The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-12-03
UNION PACIFIC'S
GREAT PROGRESS
Annual Report of This Road
Proved Event Of Week on
Wall Street.
DEMAND FOR C. & o. STOCK
Virginia Road Shares Honors in
Trading With Atchison and
National Biscuit.

NEW YORK. December 2-'rhr event
O. the week iu Wall Street was the Dtbli-
cation ~ the annual report Of the Union
ttcihr- Wall Street. Of course, had
pretty good fdea Of what the report
would show. and thc speculative interest
ST. Dc was not very great. A wonderful
array OF figures could not be diEested in
mo financial community in ono day. IL
10 certainly n remarkable achievement
mat "a road that only little while ago
nss bankrupt has now reached the poo
s.tion whore ~ holds sufficient collateral
wealth to uquldate its entire funded and
prcftrrnd debt. leaving It's magnificent
trans ortaron plant ard tremendous
earning power which goes with 80. and
many millions 20 spare cas- the equity and
heritage ~ its common stock holders. A.
commentator iu Wall street says. 70 is
difficult to say hoH tho credit for this
achievement is 70 he divided between
prosperity. James J. Hil and T. H. Iar-
rlmau.
Whatever criticism may Doe passed on
N. Hartman methods 81 conducting
rs financial operations. lt is not 70 be
questioned that lc DIS one OF tho great
Railway men % tle world Although he
cIsclair0s amy credit for being = railway
operating man. sun he has placed the
operation ~ lis roads alongside of tire
lest roads ln the country. Nr Hartman
ranked on tro prosperity ~ tae country
and won out
Iie expended millions vith lavish
lanl in improv.ng the physical condition
cf DIS rroDertes iu o. way that astouuded
more conservative railway men. Already
t.e operations ~ the Hartman roads
fn"" tant to millions have been well
trent N.Y. Hartman has been lucky.
During tle pest eight years that Dee has
hrc0 upblillng Union Pacific ana its
allied lnes tae country has been pass
u< Through the most marvellous period
. commercial prosperity ever seen in
hrF country. The west has grown up so
st and wealth has been made there
80 rapidly THAT 10 has been "a pretty poor
r"l.r"Ao iaat has not made money west
~ the Mississippi
ST. Harlman was lucky. too On his
Northern Securities Investment The dis
rn.ltou % the Northern Ssrurlties Com
Ianr let- Union Pacific with mass OF
fo--rlues on its hands that have grown
Enormously in value in a short time
Ever since tre company was dirsol,rl
SIR Hartman has been feeding these
F'rurties olt To- the market. and the
q GRAFTON shows a profit % Tho Union
Pacific treasury ~ nearly S. p00ceo This
was ilrE. of course. 81 a way. Al tie
sam" Tire. Mt Hartman knew when he
bought into Nothcrn Pacific that be- vas
fnYne into a property that was worth
intfinsica4iy lot more money The Union
ltcinc treasury benefited hv his fore
Fi-it The rrl az profit ~ course in The
in.on Pacihc's purchase and ssfa or
t,or KS On tAe Northern Securities merger
Aa Drought about very largely by James
lii- The enormous rise in Great
Noriuern stock because ~ the potential
izius az the company. iron ore ricbee
N'fhcd greatly 90 the benefit OF tie
Union Pacilc treasury.
Lawson's Bear Attack.
Two wears aeo President Roosevelt 81,
is message % Congress. had something
o. say about the regulation OF reflves,,
rates Wall street had known for some
oaFs about what he was going 10 saw
ifiI on Tie day that he said IT, the
standard or speculative party refae
tin-r 10 show it's displeasu pulled THO
loFs out ~ the market Tom Lawson
hr some underground connection. learned
mat the pegs Were TO bee pulled out OF the
market and bombardcd the speculat!va
conn. unity with his now famous bean.
attack The result was the Lawson
panic ~ December 19bi We call il Tie
Lawson panic, bat IN reality IL was =
panic brought on by tie Standard on
speculative clique % show its d.spIeastlra
81 Mr kooscvelts interfering with the
operation 81 the railways The Presi-
cents message tLls coming week will
say much stronger things about the
clrnlng % corporate power and the limit
Ing or fortunes than two years ago bur
- far as can be seen. tho Standard oil
PARTY is not going to throw "a speculative
spasm in consequence. The reason for
this ls that the Standard oil party rs
now loaded up with stocks that il OK
poets 90 distribute 10 the public at
higher level of prices and il knows thai
..' pthhc cannot stand now another
hip" Ike that Of December two wears
&C. an Street doesn't seem ro be
disturbed over tho forecasts Of tho preei
dents message that have been reo.i,al
here. W."
Demand for c. * o.
In two hours OF TRADING g., ,-,....,..
stock market transactions v-or, fs,-l-t g.
volume on movement OF values ,-l,,ot,
snoWed functional gains in tho er..,,o
number OF issues as compared with the
CIoslng hgurcs Of the preceding da,
mo expectation of a poor bank stot.-
Wout however. discouraged operatil,,'- -
the bun side NJ tho market r,t,il'
absence from town of many OF the feed
ing dealers also was an important facto,
IN restraining speculative activity H.
the case Of many Of the substantial VIII
Street interests the Thanksgiving boiids,,
included the greater part OF the week
ana as q consequence the chief business
ON the stock Exchange was supplied b,,
board room traders, whose deatiDge %
rule, amounted to insignificant totals
There was "a fair demand FOR Atcb{sc,,
common, Chesapeake and Ohio and Ma
toual Biscuit. the last named stock eou
ing at its best price on record Ruvine,
OF Atchison was based on the company's
splendid exhibit or earnings for the
month Of October and on the generally
The State BaI