The Washington herald., 1906-11-28

know?' Yet he was willing to buy the
stock merely because some one else said
it was going up, and. as far as 1. can
judge, many Of the others were operating
on the ball side with 10 better reason
That may be all right, but IT looks to me
very much Ike riding for fall
Atehison showed strength in response
10 the highly favorable statement OF
earnings for the month of October, but
disappointment was expressed In some
quarters because new ownership In the
property by Union Pacific was disclosed
IN the annual report Of the latter The
suppositiou In some quarters was that a
large part of the holdings Of Atchison
acquired by Union Pacific a couple
OF years ego had been sold on the rise
preceding the dividend declaration some
weeks ago. al Union Pacific ever seriously
intended 20 purchase a large interest IN
Atchison. the plan has apparently been
changed.
It is now said that the rights on Great
Northern promised for next year will
take the form Of an issue Of S50,Cl0,0ol
new stock to pay for Northern Pacific S
equity in the Burlington, TO provide for
construction, and to pay for rolling stock
and additional facilities needed 10 take
care Of the ore traffic from the properties
covered IN the lease granted TO the Steel
corporation. This S5o,C00.OJ0 would make
a 32 l-3 per cent dividend, and as the
price VIII probably be par, the value OF
the rights on the present market quota
tions. minus the price of the ore certid-
Gates. would be approximately the
equivalent Of the dividend of 81 pei
cent. The current report OF a melon
for Northern Pacific does not vary in
any important particular from the stories
heard on the same subject heretofore. 4
factor in the strength Of the Hin stocks
was the assurance that the banks would
not discriminate against the ore certif-
Gates in loans in the way that had beer
talked Of.
Old-time promoters Of mining ventures
knew no easier road TO wealth than salt
ing" the mines. but modern finance offers
a much safer and shorter way by water.
ing stocks The success Of the latter is
TO the former in about the proportion
that water IS to salt In the composition
Of the planet. Truly, the world doe
move.
Formerly the sellers Of mines had e
SHOW the color" which they did by Ia
borlous prospecting, aided often by LITTLE
judicious sailing. but this is now dis
peEsed with In a great many cases. About
all that IS necessary now is 10 buy land
somewhere in the netghbOrhOOd of a well
known mine. give II "a name, exhibit sam
pies in the large cities, arrange for neces-
sary puhs. and tho public Will generally
do the pest. II IS all very easy TO th5
promoter who is not troubled with a con
science. Photographs are rather impTes
siye, and the same set win often answer
for quite a number Of mines. Figures are
almost convincing. and the average in
quireT is not very apt 10 ask II the plant
ana machinery valued up in the hundreds
Of thousand OF dollars mean anything
more than windlass and bucket-wherg
they mean anything at all But. then. al
most anything goes, and, Of course, some
good mines have been brought out within
the past year or 50 and honestly set be
fore the investing community. There is
little doubt that the present mining specU-
latiCn viii result in great loss on the
whole 10 the trustful SPECTATORS who are
furnishing the demand for good and bad
alike.