New-York tribune., 1905-02-26
The Financial World.

Remarkable features were apparent IN the
weeks eurity market. On Monday and Tues
day prior to the holiday, there was vigorous
buying OF shares OF the southern steel and iron
companies. On Thursday this buying expanded
furiously. variations of ten to fifteen points ap-
peariny In Tennessee Coal and Iron. SlOss-Shef-
field and Republic Iron and Steel Then came
fear of manipulatlve corner, and a shudder
through Wall Street When business closed
Thursday afternoon an atmosphere Of vague ap-
prehension enveloped the Street. Brokers hur-
riedIy advised their customers to close out con-
tracts and warned them against new commit
ments; before all nervous souls the spectre %
May o. 1901. was glaring feroclously.
What happened? On Friday came assurance
that operations in the southern iron and steel
properties were a legitimate business basis
only. looking toward merger. and dealings IN
those properties shrank to normal proportions
with narrower fluctuations though sti1 retain
ing substantial advances. Then was resumed
that buying Of high priced gilt edge stocks
which has been the dominating feature Of the
market for months New high levels were
reached. That far-reaching plans OF uninca-
tion are in contemplation is longer doubtful
But the leading stocks Of the week require no
fancifu explanation to account for their rises
Accumulated assets and magnificent earnings
combined with superb outlook. more than war
rant any quotation f.. standard securities YET
registered on the New York Stock Exchange
More and more becomes evident gsneralv
the fact, long perceived by the closer students
of the market. that We are confronted BY such
new phases in our investment situation as are
in notable ways actually revolutionary We
have reached the time where the old standbvs
/ OF the Stock Exchange. the stocks that old
timers knew as standard issues. are retired We
must look TO a newer list. Jersey Central and
Delaware and Hudson among the coal stocks
have followed Morris and Essex and Lacka
wanna into investment recesses. Northwest
/ Omaha, Great Northern similarly follow Bur-
| lngton and Northern Pacific away from uubu,
reach, and there can be few things to close Oh
servers more assured than that Pennsylvania
and NewYOrk Central are on the verge OF du-
plicating what already is accomplished in t5oss
! superior Eastern properties Of which Harlem
and Lake Shore are typical Moreover. this e a
development which touches the industrial a.
curty list even as II affects the railway invest
ment group. for Pullman and Singer and Cen
/ eral Electric and Westinghouse and Bell Tee-
phone and Carnegie Steel and Standard OIL ars
1 bound TO have myriad followers-for the absorp-
tioH OF such issues by the investing public mus,
/ have appreciation upon the part OF capital OF
! those opportunities and assured profits which
can be found only in stocks not vet so fully
/ accredited in investment favor as actual in
/ trinsic value warrants
/ II Is a happy condition that as the Old IA
miliars pass they can have worthy successors
/ Even a casual scrutiny OF the Stock Exchange
/ list reveals a substantial list which being bar
gains to-day, are bound within another decade
to have the consequence of ultra conservative in
vestments. 1t requires no courage but that Of
/ intelligence to make such selections In an ex-
4 cited market. wherein Generalization might for
/ a time intrude, such bargains could temporarily
I suffer impaired market value. but what is here
| intended to be asserted is that from the point
| or view of ultimate value the Stock F,v-
/ change list is even repIete with opportunf-
ties for eventual large profit through the pur-
chase and holding Of stocks and bonds whose
present semi-speculative status must deveIop
into high class investment character In the
list are all of the Vanderbilt junior stocks
Kansas City Southern preferred and ST louis
and san Francisco second preferred, Rock Island
preferred Eries issues Southern Pacific. Read
ing-these are only few in the railway list
with the railway equipment stocks. Colorado
Fuel Corn Products preferred, DistiIers' Cor
poration and Electric Storage Battery consDicU
Gus among industrials Easy enough r. vro,,yl
be 10 lengthen the roster and ornItted irdssd
are various issues. if the present marke+ f11r-
@ ,tet eNI1nus, %hlch are bound to rise soon and
Inaterialy, stocks like Baltimore and Ohio rep
! resenttng the railways. and Federal Su1eIfi1r
stdhulhs Iof extraordinary income among tn
l'iuuStrlalS-Ih1S latter property by the bv bav-
ing made good this week the prediction reco-5a,
IN this review last SUNDAY by fn1r1efIiatsI,- =
taohshing a fixed 10 per cent dividend rate
/ Two new issues-both exceptional in tbaf-
merit-have been admitted BY the goverrors
or the Stock Exchange to the trading list-tha
snare capital of the Philadelphia Rapid Tran-
sit Company. the local traction rnonopoIv ~ rbs-
cl'y' ana the bonds OF the Wabssh-Pittsbur5y
terminal Corporation In the latter marked
activity is already shown and conservative
interests identified with the property personally
very close to George ]. Gould and John D.
Rockefeller) forecast substantial advances in
market value. Certain speculative features
nave had the effect of attracting the attention
/ on group OF Standard Oil financiars who in
JOINT account with capitalists in Europe have
oought and locked UP the bonds in large
i volume
Transactions in the stock OF the PhiadeIphia
Rapid Transit Company do not start until We'd
hesday' but IN anticipation of Developments
certain TO follow activity the New York
STOCK Exchange there has been a good deal OF
Gohn9ent absorption upon the Philadelphia
BOARD interests that have rank ultra
conservative figure conspicuOusly among these
| buyers. included in the list being certain New
/ York hnanciers who have reaped tremendous
| profits from the recent phenomenal rise OF In
/ terbOrOugh shares here - these alert bargain
! delphia monopoly can be depended on 70
! become an immediate New York market ia
voFte.
The company has over five hundred and forty
miles of street lines and controls fran
chiSes TO construct elevated and subway sys-
/ tens. Past operations have resulted n sub
stantial surplus earnings beyond all charges OF
every character while CnOst important feature
in the property's dsvelopment) expansion IS az
/ hand a tremendous scale (surface. subway
/ and elevated). assuring vast accessions 10 net
u q Vr~oU #hnEn