New-York tribune., 1906-05-13
The Financial World.

e.
fairly wen relected-quotations for the 49,
showing substantial advances. Money mortss'
conditions grow more satisfactory Conces.i,-,
are now made by lender rather than b-- -
rover. The per cent time rate has dI.o--
peared; per cent Is all that Is demanded co.,
ing any future date; and ultra-coussrva.,,.
bankers are predicting that before the 80 !.
June AZ ana win prevail Crop reports -
rant enthusiasm-past high records are app-,4t-
mated. preceding averages OF corresponding 49,.
OutTeaehed. In the field OF labor revolutioD,--
changes are recorded; not merely in anthr-o1s,
and bituminous coal. but IN shipping ana 49,
tually IN every other quarter where labo- -.
turbance has recently figured az consequeuflaI
we are now treated 20 satisfactory re-egtabr,--
ment Of relationship. As 20 Industrial and 60
mercial conditions generally. no better bsr--.
ter can be presented than the rising arur.. -
railway earnings. In every part OF the cou-.-.
and IN every business department. there s..-.
finally to have come an agreeable sitn,s1-.
which promises 70 be lasting.
OF course. the talent" OF Wall Street does.
at any time ACCEPT any show Of improvemsrt =.
worthy Of attention. Cynicism being ths,, ss,.,'
in trade. the professional Speculation. ~ -,
Stock Exchange are forever ranging Thence.
against market values. Wherefore ,ir-. -
there Is animated chorus insisting thar tbs u,
covery advantaSins the Stock Erchanoa -.
L
the calamity Of San Francisco is bound f--s.-
with 70 have distressing sequel This stu~ -,
nonsense view. fmDressing sensible peoDlo "a. !.
ALL does none the less seem 10 be aba =, -
Hand the attention 0s the wall Street ra-k -
file; and Il is not 70 be disguised that 1uss a. -
close OF the week aggressive pesslrisul can -.
some market recessions-and. Supplements =,
raidins processes, may be able to force ouofs-
tons temporarily downward a little. Ans -
n 0vTae1z q
than touch Of frost or WhiR OF snow I1-ro.,-.s
upon normal May weather-producine t.---o'
fary shuddeFs. not one thing worse Is 4, n.
fiOted. Prosperity's seasouabIe sursbs,s 49,
poses OF all such intrusions.
American Good Times are too sure ana too suh-
stantial 20 shrtvel and disappear af arv z-sr,.
lative behest-day BY day the eonssqusuo.s \,
these Good Times become more aua more ass=-.
tfve-and, along with every other phase Of "a.
tiOnal business life. our security maslst Is bouua
70 be viviflsd. bound to be dominated By the 10.
port Of these same Good Times.
II is dimeult. It is practically inpos,lbls -
range through the railway ana Industrial Ilss -
wen managed corporations and una & sinzls ora
not scoring insDiritins advances IN the rat.
way group are properties Ike Erie IN the Fs...
Denver IN the West. Rock Island In ths soush-
west. Southern Railway m the South, Duluth.
South Shore at the NOgth, 90 proeressinr ga
unimpoTtant market quotations today reors-
sentinS their worth must before long chazgs
INTO much higher, natural. reelection Og expazE-
nnS intrinsic value. Erie. IN my own opinion. "a
destined eventually % be even q market Leader.
Underwood manassment creates q new property.
new prospects new prolts-a prosperity mounts
Ing and mounting.
Sisnifytns illustration OF what can ba aeoon-
plished IN corporation betterment Is exceptional.
" illustrated IN New York traction securities
consolidation of competitive properties estab-
fishing new situation wherein the investor
displaces sha speCulator
Il When Thomas 3. Ryan and August Belmont
merged their NEUTRALITY-SUSPICIOUS. the greatest
merger OF trafao lines IN the United States
II tle9e were cfOWQlng caFpeFs in Wall Street who
predicted that & Would BE- many years before
the 4nteFnOrOU8n-MetTopO pOlitau would ever pay q
Il GLv4osn0. SyndlcatsS were formed % oppose
the merger and stockholders were melted by
4 strikers % withhold ne deposit OF their stock
noQlns they would receive higher prices than
II the stock were placed IN the hands Of voting
trustees. But opposition 70 the consolidation
Il was swept aside Whsn the RttTactiveness Of tha
| that the earnings Of the IntegbOFOugh-ll Metro
QOItten Company would not be sufficient even 70
pay the 3 per cent dividend on the S55O000In
| 0R cumulative preferred stock, altar paying
| hxed charges and "A per cent On th0 STO,0000I0
| OF collateral trust gold bonds. Indeed, eXpsEts
Il figured that after the opening OF the Subway
there would be q falling on IN tTaflc on rs
Il elevated roads and the surface lines WEcl
could not be regainsd In less than i've ys4sS
Il 4et now comes the Official report OF the SAB
\ Railroad Commission for the Arst QuarteE Il
i 1905 approximately eighteen months after %
Il Subway was opened 20 the public showing t-As
the elevated roads have IN this short time -
gained all the trafilo lost by the opening e 20
L Subway, and that the surface lines have ua-s
| up 10 short haul business all the loss eanss1 ~
/ the Subway taking away long haul tFafic A
notable day In the history OF passenger TAI,
OF the city was April 26th; on that day. fos 10
fVru@ 1f0 ETfE
.'L' lines made uD the losses caused by the o2e.-
ing Of the Underground rOad-SVen shoW1ns n
i the correspOn6ing deY Of 1904 Trraf3c aauth0ri-
4 tieS' calculated when the Subway was OEtlec
that the trahiC on the IL lines would fan e 81
4 least 10 per cent ana that mora than hVe S-9s
I would elapse before the elevated roads could -
Il gain the lost tra4tO. Yet In exactly e.se eea
/ months after the opening OF the Subway the Y
lines show on increase IN the passenger tEa7e-
Il while the Subway daily Is carrying 4elOet ~
sengers, showing an increase Of 10000 as Con.
| daily on all the InterbOrough lines approxllz..
| ms 1'SO0OO0. an increase much over zcoss'"
compared with the record Of year ago. 80
1 In the first three months this year the Aeero-
fpoltan system carried S9.4J4,O11 passengers "a
increase OF s, S,769.416 whereas in 1905 the us1s
showed g less Of LO27.945 fares as conpa'Va
Taking the city as a whole there were go sSsss Sss
| 165 passengers carried. an increase OF $500
l (Over IA per cent? while the gain OF 1sto ~"
| 1904 only u per cent.
Wen within bounds-in view OF this exh!si'--
/ IS my foregoing SCaIeInent tnaC SlSllile----
l tratiOn Of what can be accomplished IN eorp9...-
| ti0n betteEment Is presented by tbs reS-l-s -
| tending the consolidation OF these hitherto el e~
/ petitivo New York traction properties - -
| situation established. wherein the investor - -
| places the specul0tOr. InterbCrough- Melfo<ss-
tan shares. on the basis OF fair calcuatle,- sz
/ come now conspicuous IN the New YORK 49,
/ EXCHANGES bargain list. And Brooklyn E-@S--
/ Transit participates In similar growth
Among bankers OF the first Importance t1eEss. ~
Il no hagitRnCy in confidence They recoeu1sa -.