New-York tribune., 1906-06-24
The Financial World.


We have had IN this weeks security r,.,k.,
the curious exhibit Of prosperity heIit,led hv
petty specuiafors-not one day without devoI-
opments entitled to be recognized as naturau,
and pronouncedly inspiriting but Offset fer,-
porariiy) by insistent howls OF dissent from
bear oracles.
pennsylvania has been conspIcuously a. ~.
fore-its Paris loan satisfactorily con1ulefsa -,
a number of it's auxiliary properties ,norao.,.'-
dividend distributions. This French Loan uns.-
normal circumstances must have appealss :.
WaH Street as an accomplishment OF ex,r.o-
binary character. full OF cheering prosp.ct g.
the American security market the actual ra,,
ization OF what for decades has been drea,,..
ana str1ven for, the opening up to our 60
poratlcn issues Of the Incompatible French 4,
Vestment market. PennsyIvania's S5OOaOooo
notauon Is relatively insignificant beside a..
tremendous s-probabiIlties-towars
which 1t points the way: but stock Excba0u.
sentiment has snapped it's fingers at this ne,
broadening Of opportunity for American seo,-,
tles-has even affected the smart air os noos
poching it as a special" transaction No. q
dicative OF French investment disposition -
hecsing merely the readiness OF a group OF p.r,,
bankers to grab a fat commission. This i, >,
attitude that may be foolish; but nonethslas,
II Is precisely the controlling attitude all thi,
week upon the Stock Exchange. F,ror, So.
TO finish Pennsylvania issues have baan vel,
special spurts now and then revealing specu-
lative traders ready to fling volumes OF stock
upon the market whatsoever rising bid could
be tempted
And as to dividend Increases announced
that OF Baltimore and Ohio being most irn-
portant-the same cynicism has intervsnAa N,
huentially 1t Is urged by the bear coterfe that
such dividend action is abnormaI-"an erner-
Sency dividend" they characterize H. hurried
along couple of months before dividend actfon
0f any kind was ssasonable-thfs rise fror, (
to per cent. following a rise OF from a m <
per cent as recent as last September This "a
not a Wall Street mood which can encourar,
much hope OF immediate market buoyancv. and
even more consequential, we still have indis-
position upon the part OF the public TO coma
into the market even scantily. Brokers' Offices
stay emptv bankers without buyers FOR
their bonds. some syndicates are limping-
the public (as has been lately over and over
again pointed out in this review holds aIoos
Yet owners OF securities are not selling; IN
trinsic value is appreciated By investors; but
even the most confident OF securi+~ owners
seem for the present indisposed 10 add to their
holdings in any material way.
And market without a public cheers no.
hody.
OF business records there is not one dis
couraging-a myriad there are which in nor
NAL times would send confidence expanding into
enthusiasm.
OF the why and the wherefors Of an aonor-
nal situation like this, It is not needed here to
offer ACKNOWLEDGEMENTS yellowness dts
turbing the equanimity Of the American secur-
ity market. registering the popular passion. TO
tndict success as abhorrent, 10 proclaim soIv-
ency crime. Yet, meanwhile, national prog
ress is steady, profits bud and prosperity blooms
in every part Of the country. in virtually every
business quarter. Railroads are earning more
than ever before was approached; industrial
enterprises face demands that outrun productive
capacity; commercial interests expand beyond
precedent; there is financial disturbance no
where, and our crops promise all that any opu-
mist could ask. while exports 70 the nation 3
foreign customers surpass all records known
The American business situation Is satisfactory.
Wall Street is Just merely purblind to II. And
Wall Street has for explanation OF its attitude
substantial foundation. not one thing but
the attention IL gives to the fashion Of calling
names at the business men OF the country. OF
characterizing financial, commercial and indus
trial success as deplOrable and dangerous. AS
far as Wall Street sentiment and Wall Street
transactions are concerned we seem sinpl~ TO
be in nightmare time.
In the market are many exceptional oppor-
tunities for the investor. Take the shares of
the Minneapolis, St. Paul and sauIt Ste. Marie
$500 system. New extensions are yielding tire
mendous profts-additions to the property
doubling mileage. but not adding dollar to
Soo's capital stock. While both gross and net
earnings rise in extraordinary fashion-the net
for the first ten months of the year approxi-
mates So. 600, 600 an increase Of 40 ~er cent
a succinct estimate for the year ending with
this month running within bounds as follows:
Cross for the S11 2nn ONN
operating expenses ................... 5,424OO0
S5S78OO0
E-ixsd charges ......................2 2OC4, 400
sSs71600
Texas and rsntsIs ..... 100000
7,,,-,darz rssorrcss - 1851 600
This provides a yearly fund applicable 70