New-York tribune., 1906-01-21
of the American Ice Company to-day ia .
of the Standard Oil Company. 1t is ~ usta
sonaIly who predicts dividends. DeF'

Now, consider in the railroad list Denv..
Rio Grande. The common stock is selliny a
points below 80. It's present status and -
prospects would Justify par. In a tsrrs'p
whose traffic barely year ago was derno-,,eP
by labor disturbances, where trade prosr.s
was brought to a standstill the propArs,
begins to reach the advantage OF re-sssab,.s
labor amity with all trade condition. -
from lethargy to the very extreme OF sc,,.ss
Grave conditions for years menaced the n
ver-Rio Grande district; but this gravity "a -
back Of the property-has been superssdas !.
cooperation, losses making way for p,os'
Even including the labor troubles Of a eo..sS
of years ago, a comparison OF conditions -.
a period Of ten years shows that gross ssr,.s
have increased SS,OO0OOO. or over 80 10,
with net earnings at the same time inerso.s
So 100000. or S5 per cent. Meantime irnn-,~s
ments, representing practically the rsbufat-
of the property, have been charged Is,,.,'
against net earnings. such expenditures IN los
passing 100000. while maintenance ousl,-
have fncreased-1905 compared with 1sqT-~--s'
S2OOOOOO, or more than 100 per cent. win ,s.
preferred stock for years past paying reeri.
per cent dividends, and with cash and cur-..
assets over S6OOO.OOO in excess Of currant ~
biIities a new day for Denver common zo-1s
seem close to the dawning. For the five rorss.
Of the fiscal year so far reported net earnlr-.
nd
with gross figures from July TO the szco,5
week OF January showing gain OF over s19sa
600 But the operation Of the Denver and Rl,
Grande's own system has extraordinary sur
plement in the relations Of the Denver eor
nany to the new Western Pacific system =
whose S50.O00OO0 capital ito be increaseS =
S75.OOOOOOO the Denver and Rio Grande win bois
ST per cent.-an without any outlay, with onl,
a remote future contingent Habity-transpo-.,
fion OF Western Pacifc's construction raste-sI
traffic alone assuring to Denver and Rio GrarSs
during the next two years tonnage not nsrsi1
large in volume. but as well. large in prost
Such a situation assures increased worth-tak.
ing into no account whatsoever Wall Streets h.
sistent theory that Edwin HaWley and B ,
Yoakum are prepared to contest with Georzs
7 Could the Denver and Rio Grands contrJ
Hawley and YOakum are no day dreamers.
Missouri Pacific has been among the insvira.
ing features Of the week. All the Gould stocs,
innprove-EIissouri Pacific buying suggsslv,
enough to warrant new confidence in that quar-,
fer. Under 120 Missouri Pacific is in the stcs.
Exchange bargain Hst-as exemplifled by Ia
graphic exhibit presented in this review wsss
ago:
1893 1S9S-net deficit ..--.-...--.... S2OMI
1891 19O4-surpIus for stock 325104a
Paid in dividends Q9O1-1904) ........ 132SsA
Grievous yearly deficits turned into vast yss,.
ly surpluses-mileage increased 23 per cent Nss
earnings increased $50 per cent.
Very soon we are to have official annouuz-
ment of what in banking circles IS characterize
as ''the Vanderbilt deal" Northwest and
Omaha will figure In it. Shareholders in all TIA
Vanderbilt Juniors will be benefited by It BIZ
Four (whose new line into Chicago fOrnaH7
opens tomorrow may command VandersH,
leadership-divide such leadership perhsvs
with New-York Central. Big Four earnings ars
sure to increase heavily forthwith. During II,
ofcrL,fa. rI.se nj
loaded cars into Chicago have increased oysr
1000 per day. This is merely premont0J
before the end Of this year Big -Four viii h
fairly in sight of an established per cent
dividend. Big Four stock is selling fifty uonts
too low-and would be far higher but for tbs
fact that insiders are urgently striving to keep
quotations down to facilitate increass Of tbsr
own lines Of stock.
Among early official announcements viii b
details Of the coalition Of the National and
United Lead companies-effecting trade CON.
bination controlling beyond S5 per cent OF tAs
entire lead business Of the country-as nss.
monopoly as healthfully can be possible. Such
a consolidation has Importance beyond thoss
financial interests directly involved, while fur
them especially its consequences ara wondss
working. AS recently as three or four years ago
the lead trade OF the country was actually
denora1ized. There was substantial profit tof
tional-United properties. there is established
trade condition satisfactory in every depart
ment-and incidentally (even were curFsni
earnings not to expand at alb the productiond
net revenues exceed u per cent. upon the tOA
capitalization of the combined properties Ins
of course, assures early increase in distrinuuoa
of dividends-6 per cent, if not Z per esa-
likely to become this year the established Es~
Representatives of Thomas F. Ryan and u
Guggenheim interest are to be directors u 70
National Company-and the Guggenheim poNI
of progressive expansion will be pursuea' ~
Guggenheim interest becoming openly doInl-l-
Thus, what in the security market has Sl1l-
the past year developed in American SmeiuAs
not improbable for National Lead Sneltlns va
not already earning II per cent when me Ou'
genheims became its controllers
What has developed in Lead Trust a1ai's
exalted romance. It is Accomplishment GaS
one man. Three years ago Grant hugh 0iO'-.
came into the lead trade situation Upon s'Ss
hand was trade Generalization. Scant enc0lp
agement he met. Disturbance everyWhsi'
Informed authority believing betterIneh' O. -
early period feasible. Browne, he hstsleS -,
than he hustled. Methodically he plunged y
details. 1t was discovered that the nrs,ST .ST
manufacturers of the country were buylIa5 a5s~s %
and bullets at impossible discounts, A. ne
bought practically every shot-IoWeI ..,s,-- =.
country 1t was disclosed that the ma @nlahs.sf sssyf
urers of pipe and virtually every oths. t.-1ss
consumer was debating prices ana .A se.+th +s-ths
~ Lad nro1ucer: and so throughout the en- s-i
directory. United Lead Company STARE STARE sssb
Grant Hugh Browne. its sponsor, qulcssasy
lished for 1T opportunity and pront SUI N tss
command the cooperation OF nnanGlIiSc. nna.I S.rggsn
calibre OF Thomas F. Ryan and Danlei 017s
helm. - S,vidanS
Result first:-The early showing OF uua.orS,-
upon all the capital invested. hesult:: +bst ths
Recornition by the established trust ula' R-
competition must be taken into aceounCs ~ NJ i
suit. thfrd:-Overtures for absorpttton t.,Cr,lrs
Brownies United company. From uenna1snsrirS
tion the lead trade proceeded into pIOspP- e.
Brownies methods had wrought revoIutiohh,o oshh,oTirg
-. consolidation of interest," S-s.snA