New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-22
The Financial World.

Stock market changes for the week are 7lr10st
uniformly advances-some gains being excep-
tfonally substantial As pointed OUT in this
review a week ago there are multiplying indi-
cations Of renewed public interest And the
only thing strange about this Is that it should
have been delayed That 1t does now appear
ia bovond doubt-such market developments az
mark the close OF the week put out OF all ques-
tlon any theory that such activity and strength
can be accredited TO mere professional board
room transactions. Equally sure seems the
coroIlarv-that such activity and such strength,
with actual public participation. cannot proceed
far without completely Tevoiuuonizing Market
conditions-ex tinguishing certainly All THOSE
superficial elements concerning "hich the oraclss
have so much and so long distressed themselves.
The business situation changes only to I'M
prove. Prosperity abates nowhere. In virtually
every quarter-fnancial and commercial. indus
trial and agricultural, all ACKNOWLEDGEMENTS
Usbad good times expand into better ttmes-and
# begins TO look as II before long conservative
souls must begin anew 10 preach thsir Old
sermons Of dangers involved In boom
IN money market discussion hysteria seems
finally suspended. We have at no time had any
thing but what has been -ormai Expanding
business involves naturally enough. expanding
monetary requrements-ths current condlti'h
s,,,,rl, corrects what has been abnormal renders
To
Here and there some still persistent bearish
"autbori,les" begin to worry over apprehension
.,ot ,ra will soon have TO ship gold abroad. but
even these pegsinists are obliged to offer az eE-
,,1apation that not home conditions but foreign
necessities will be responsible In important
banking circles this gold export theonzinE -
nut aside as fnconsequential Among those nanN-
ers whose judgment has recosl.lo 10 5 80 81
internal onaIIy there is no manner OF doloi INA
we shall reap the full reward OF our pTosp-Tiey'
that our tremendous crops and busy H.Is az
sure a national situation Which no l'IVS77a'0
foreign condition threatens a all
r,-or,tnent in the weeks developments -
largely increasing activity among the lnduslFia'
issues Explanation is not dihicui'- enormous
aqricuItural production, coincident Win so'u
prices for all products Of the soil eompels rehex
expansion OF industries Making fuii al'"aI'e
for our export trade, which shows amazing
exports for the first nine
months Of the year increasing SllrV'''VVV-'hs
fac+ remains that the home market Is OF hrst
ir,nortance. Our manufacturers have 10 supply
the needs of 100000 prosperous people anu
adequately 10 do so taxes productive tdpd."'
vastIv. Among companies supplying sNe'-hs
,,.4ionaI demands the United states steer CeT-
poration stands actually and as type) H'Sl an
foremost Its statement for the quarter e''ue-
cop+An,her 30 about 10 appear, VIII he MUS
frat
cd iron companies enjoys similar prosperity
-. .,o+bar group OF industrials responding 10
800 +,roes comprises the railway equipment
oo,oerrs Railroad needs constantly grow anu
the production of locomotives. cars ana QUIET
necessary material for the business OF Trans
,ortation Of traffic is measured simply oy me
canacitv Of existing plants; and It IS nahILeS.
+bo+ q long period OF prosperity lies aheau u
such companies .-o,,, -
What is best IN the progress OF the sIoup -
;1.,- CONTINENT corporations Is ao1nlra'iS
I@ii~"s +, r-a,- york Air Brake. Paying peg
con+ dividends, and believed to De earIilns wv
r.,L,,g interests close to the controllers OF
-. ,rorarty are predicting important adva4 5
e. the stock Working overtime, cCIliI.S 80
the facilities Of additional factories aI rscord
DIsrts outgrown. net earnings i.-anS -
b-aaIrirg expansion-explainlng cuEIeNs. -
denca that dividends are soon 70 DC a. 80
OF 10 per cent
.,, ,t+ - long of industrials wherein Az
nracIa4ion becomes evident-incluolns pro-
I,I,a International Paper, Union Bag anu l 0I'
yTn,ted States Rubber-the number coulu % 20
extended for almost every one O. '-0
-~,.e5 manufacturing properties seems e'Ve
c,auv to appeal to the developing puohc lHtslss
IN the market. Maintenance OF business $3.50
oo,,noands recognition Of the merit OF intFiiS'.
or,irs mower as for example. the buying u
American Cotton Ola company when etiei
from q period Of adverse trade CONDITIONS sio'
ing q reasonable surplus In excess q
ai,,idands and foreshadoving ability TO MAINTAIN
common stock dividends
Ano+bsr notable example OF intrinsic merit
-ro,-ed earning capacity, dividends wen eSlaO
ushed-appears in the DistilleFs Securllles COi-
-o-ation. The stock is paying per cenI--nSS
-, waving II right along for some years past
-toIdtng therefore. almost 10 per cent on Inc
,.+,a,t ar the current price. That the dl'I-
aerd can be maintained. that II is likely 10 gro"
I-..- indeed. is official expectation. Interests
td.r+iAed with the property have exerted the'h-
saI,,as 70 keep the stock quiet. have discourage
enaculatiye attention, but bargains Oh ms -
in an improving market cahhot pe ~ (,a ar-
stav long neglected, which accounts IoT tue
1iT-itv which yesterday seemed READY 10 s'AI-
confidently.
rbosa industrial securities Of highest maTke'
,,.,,a share also I'm the markets development
.r5 there are confident predictions that prop
critics like Westinghouse. General Electric ana
pullman will soon show in market Quols''U"'
further reflection of their phenomenal earnings
In American Smelling higher quotations arc
rscorded though there are indications thar IN
portant interests may for the present De 'Cliis'
TO look particularly after some or the Jui!i''
Smelling properties-in this category hsU''-s
United States Reduction and Rehnlns' "H'S
preferred stock Dust now established upon
nor cent dividend basis is selling at hsuie
hitch Yields epproximateiy 8 per cent upon ths
investment Of course, such an 4III ,, g
American Smelling proposition VIII NJ 20 -
market friends-so vivid IS sne tonrbt about in
has been within the last year utousi'
/ American Smelting's own fortunes
v,-,ua the industriaIs have forged into leaaeF-
shin the railway list has by no means -
! neglected. some OF the railway issues nav
I ~,~-Ff n