New-York tribune., 1908-10-11

Z 2
That in the course OF a European conflict sure
trade effects would for the time BE- actually ad-
vantageous 10 America tagriculturally and n
dustriaHy both beyond COmputauon). IS axlo-
matte Of course. but money market accomno-
dations could have different angles-and there's
the stock markets tender spot
Politics may now begin to cut more iufu-
entiaI fgure-but. fortunately. there IS from the
investment standpoint gain shown IN the conf
dence Of Mr.. Taft.s election. With that national
advantage assured we wiu undoubtedly see .
o1Ifck vast expansion in business in Noven0er-
notable manifestations 20 be expected IN lne
iron and steel trades anI in those lures
that have 10 do with the supply OF railway
equipment Some Sig1ifving deVe4opIneh-S aFs
already anticipating this prospect
Exceptionally notable is the policy put into
operation by that progressive group OF proper
ties known as the HavIey Railroads Their il
rectors. instead OF paltering. have proceeded
with courage to face the prospectively expand
ing business situation. In this system are rail-
WAYS Of the character and consequence OF CHI
cago and Alton Minneapolis and s. Louis To-
Iedo. st Louis and Western. Colorado Southern
and Iowa Central While it happens that these
roads have been making exceptional hea-1ay,
even in the midst of panic conditions, and may
therefore have especial requirements for IN
creased equipment. the example they set IS
tonic to the furthest degree Mr.. Hawl@y and
his cOnfrer-s have ordered locomotives by
wholesale. bought freight cars in volume It
would be difficult 10 find surer PROOF of how
experienced. cIear-visioned railway managers
are estimating the early future for Transports
ton affairs. Edwin HawIey is neither a vision
ary nor squanderer; his business corar-lLr-ents
are measured continually by common sense
standard; and however progressive his com
panies may be there never develops any Tech-
lessness in their quarter And therefore, "a
the policy he Is pursuing in taking on large aI-
ditionaI equipment Is the very best ~ reasons
for inspiring broad business confidence
Chicago and Alton twhose prospects Tor net-
terrnert were specifically cited IN TINS review 4
week agO) has risen n1aterla-iy l--~ N-'A -S-I
or ten points. and IL = likely 70 90 sun higher
for the very good reason that tn'- property til-
der HawIey control has been F.r-La-.- r-Fgl--
tioDizad II is physically superior On "1at
hitherto II has been and the viS"- n- it~ earn
ing capacity is atteSted BY revenues "---.h n
dicate - per cent or more aEa--a--- upon Is
stock
a similarly attractive Hsviey stock IS Iowa
Central preferred. whose total IS small and upon
which substantial dividends ar H9- lar away
OF the $J.JtOU'p outstanding Iowa central pre-
ferred stock It is estimated that -ar-F more
than Iu per cent Is carried IN Wall >--eet-aI4
this make Speculative possibilities peculiarly
attractive. The Russell sage estate = no" .H
! full harmony with Nj Hawiey- Iowa crops ms
/ year are the best crops
! trative OF what would seem 70 careful el~5-Ts-s
10 be the especial opportunity S5- both investors
/ and SPECTATORS throughout the stock ENe1ai-S-
l.st-urera-reG stoc-<s II multitude showing
there at bargain prices. Particularly IS this %
in the Industrial class Of stocks Take the pre-
fsrred Of the International Pump Company. te'
exarnpIa-the common stock OF This property re-
cerred 10 here last week having since ADVANCE
substantially International Pump preferred IS
selling down around - Te- for years Il has
paid without iuc-r-lission a regular per cs1l-
dividend The advantage q investment Use
This - SO far superior 20 what may 'e yr-t---t
+-,-, rha ordinary investment 0t funds r1at i-
cannot in-el-tgen-ly long be- expected t-@- re
,~,rr-a-r-s - none, will ra u=E--e--Ll o[ such
n@ye-eF o,.Dorturtty- Because oS It's permanent
maintenance OF fixed dividend disbursement 7
stock has Of course gained recognition l-~ >
factory collateral IN banking c--l---, - en- -.
these Two elements pr-s-nt-1eIl ---- ----@---ss
erI ne certainty Of dividend -s-C-C-t-- stock
: entitled 70 pcpg-a-lty-t---S Ie-e- V-----
by the materially increased earnings -- .
llshed upon The common stock
In tt- railway list are various s-9-as -7u1i
10 advantage in market value the moment mere
i intelligent consideration o. current -------'As
and the eor1pr-heI-s.v-Eess with which c---ora-
tl5n rnauaEeueuts have been proceeding -aAe
for example the - Louis and South NeSce-a
T -
president Eumities in abundance have been
persesutins that property Il has been tls
fashion 70 assal IL Jealous rivals Throughout
the troublesome past ysar Eavs been abundant
in predictions 90 disaster Yec ar the annual
meeting Just held. tile official disclosure $ INK
not merely has the property been able 10 main
tain It's standards. but there are shown Te--IlS
certifying satisfactorily 70 the s-u---sSs 1- no
r,rnuerrn-anG in the face OF every pa--l l1aL-
ence the railroad physically has been no.
merely maintained At high level rut to-I o.
earniuss) II h.-s been materially st-r1S--s-e4
~. Louis and South Western at the v5t % :
panic year being better able than ever ---Ae-''
TO make progress and prosperity
Rock Island fuancierins occasions some s'ocA
market spurts. and Rock Island shares ~l'
bought bv traders who until now have been per
siz-ertIv pessrnstic as TO their value Il s ho'
at all impossible that viseac-es refusing 70 oaF
Rock Island preferred ct twenty VII .
hooked at fifty. Really. miracles have No
been suddenly worked in Rock Island LIE
property has had good management right a-ois-
Its stocks recently have been far tco low bu'
that's no reason why IT IS easy 20 set r1ch o.
buyiug those securities after they have more
than doubled in market price
What undoubtedly develops III Rock Island Is
the entry OF <. II. Hartman MI Hartman
is in these times the busiest man Wall s'Fss'
has ever known. He Is attached 70 an Er'
plan extensively cOnprehenslve-and H'oN
Island undertaking. with which h. Is credllSe
would seem 70 put him into the position .
being necessarily a continuous performer
that sounds like Vaudeville-ald Mr. Ha-riihs-
1,-ouIdD,r Ike metaphor so unherOiC- What -
the end Will probably be found 20 be TIE
that Mr.. Hartman as straightiorward 81, 31 :,