New-York tribune., 1906-11-18
The Financial World.

iSoo-prosperity's own year-and 1ao- a 10 tor
better yet. i''' VIII %
Following the initiative Of Psnnsvlv.n,.
ROAD arter railroad announces voI,,.-' lau-
crease OF wages. Among the mora 80 ~
are Reading, Union Pacific and 81 p...l ,aat
York Central and other Vanderbil+ - View
shortly take similar action EriA ~ WI
that satisfactory settlement as to wag.s
made with its employees. This is prac,,r., - a,l oe
tribution OF wealth" Labor finds no a. us
ton on the part Of capital to withhold ,- -DOsl-
It's just share Of profits Railroad a,,.,."
alone will receive tens OF millions r,0-a Eyes
year than this year. Clamorous shr,sI+-N
against corporations as public robbers vre, I1-'s
no large audience while corporations cont,,.-
the policy OF sharing profits equitably v,,n .'
laboring men. 'as
Coincident increase OF dividends and v,
concrete evidence OF growth OF earnt1-e
completely refutes the insinuation so "a.
heard that bookkeeping Is responsible ,o-
results shown. Bookkeeping could nor 80
tne actual cash which Is being paid am. ~.
from the point OF view OF the sharehor..- :.
OUTLOOK Is gratifyins-tt would seem that ,a
approaching the termination OF tbA
eating up earnings In construction ana -.
ment accounts. Shareholders are now %
the fruits OF that policy-hnd thensev.. ~
prietors Of railroads built I'D to the b,,s...
physical standard attaina ble-capable =, -
ing traffic of proportions undreamed q, -.
ten short years ago The railroad problem ,,o-,-
out It's own solution in a way satisfactory -
shareholders and to the public.
Another signifying and important inc,d-r, =.
the sweeping reduction of rates by Union p..,ss
simultaneous with its increase In wages T..
IS one great system which finds II feaSi1I. .-9s 9s
crease dividends advance wages and reduce 80
nc rates at one and the same time And n -.
policy is 10 be pursued generally II Will &C.,
ually settle the agitation Of discontent
OF course. none OF these results couA h...
been achieved but for the abounding prosns-..
which has blessed this country year after vss
to such wonderful extent. But all credit is AN
TO that wisdom OF corporate management Irbtas
has recognized and utilized opportunity. I1cs.
dental abuses and evils. inevitable IN al hun1an
transactions. have been disclosed in cs-.ai-
phases Of corporate management, but how nsr.s
they are compared with the tremendous bsn.at,
confronting
Money market action seems to Justify N.
fusa1 Of Secretary Shaw TO interiors. Ths rat.
ter Is righting itself. Call loan rates hav. r.
eeded to what for the time being must be con-
sldered normal-sx per cent. as an average laval
Wall Street. adjusting itself to thin VIII ind 10
hardship.
In times Of great prosperity money must COM
mand good rates because everybody with arnbi-
ton and energy has profitable use for il Cheap.
er stocks. which not bought for dfvtdsnd
yield. but for promise OF increase IN value ar,
but slightly affected by an averags advances
Of two or three per cent. IN the money raa
Take. for example. such properties as Steel COM
mon. or Erie common. or Rock Island-no one
buying these on faith in their future IS going 70
object to paying six per cent. for carrying-in-
deed, as matter Of fact, the public" very sel-
dom pays less even when money Is low.
IanIr o
There Will soon be return flow OF currency nom
the interior and large drawing OF bills against
seasonal exports Any little fiurries In The call
loan market from now on are not nk.ly 70 Ass
long nor cause distress
That the security market finally begins 20 re-
feet existing and expanding prosperity condl-
tons showed with some clearness toward the
end Of the week. Stock Exchange quotations
becoming actually buoyant- II begins TO ss
realized. moreover. that the distribution Of ~
traordinary special dividends may be now AZ
pected from both Great Northern and Union
Pacific headquarters. James J. Hills programme
has been long maturing, has disappointed
aboundins prophecies, but investors who haEs
confidently waited will now be satisfactorily re-
freshed. MIR. Harriman's plan has more sud
denness IN Il.
What may be regarded almost equally sn-
couraging appears IN new suggestion that
slow and easy Vanderbilt finance plans may now
take on brisker pace. The requirement IN the
name of the Lake Shore Company OF al the re-
Gently issued Big Four stock will be shown 70
have significance far beyond any calculations
hitherto current. In important banking circles
there will be surprise II the announcement
soon be made that the control OF the Chesapeaks
& Ohio system has been acquired IN the Big
Four interest-sueh announcement 20 De FOL
lowed by an increase Of the Big Four dividend.
There IS no dintnution-there Is even excited
expansion-ln Wall Streets trading IN mining
corporation shares. So phenomenal have been
recent Developments. so tangible the richness OF
net results that it is not at all matter Of
wonder that such stocks easily achieve popu-
larity.
No one needs to be told that conservatism IN
the domain of mining has long been urgently
demanded; but. until lately. 1t had scarcely been
hoped that conservatism united 10 spirit o.
intelligent enterprise would. by almost sudden
revulsion. be aggressively displayed IN nslu
so long. and so largely. overrun. IN the tntetss'
OF speculative manipulation, by men or MUS
financial responsibility. and often OF less mora
worth. The change has come none 100 soOn-
but happily IT has come in manner so pesiu'0
and so assuring that the serious and cautious
portion OF the public has been aroused to Iesi
ing OF confidence at no time hitherto fell, anu
which gains perceptibly in strength from oAs
TO day. thus promising for one OF the most iesiu-
mate and most important OF our Industrial a'
tivities a future laden with generous results
The transformation has been effected ov lA7 ="
fusion Of character into business tnae @'A'
almost the semblance of it. and now ohe HH'
only 10 consider the standing OF the men W"
make themselves sponsors for the greal uN-,.
takings in which the public are solicited 20
part, to comprehend how far reaching Is th7
OF the new leadership
With the rule we'll in mind that no s.'lN
safe except the stock whose unanagemens = ,Ss
within the control of men or chardeeSIiii .aiiy, as
trader in mining stocks becomes practle1s.J5 s5rs-