New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-09-16
The Financial World

tho snort account in large volu,o- q
offerings We're absorbed By se
power which never relaxed. ana IN,
was accomplished on the bea, 20 noe ~
sional downward fuctuation =. va ss IA
tions. speedily recovered. rch
What justifes the conadsr,
Every national deveIopmenf La asAet at-sSA.
paramount As many times uofn,.s GRIP ~
review, gold imports are avallsb1s "a out -
Volume when needed-ths record - =, any isssy
1919 - 70 SLis. such vast resources a, 10 W
Hand roroids all fear % Continued a. a. our "
sencys and as matter OF fact Infs.... 'onsy sss
already materially declined bof5 -. aees Ass.
time loans. Nor was this intsrssrs.1 o a. "a. "
sheh[ advance IN the Bank OF Fnv1,ns's y y
rate recognized as the natural ,-oa.r ascs1
heavy gold shipments to New w. - .enes =
be too often asserted that nonsv ac,,-... suR<
fiOUrishing business IS no threat 10y IA
CURLY market IL can occasion 49, No =
SiOns work for ultimate betterraenf a.1 ssa&
recognized clearly by the investmsn, -. "a
ing community Ai0 osx
Given current agricultural and indu,,-.,
ditions. and Il follows as night the dsv $40
railroads must also prOsper-ea'r 49, -lt' y
crease-new and increased divfdenas --,,-. .4ss =
And do not bare facts adequately ans,.sue
question: What tustinss The eonad,nf -. =
att.tude?' 'assa<
- L.
Is towering marvel Earnings incrsa,s -
become commonplace. What only now nav :
counted unique would be any show AZ 49,
ton IL Is not merely that gross earniax. 80.
net earnings score ec!ll a greater expansion -
centage
Union Pacific and Southern Pacific shar.
inclined toward a market rest though tasa. =.
tatiOns hold firmly after their splendid avn.
and such further CevelOpments seem cos. :
hand as may be counted upon 70 LIT 5ouI,n
Pacific TO par and serd Union across 200
At the close OF the week tie anthracite ,r
roads jumped into prominence. all OF them I'm,
quickly and largely. Reading IN the lad g.
gestiOns Of a coal merger deal issue rom =
pOTtant quarters. Erie VIII not be omitted t--
any consequential development. though En-
prosperity Is assured wholly independent Of n
clal effect which can come through coal IN |
connections. Under Underwood direction Era
on its way to established dividends for ts Co.
mon stOck-its pace. Of course. subject 10 -
acceleratiOn, II perchance there be basis For Y.
Street gossip OF plans accredited 20 Mr. II
Hartman for Union Pacific alliance.
To the statement made IN this review a wss
ago apropOs of the phenomenal prosperity Ton
mating the Southwest emphasis viii Be g7x
this week by the Official issue Of the Rock Isari
annual report Extraordinary development
therein betOkened Gross earnings for the rs
passed 81 .O0O. 00O-an increase Of mora la
=
amount 10 $4,000 00O-an increase bsYu.
s.. 900 0OO-mOre than "a per cent After svs-
charge IS met for the year, some OF the items1-
clUded being exceptional, there IS sun remaining
a surplus 81 over <21O0. 0OO-every cen,
this arbitrarily transferred into special n.
2rOvement fund" devoted 10 the upbuildng
the property. In extraordinary expendit1rs
during the year were included 81 100000 Tor nU
equipment and So 500 900 for other physical m
provements-the total aggregatins over tcG
haT will
This represents the practice OF the "Amsrirr
pOlicv" along lines stupendOus-much Of De
Rock Island system being practically rebuilt su
OF current resources and earnings. 4ncidenia-y
while the cOmpany's current assets now aszr-
gate $500. 900. the contra charge Of current Ia
bilities is less than 7,2OO,00O-current Haoilns
less than a third Of current assets. More efa
tive illustration of healthful railway conditions
can hardly be conceived. During the fsca- yf
apprOxfulately $4,000 900 (surplus earnings n
cIudedD have gone into the property. and whts
upwards OF 3 per cent was during me y~
shown upon Rock Island preferred. Il Is Indicate
that the same policy OF rsinvestnlent or surp y
earnings and resources will conrnue-unl
physically there 10 entirely a new Rock lsia1a
Southwestern prosperity can be eOuntsd l2oa
10 do the rest.
This same Southwestern prosperity Jvns
impetus 70 every one OF the Gould raircsa
That the Missouri Pacific now has satfsfacNr
nized apprOvingly in circles Wnefe l0.7eS.--
the stock has not been welcome. for curious -
been some of it's sleght OF hand pefIofiilaiiSa
Missouri Pacifc's strong financial postum -, -
new discovery. It's record as IdllIO11 =. - - =
spirfting: and that Missouri Pacific marker a-r
tatiOns are not fairly rejecting missouri Fac-
value IS no fault OF the property as pfolsfs
Now. under the conditions or square 971 -
should forthwith take rah. 'tn hLnSi ea ~ q
demo PAYERS. ON a normal basis me sto,A
ruins q. I'D.
SOuthWeStern-is on its way 70 esIaOilsA1a -.
dendS. Its earnings FOR the HIsl NeeN . - ss
TENDER. lust announced. were % per cent sr-alr
than for the corresponding period l&s- "a "a
They have doubled since l90o-each sue. ss.,.
year without any break. showing lncrsdso 49, s.. 49,
OF increase. Improved cotton IIdLIlc 1919, ss
alone should during the present year pc ~
Gent to make preferred stock DIVIDENDS sun
George j. Gould and all his railway assos.'.-
are enthusiastic over the business sltuaHo- =
testified to by the mounting prosperity " .
their lines.
To one group OF industrial properties the =
precedeuted traffic demand upon the rai'e4
means vast things-railway equipment n%-
facturers. Significant reflection OF TINS ss2%
in the increased dividend declaraliOn VI
Westinghouse Air Brake Company rs
York Air Brake Company VIII nave 70 -
LIKING the fleld) are Obliged 10 run day ana
Orders are booked for delivery year aii ea-
developed yesterday. upon inquiry Oy -
holders, that the New York company na' -
output capacity taxed up % next Ausus., =.
orders currently received break all recotesss
Southwestern system directing the edulp.,s,SS-. -
{, 600 cars, a Northwestern company 9'vo-,
OF the transcOntinental group 10000 ana 80,
Eastern trunk line system 1890 me a. -. a
these railroads order cars IN such No-I...,r
evidence sufficient OF what the transpos,. IS.
managers think of business conditions e nS :, M
pects-and makes ~ easy % understand WY
Brake dividends advance.
In the Industrial shares we have what pi'N-,
to be a new record for both activity
strength. though this does not yet so mu'N =
pear IN registered market Developments =
way or sign and token recOgnizaDle y "A
Aualganated Copper has cOnspiC uousheSs 80. :.
group wherein especial buOyancy seems las
DistfIing Securities. with DIVIDEND ssoss
is entitled 10 the buOy'.Lcy - o~os
Tie opportunity opened for duck' Ves' srrss
through Industrial alcohol manu1actuie ,,rsz
the new national law. will benent thls SS, y
chiefly. Some estimates forecast the qu3''
OF the corporations past net earnings III