New-York tribune., 1908-12-27
The Financial World.

Though the Stock Exchangs week opened with
da1uga. Of seusationaIisn which alert bear
sneculators tried to turn to account. the mar
ket's forward course interrupted but inter
r,ittentIy Tirnid holders OF stocks were induced
IN uauidate in substantial volume, but q mora
consequential result appeared IN the discovery
that the weakness was availed OF by capitalists
to add materially to their holdings.
In so far as general business conditions ars
concerned warrant appears nowhere Tor appre-
hension that security market improvement Is
onvtbing Ike over Halts and recessiOns VIII
Gonna naturally enough. But the Stock Ex-
cbanga LIST is still rich in bargains-and capital
for the present can find equal opportunity 70
nroAt. Expanding activity in the lower priced
shares Is an encouraging development some of
these have already much advanced. but general
" the opportunity for appreciation IN tnat part
of the market IS still exceptionally attractive
Final official announcement OF the passing Ok
the Colorado Southern property 20 the Hil
-, g. 70 he regarded as significant beyond
yybat is involved for the security owners OF thai
rronertv itself-their own good fortune having
not at all come suddenly. Edwin Hawieys
snIendid upbuilding OF the property extendins
progressively through period OF year. II vas
a vaif. cast of by the Union Paclhc' "hen rs
took if and for assessments ne mas suOsHtGuea
dividends; but similarly the Hawley record runs
che transnutation in Chicago and Alton and N
Toledo St Louis and Western Alton nad nard-
l. : f-tend IN the world when Mr. Hawley start
-. ir 70 give II the concrete management ard
crsdt which have transformed 1t into Verllaols
bonanza dividends upon Alton STOCK held ii US
Toledo St Louis and westerns treasury no"
about to become sufficient TO add 70 the Ihcozhs
of the latter property sum suInciehI even %
nrovide early dividends on Toledo common stock
And Mr.. Hawley's Iowa Central IS hkeiy soon
10 be seen making similar records.
Continuing activity IN the fractions has been
accompanied by further buoyancy- All OF them
have advanced materially during the week even
Third Avenue joining 70 some extent IN tns
movement-Third Avenue, which IN any meas
urement of actual value ought TO oe Iorenos',
strongest. OF all
stock prices Is not forthcoming, there oeinS
much effort upon the part OF market manlpua-
.o-z 70 deal in rnystery-and such traders IS
to,,a ,o1Iovyed the movement seem quite content
Nth such reasons for making their narkeE
commitments This general acceptance OF olind
moi methods makes very clear, OF course InaI
in so far as the rank and hle Of Stock Excnansa
traders are concerned the movement -HFO4'7S
uttls else than a bold stock speculation II IS
-o.stnIa that something out of the ordinary IS
PsDia Transit. whose gain for the week IS great
es+ Tha entry Of new interest into the direc-
torate Of the company has been much suggested
b,,t nothing tangible is discoyeraole-
In 40 far as InterborOugh Is concerned ths
manipulation is OF free and easy CHARACTER "hol-y
srperior TO facts. They who most are forcing
IN IntArhorough's market price are as prOdlSaiy
oa-ofaSz IN their whooping-up statements now
as they were-the same gentlemen-only LILs
while back in inventing canards aoout I; - :.
y i'm
The stock seems TO be a trtfe more respons1Ve
than Mr.. Ryan was -, -,-.-
r,oIannent the traction record OF the week Is an
i16isnutable success-and the manipuIatoTs *
nect during the coming week 70 press '-eiE a~
vantage further
.,,ong standard issues the market course OF
Nav York Central furnishes notable conhEIla-
tion of what has heretofore been dwer upon N
this review And apart entirely Iron spe0-@1
reasons for enhancement Of this STOCK 'a-u7 -
IN common with all established dividend payers
a. 4r5tn, urgent demand from investors seeking
r-oa+abIv 70 replace their year-end interest and
dtvfdend receipts. The bond market renecls
s,nouar conditions but there It has become dirl-
cult to re-invest on any tempting ylsid O1Ss
This strong investment movement cohCuIIe---
with heavy accumulation OF low priced s'OOA
for purposes OF control or assimilation Is Il'7
logical foundation OF that strength lately 50 Gun
spicuous. Against such naturai d7ilANu O"
tactics must be simply impOtenE
PACK of all this financial movement looms me
avar-present dominating factor OF the spLenA1
cron result for 1903. Nearly SS.OO00ooOoO OK
ect,sI wealth taken from the soil 70 the OeLe--
Of American farmers is something so stupslo@o-S @
&C absolutely to forbid the OnSlausAtS o. -
sin,isu Industrial prosperity neceSsaL-S S -
Ts agricultural prosperity. GeneEdL y tLa9.-I. 80
o,siness seouentiaIly benefit Ana thS 4NS,
conclusion Is that what Is 9onS - t,-+ns- - bat-
c,,ritv market Is but the prelude TO IurtHeI urine -.
te-r,an+ When facts and conditions are a. 80
IvaX- outcome can be reasonably foTeGasC- rrts
a-a Of dApressiou and distrust IS oeIllno uS -
era of achievement and hope Is Win uS S---N ~
fore US.
What Is to be recognized as OF the utmost In
rortsnca shows in the almost daily olsciOS 10
now that while times were bad. investors
,rassad country wide conditions discOuraslAs'
tbers has all the while been STEADY o7F'u
rrogress in the upbuiIding OF representative oO1
noratIons. railways and industr1aIs DoIh- ooI
of this progress indeed. would seem a-lnoS' ~
ta,,a baar actually facilitated by what On tno
surface appeared to be wholly dePreSstv9--lnci
den+auv the opportunity Cthe necessity 70 pu'
into oneration economies scale nl'hs-l'
never dreamed to be practicable 4 oo--1
,rod,cfug mora to-day than ever II could under
the spendthrift policies of prosperity aforetirne-
And coincidentalIy we find. as resultant Ee-
vealed proofs Of strength active vitality. IN ne"
quarters. Colorado Southern and Aleon' e-I7---'
adverted to. are fairly representative Wiscon-
sin Central (for whose control the great CSl--
dian Pacific system is offering a per cent Vl'-
ferred stock guarantee) is another notaoie e.
ample. Erie is we'll the way TO sirnilAr s1SluH