New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-01
The Financial World


more than half a million shares Of Union. Pacihc
were traded in. But the buoyancy Of the stock
and the tremendous total OF transactions have
evoked less interest than the official statement
OF September earnings. issued by the two Har-
rirnan systems-records unapproached by any
exhibit recently anywhere known As compared
with September q year ago Union Pacific gross
earnings increased s4s4.OO0 and Southern Pa
cinc's change was a decrease Of $45s.00o-the
two systems having combined gross earnings
about equal to the results Of last year. But net
earnings revoIutfonize the comparison Union
Pacific net rose s1.41s.000 and Southern Pacific
net rose st0s2.000 more Wall Street could
scarce comprehend such showing--the cutting
down Of So. 500, 600 and more IN single month
operating expenses, and for little cnne tns
whole security market faltered. seemed even a.
most stunned: but with vsrificat!on promptly
forthcoming. the market broadened ana
strengthened. new current high quotation rec
ords being scored So extraordinary we're Chesee
September earnings reports that some former
hostile critics made open confession OF changed
attitude toward Union PACING ana SouI1SIn
Pacific values Tributes TO & H Hartman a.
practical railway manager burst forth spon-
taneouslT-
OF course. not ali the sceptics were cured To
many wall Street observers Mr.. Hartman stays
a menace not only TO the stock market but tn
the country's railway situation as we'll Upon
one point the unconverted lay especial stress
they profess TO find in the phenomenal reduction
of Union Pacific and Southern Pacific operating
expenses with the amazing resultant increases
in earnings a grave danger signaI-for other
railway systems They urge that the mounting
profits Of the Hartman roads-big dividends Tar
more than earned-can be used 70 deIeat any
effort made by other properties 20 raise rallWay
rates even scantily. The Hartman record viii,
they argue be insisted upon by the courts and
supervisory railway commissions as q standard
whereby traffic rate equities and managerial
efficiency will be measured
If present rates are money making rates for
oY7-S
enough rates for all the other roads,
Perhaps this manner OF arsuTnentauon rs -
overdone but none the less throughout wan
street il prevails and has acceptatton even m
some high financial quarters
Little political influence is shown naarketwtse-
AS always occurs at the close Of the campaign
there has been in large measure. an evening I'D
Of contracts by the professional element. for
the experienced bull and bear are alike in DE-
string to have clean book" over Election; and
few conservative commission houses fail 20 urge
margin customers to tighten their accounts
This results in market condition Wnere orIsA
manipulation can have exceptional e1LeCl-dS
Yesterday was notably illustrated. few room
traders being able 10 knock quotations. around .
with no more important ammunition than a Jest
or two about Mr. John D. Rockefeller Declines
so produced were attributable IN no wise % any
seriousness Of political opinion upon the STOCK
Exchange In so far as the financial cOnn1u-
nifty is concerned the assurance OF M LaLt
success is accepted in virtual unanin1ity-and
MONDAYS market rejecting this confidence
With the election satisfactorily o7eT. national
business activity IS counted upon for splendid
revival and one that ought 70 be immediate
From, every commercial and industrial quarter
come assurances to this effect Railway equip
nnent orders already in sight are enough %
themselves 70 exert tremendous infUence-bUr
betternent will be confined to no department Of
trade nor to any section Of the country When
good times start they will be national good
times.
Improvement in the investment mind Of the
country is betokened significantly by the sue
cess attending recent issues Of new securities
by standard corporations. Good oondS are
cversubsCrfbed: and canvass OF the most I'M
portant banking houses OF Wall street sliclIS
the general opinion that both the railways ana
the industrial organizations viii be now able 20
find d ready market through winch 70 lA5MCe
their too long accumulated necessities rms
change in the situation Will be OF itself reEolu-
tfonary beyond the confines Of the affairs OF tne
corporations themselves Labor VII pc ne
Observation-Disclosures is ikelier. even, 20 be eX-
pansion beyond past records rather taan nalt-
ing or hesitancy in getting BACK 20 former SOoI
conditions. And what this can mean N nroau
ways is clear TO every man who has during the
past year been brought into any close nI1eIlclsI
relation with enterprises depsAueII. uIoL I~SOl
employment and remuneration By way OF IL
Iustration of what contraction N this regard mas
/ sfgnifed in some sections. the experience IS
cited of A manufacturing company IN one or
he cities If New England In October Of last
year the managers o. the company, pId-i4II1S
| their finances for another tWe-yeIn9nIA. ZOOS
official figures for the preceding hscal year ana
/ found that disbursements Tor payroI account
i had aggregated $4,000 But with money mar
/ kat conditions disturbed. with panicky news
( from Wall Street with trade nervousness oe
| coming somewhat pronounced, II was resolved
/ 10 make anticipatoTy calculations extremely
conservative: and after careful even pesslrnlsJc.
I figuring. the payroll for another year Itre year
/ just ended was cut down 90 PEI 570
$50 GOO for I90S-1909- as compared Win s4-O,uUU
for rhA 1907 1903 year The actual reSu!l-toLai
paid out for labor October ls0s 10 Cct0osE' -SO''
falls below $4,000.
II ie 7Ieasant occupation TO calculate what =
/ involved In moving back from CHASTITY shrunk-
| enness like this Business conditions once
! more normal
/ Money market conditions are all that could 20
| asked 7 broadening security market one
particularly good influence that past panic con-
J dtions developed appears in u better creolL OF
! all corporations which have been able TO come
! through unerb arrassed; and this VIII De at
/ tested bv the acceptance OF the securities OF
! ercb CORPORATIONS in New York bank loans on q
49, favorable basis: and there is certain TO Be
! ro,sao,,en4 favor for such securities among in
| ,setors This opens the way to substantial sd-
/ vances in a long list Of STOCKS, whose present
| Low, prices viii become pecuHalIy atuactlVe
| -, . more liberal banking attitude is appreci-
| ated. ,z ,,,,ob - Trr+bar st,,r4s
/ haS,,led for Hartman favorttes-Southern Pa
! go goin1 To loo and Union PaclnC oounG Tor
| SSnn e. 9ost OF the oracles are confident But
- - natural. orderly market development the
ha++a- onnortunities would seem for a time 70 De
~ sTocks OF lower market figures Four hun
a. - Sbarss ~ Colorado Southern or nearly five
| L,,ndrad shares Of Chicago I'D Alton can %
hoIebt for the cost Of single hundred shares OF
ISiS- Dsci6c And in any sanely conducted
-~iT~ IL