New-York tribune., 1908-09-27

securities Notable, too, is the hfgn average Of
prices maintained for grain. cotton and our
other great crops. Continuing prosperity is as
sured to the agriculturist-a fact Of which the
Importance can scarcely be overestimated
Notable also is the abundance and cheapness Of
money in this crop moving period-indicating
the ability Of the West and South practically to
finance their own business without undue drain
upon New York These and many minor ie-
veIopments certify 20 genuine business health:
to recovery from the hysteria which started
nearly year ago and which ran to absurd
length Mr. Harriman's recent remarks along
similar lines reveal that gentleman's customary
acumen.
It is still the forecast Of this review that re-
cent excitement and uncertainties in the stock
market are bound to further investment inter-
est in bonds: apropos Of this belief attention Is
deserved by a contribution to one Of our popular
maya zines by Mr. Richard FitzGeraId who.
der the caption Of Money Talks" urges that the
attention of investors must be drawn 70 three
certain classes of first mortgage railroad bonds
as preferable purchases over other securities
This is the FITZGERALD dictum:
..Pick out first mortgage strugsIns
roads. and study them Many railroads have dFisona
their main line securities select raroad equipment
road terminal issues The ssTnns capacity Q, ss prop
fs q
whole Of which it serves 50 vital necessity "a
!sIanv Experiences investors are Of
Federal legislation regulating railroad companies meth
e sSeciacaIy Classified It is matter of aE
under Cause 20 Of the Hepburn Ac' SnsS s1s5-r.
Of the original cost Of oconnovss snd S eaIs sso3 o
With this sash reserve thus proves
the provisions mortgage securing me ISSUE an
eauiprent arTt srcs T0np Commission rules that
the question depreciation Is fundarneral!y q1es
standard az Of efHeisncy This win the effect Of ag
ssfoggrI Fen applied to DIVIDENDS stock 70 he
detrment OF the properLy, p, g ng,snf s+er5ed in in
supervisory capacity to protect sem M, p9O
The aiffcuy and ipossiblity q Duplicating terminal
psrss aItogether aside from value Of the and
Hin; the raroad builder OF stsr,in sns the cost OF du
Central and Hudson River Ralroad sd i5s pG6ssS
Island The figures were many times IN szssss % @ g
purchase price and ths item as & is Is ers ogld 5s
imnracticabIe to-day Who can say IN MY or a1
dTsd sssFi bonds hs 5hsS Ike exist at
least in degree. in eonnset,o1 ton, WIN sUeA
other cities OF the United STATES
This nresentation uphoIds what in this review
,,as some time ago pointed out as consequential
touching the first and refunding four per cent
mortgage bonds of the Missouri. Kansas anu
Texas Railway. They are secured 0s HiS'
~,or+gaga on equipment. costing over three times
the outstanding amount OF bonds IA7y 0A
secured by first mortgage on ternlnai 9iop7
tfAs valued at a greater sum than the outsIaIu-
ing bonds and situated at important sIat9slc
points on the Railway After other oiNiS'O"0'
FIRST mortgage five per cent. bond issues are re-
funded. upon their maturity. into the nrst anu
refunding mortgage bonds. this mortgage VIII
baooroe a first lien at rate of $4,000 per mile on
soo miles of railroad operating this company
most productive territory.
While the bonds sold at 81 Z within the hloiIh'
thew have gone of in sympathy with other
nrfces in the recent slump and can now De pur-
chased to yield over per cent income Many
institutions are quoted as recommending tss tss
Missouri Kansas & Texas AIS as among &c uIe
I-erv hest bond purchases available at preSehe, See
the First and refunding FourS are even r-sas Ia
ttractive-the cheapest BOND OF the @zst ne-!S-
Sraxas system They have reacted sonewhde
from the recent advance that followed an AZ
preciaton of them published in this article, -
are now at 7S-chalenging attention as Ihe -, -,
attractive bond at the price Inc ~ 75 sa5 non
annual dividend has just been decidFeu uP
the preferred stock and the business OF tne ran-
road is showing rapid recovery from lA0 w
preston OF the early summer
In the markets current course It is. OF course
nrobable that favor will run to speciaIueS-
What is especially impressive in the present
market situation has to do with Mr.. Harrimans .
stocks-Union Pacific and Southern Pacific par
ticularIy In the Generalization OF a week asO
they were the ones most under pressure; in sue
ceeding buoyancy they have most advahIdssu
Coincidently new conditions seem to be anec~ihs
the stocks of James ]. HilI-Great Northern ana
Northern Pacifc-whose dreary. down-puILlhS
tactics were for long time depressing. fnolcds-
ine $50 professional Wall Street insiSted) aiilds
onisn bv MIR. Hill and his banking associates
a Hartman market. There are indications ina
Mr. Hill is seeing new light His stoeAs "a
vance Anti Hartman talk is very much H4O~
Grated.
Something Of a sensation Is suggested oy sua-
den buoyancy in Rock Island securities one OF
two of them jump up several points. Wna~
realIv is curious in this regard is that there
should ever have been the sacrifice prices TOT
Rock Island Wall street has been deIuged with
fool Rock Island representations for two or tnres
wears and more Especially have the faois
makers and libel purveyors busted themselves
with the name of n. G. Reid. All manner OK
treasons have been charged against that hnan-
cfer-alI preliminary TO the grotesqueness OF
proclanatfons this week that this same D. 9.
Reid comes forward to save the property. A.
no time. in sense. has there been any lnG,lea5
tion that anybody identified with Rock So lsa
was aught else than loyal. aught else than eoilt
dent of the wholesomeness OF the company ; de
ministration and the propertys fair ousil0
prospects
In the present market betterment one sign
that is pronoanced-and likely to have expano-
ing significance-touches the local tracton
stocks Third Avenue Street Railway has sud
den conspicuousness. There are extraordinary
developments under cover in that quarter l.
can be taken as certain that certain tnancisfs
identified with the Metropolitan ane-ln'er-
borough companies have suddenly discovered
real reason for getting quick control OF Thifd