New-York tribune., 1905-08-06
The Financial World.

half OF Louisville and Nashville's capital sto~k
is I'm the Atlantic Coast Line treasury and fror,
this alone Atlantic Coast Line collect,
what spproximates ) per cent. upon Its own sn-
tire capital stock. not taking into account ths
surplus which Louisville shows above its osn
dividends equal 20 10 per cent. more upon tbs
total Atlantic Coast Line stock Louisvills ana
Nashville dividend disbursements are TO be re-
anged-materiaUy advanced. with guarantees
OF permanency-coincident with which, of course
will be the overflow into the Atlantic Coast Line
treasury of the surplus Of millions Of dollars psr
year. Atlantic Coast Line Itself upon an De-
cent basis is prospect which seems not usretg
sure but close. Even then more than an add
tional per cent. could be added TO the aunua.
surplus account.
New conditions demand new measurements
new intrinsic values are not To be tied down 70
old, distanced quotations What a property r.
worth-not what -upOn-a-time fl could b
bought for-is the test and the only tes. ~
market value: and they who recognize this f.c+
and they only can hope To profit. for only such
proceed reasonably. And here is another az
ampIe-this from the industrial Tst-Amerfcan
Smelling and Refining. whose activity and buoy-
ancy have been conspicuous features at the
week Recent market advance in this property
has been phenomenal; but in It's steady rise there
has been not one quotation gain other than
the sequel of expansion in intrinsic value
Where with difficulty under former control ths
property made some progress. il proceeds nov
steadily. rapidly extraordinarily. IN essential
conditions it has come to be virtually
nopoIy: yet its dominating trade control has
features which give il trade good viii, for
throughout it's tremendous expansion there con
tinually operates the policy Of cheapening ser
vice to the vast widespread mining interests de-
pending upon It. In this-as in other notable
ways-Americau Smelling history begins n
duplicate what have been the winning qualities
in the System of Standard Oil. American
Smelling has become exclusively a commercial
proposition. Daniel Guggenheim in -Smslt-
ing is as III. o. Havemeyer has been for years
i'm Sugar Refining unique comprehendine
and energetic. aiming ct big Things and
accomplishing them. working solely, all 1hs
time. with eve single TO the building Of
great industry upon solidest foundations Even
in darkest Wall Street. where fnnuendOes aTs
ALWAYS ready and no name beyond assault
suspicion IS never heard Of any graft IN the
affairs of the Sugar TTust-for universally TecOg-
niZed is the fact that thdt properly Is admin
fstered wholly in the interests OF the stockhoId-
ers who own it: and the Smelling Trust e
fortunate in having at its head the same manner
of personality.
Following the annual meeting os the Snelt-
ing Company next month there viii be an n
in the common stock dividend rate. CON
Ctdent with the election or Daniel tIuggsnnelU0
as observation-disclosures information OF which has
evidently inspired much OF the current effective
buying out of the Company's earnings much
larger payments could be allotted for common
stock dividend and still an equally large auoun-
remain for surplus account
Generally the industrial list seems - - "a
vored by traders in sympathy with ths mav-
ket's Improvement. They urge that many %,
49,,
cumuIated for investments that the market
supply IS SCaUt that the Industrial list and
the lower priced railway stocks must from
this time forward come INTO new prominence
new importance. OF these cheaper railway
shares the group controlled by Edwin Hawlsv
and in Wall Street characterization called Hav
ley stocks Including Minneapolis and s. Louis
Iowa Central Toledo, st LOUIS ana western
and Colorado Southern find especial favor. al
having advanced in the markets current de-
velopInent. Every one of these properties prns-
pers. good crops reported along them all. uni
versaIIy their showing of earnings encourage
investment.
In the industrial list influential interests a.
favorfng Steel Trust issues exceptionally. SrsAi
preferred sells ex-dividend tomorrow and So
friends believe that the fun amount Of the div'-
dend will be promptly recovered Since July 1 a
large amount of Steel stock has been shlppso
a abroad BY foreign banking houses
New-Tork Air Brake and the other raiVaN
equipment companies are all reporting largey
increased earnings. Air Brakes per cent dlVi-
dends are now earned twice over
Corpora ton transactions Of magnituds-iIn-
portant deals for months past more or less
definitely forecast-are practically ready 10Y an
nounCement. In these developments the van
derbilt Junior, issues will have prominent,
Nickel Plate Is not advancing without aHpT
reason. Putting into effect normal operatHS
expense ratio would show dividends earned To-
Nickel Plate. just as adoption or that peiFs
eHo al T1--f 1fyi1 ar1r1s
Erie-Union PaCifiC-IliinoiS Central reisue.
ships will also figure in announcement OF u
new accomplishments II being conndenvy u
Heved in important banking quarters llsI
actual ma atority of Erie may now Be- found VI
the hands of Union Pacific representatives
In Mexican Central, too developments of cor
trolling consequence impend- Mexican Centra
begins now To prosper TO the fuU extent tna-
any enthusiast has ever dreamed. ana II H5 W
not he strange il Mexicos foremost rdlfUa %
system attainS prestige and pruht SuCh a. %
Of the DEPTHS have come to Erie and even ~
Reading Mexican Central can earn dNIdshuS
The European disposition may PLAY some paI'
in our markets progress one fact fndispu's'"
is that Europe now holds relatively feW OF GU
stocks there having been sweeping liquidation
abroad due To misapPreheusioHs sedu'uSiy GU
tivated by professional spectators there -
nectiug the views Of hear operators here \.
observer as alert ~ jefferson NJ Levy. nov
abroad is impressed by the ccnhiCting atu'1-.
between London spectators and British l1
vestors toward securities. Mr- lew VI -, -
vices tc business associates here this wen
cabling;
London spectators are short Of AmerlcaI.S
The public quietly invests. Peace rs sure. -
incrsase Of ~ OO6 OOn bushels I'm the Canadisl
wheat crop viii advance Canadian Pacific stocs
10 over 10O These are the confident views o
the most important Investment interests hsre.
From one so conservative as Jefferson II
Lew this expression is significant