sensibIy constituted as this "a
what is requisite for guidance IN investment
lust the plain old attribute Of common sensa
We have open accounting nowadays SIystsriss
have gone out OF corporation bookkeeping He
who seeks income from investment can find
ample assurance in the study and analysis Of
railway reports as never hitherto. Taks hr
example-and fafrer representative tyre could
not be found-the records presented by Chicago
Milwaukee and St. Paul Not merely Is thsrs
clsarness in the itenization OF fact and figure
and situation. but in this St. Paul examDls We
have revelations that challenge every student 70
enthusiasm
IN barely more than half dozen years hss
is property whose actual appreciable value has
Increased 200 per cent Barely nine years ago
a share Of ST. Paul could be bought for $50. tAs
stock on per cent basis. the yield TO the pur-
chaser being beyond Ga per cent. Then ST Paul
sold at 1919 in September. 1903. on per cent
dividend basis. Yesterday It was under 15L
Here are wide fluctuations. But now come into
the situation new factors OF dominating COZ
sequence St PauIs value to-day IS ntrn-
sicaly beyond what It was when It approached
200. but little more than year agO-and that
hitherto high figures win now be surpassed
seems logically considered) as fairly assursd
as any Wall Street proposition can be.
Take IN detail only few ST. Paul figures
normally rejecting what progress Is IN colssr-
vatively conducted American railways. TAs
record must create enthusiasm.
In the seven fiscal years expired since lSS1
nearly $1S.OOO.OOO have been added to S305o0-
600 OF gross earnings. and more than S4,5O0o0
added to S12OOO.OOO net.
Gross Earnings Net Earnings
1897 .. $50 ISL. .76S S119O929
1901 ............... As $50 335 I6452T5