New-York tribune., 1908-11-08
The Financial World.

full Of cheerfuIness. Activity and strengtn
buoyancy day by day increasing elements %
eTock Fsxchange aspects pIeasanter than any dis
cernfbIe in years. Practically every stock and
every bond known In the financial district can
be quoted now only at advances
In some professional speculative quarters u
is of course. insisted that market value I'm
provernent IS reflective chiefly OK InaIllpuL4tIohs
but fair critics subscribe to such theory Ihs
election Of Judge Taft is 50 sweeping. and tns
evidences Of expanding business confdence ars
so clear that n is mere waste OF effort for pes
, sImfsts 70 affect doubts concerning the health
fulness Of bettered security market conditions.
Public participation In the market vas prompt
on wednesday, coincident with the hrsr knoWl-
edge Of election results; and every Gay since
there has steadily been bigger and bigger and
more and more enthusiastic response from IN
yestors the country over
Undoubtedly there is foundation Tor the reel
tation from bear sources that stocks IN largs
volume have been sold on the good news, SONS
OF the largest pools materially reducing their
holdings; but what IS more certain - that for
every share that professional speculators vera
ready TO sell there has been a public purchases
and (vghat is effective for maintenance of val
ues) the new buyers are not OF KIND VINO VII
! be Immediately and continually upon the iook-
out for opportunity 70 unload IN order 70
the inspiration OF this weeks developments ara
stocks bought chiefly by interests serious mind
ed. convinced that and lasting value -
stamped into American securities oy what naS
come to pass. That these interests can oe amply
patient Is attested. surely enough. BY the srurdi-
ness with which FOR the past year and mora
they have held alOof completely from every Wau
street teuptatfon The American investing
public has learned the safety OF being certain
AZ In manic times there were ready purchasers
for million million OK odd lots, 80 AZ Lna
start OF assured era Of prosperity purchases
made are purchases certified by sagacity-and
IN the opinion OF veteran observers spontaneous
buying OF this exceptional character has this
week appeared IN volume Sufficient 20 almost
clear Wall Street Of its salabie supply OF stand
ard stocks. ~Odd lots have now the sequel Ok
thousand share and five thousand share ao-
sorption transactions As odd loJS cnecA9d
the panic this new volume inspires a boom
Market leadership has still been maintainsd
by the Hartman railway issues-UniOn Pacific
and Southern Pacific rising higher daily a
Southern Pacific Official announcement is fore
cast for an early date Southern Paclnc pre-
ferred before retirement may be crossed 0y
Southern Pacific cornrnOn-exchange OF tne pre-
ferred for the common made atrractiVe a. pIS-
viding immediate profit Southern Paclno
common dividend increase may even be antic-
ipated for the coming year.
Dividend developments are. indeed. not IN
likely to become influential factors soon IN many
parts OF the en1arket-partcuIarly IN the Industrial
list There are whispers that the next steel
common dividend will be at per cent rate
In the history OF world enterprise United States
Steel Corporation looms distinctivsy superior.
Doubling the o asent per cent dividend g
trivial relatively insignificant, beside what
eventually is destined
Advantaged by the same manner OF manage
ment-its financial direction controlled by the
, same strength and skill and foresight-iS an
other great Industrial corporation whose snares
listed upon the New York Stock Exchange
some months ago have till this time been in
: conspicuous-the International Harvester Com
pany. Dividends OF per cent are regularly
paid on Harvester preferred; and common stock
dfJirIands are soon 10 start In exceptional WAYS
Harvester common stock has attractions for
investors; and when once there Is an appre-
ciative understanding Of the companys extraor-
dinary situatiOn-its vast earning power, -
accumulated surpIuses-the present nominal
quotation is sure TO be forthwith increased very
argey Largely AS srns, nzs garsster Common would
look cheap IN the SOS, though the stock now -
| only about 55-there being very little ayaliaols
stock IN the market.
From this time forward It Is not iulDrobaals
that the markets line OF development viii %
helpful largely to railway and industrial shares
of relatively low pr4ce-wherein there IS pros
| pect OF augmented value by reason OF dividend
prospects, either old small dividends Increased
or new ones declared-stOCks Ike these common
shares Of the United States Steel Corporation
and International Harvester Company among
| fndustrfaIs. and Chicago & Alton. Ontario q
western ana the anoer OlIL junior $50 . --s
| the railroads. There IS now renewed eNpect4-
| ton that the New York Central viii exercise
| Its option and take over Ontart0 & westerns
/ logical auxiliary OF the West Shore line
| The amazing records OF business resumption
| and expansion made during this week are espa-
| ciaIIy helping long list OF properties. inclUd-
| ing every company manufacturing railway
| equipment Not merely fun time but overtins
| is suddenly offered to labOr-Feadlly C0npre-
| hensibIe in view Of formal statement made BY
/ the head OF our greatest railroads to the enece
| that a quarter OF q billion dollars worth OF
| contracts for railway Improvement viii be en-
| tered into before New Years By way OF sus-
/ gestlon as TO what this new condition signifies,
| Associated Press dispatches announce that tbs
| Westinghouse Air Brake Company at Pittsburgh
| IS suddenly overwhelmed with orders that
! It's plants VIII have to run night and day AHd
4 upon authority, II can be stated that this sans
! profitable condition prevails with the New IOrK
| Air Brake Company. Much the largest order
! ever awarded IN one contract for air braAs
| euuipment has this week been given the New
| York Air Brake Company by the Hartman sys-
q tenn. And this information can be supplemented
by the further insptrtttng faCt-frOr, the manu-
facturer'S standpoint-that production costs ara
materially reduced For example. copper cost
ing % cents a pound last year has been obtain
/ able this fall at Is cents; iron has fallen from
s27 to SIT per ton, and such essentials as rubber
/ hose, formerly close to so cents per foot. may
| be bought little above go Factors hks
being made FOR Air Brake stock. and for railway
equipment stocks generally
| In q long list OF properties II viii soon %
| found that recent Wan Street dull times have
not been altogether Idly spent by business mar
ayers. Take, for example. the Brunswick I'm
provement Company. owning a large amount OF
uninCumbered real estate in the city OF BrunS-
| wick Ga, much OF the property being dock sites,
with government harbOr improvements sdvanC-
Ing Brunswick tremendously a Southern ship
| ping port On the mere basis Of real estate valus
| Brunswick stock figures a price materially
| higher than its petty market quotation: but ad-
| vices from Brunswick this week intimate that
comprehensive plans approach comp letiCn where
by the lighting and electric properties OF the city.
the local water supply and the local street rail-
| way enterprise-Sure dividend earners-wiu bs
| acquired; and there are suggestions OF some
| thing even bigger than this expansion