New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-18
The Financial World.


improved. And among the factors contributing
10 the better feeling especial importance at
taches TO the showings that railway earnings
are making The period Of congestion and con-
tinuaI decreases seems now virtually ended
Notable in most current reports IS the gain IN
net results Whatsoever Of bad fortune may
have been endured. and however dlStresslhs This
wear OF traffic shortage, there IL Impressed upon
every observer Of the American Runway situa-
ffon the fOrcefUl fact that out or an the OiSaD-
noin4u1ent and disturbance and debts one great
influential good has cOme-an era or economy
49, 60 trsr9enfIor1s IS this benefit that Il s ven
worth the cost OF large sacrifice torporato1
extrayagance has gone out Of fashion RECKLESS
policies Of expenditure. the waste due % care
less administration payroll stnecures. ana Wids-
spread fancifuI apprOpriations-the u.s. ppesr
Economic management becomes actually the
rule It is a long step Forward
Hartman stocks still maintain leadership.
Union Pacific and Southern Pacific set the mar
ket mace Some aggressive bear campaigning
has been directed against them; but the sellers
6FOshort stock find no reward but losses They
who made short contracts on tns baIran war
scare found they had merely delivered them
selves into punishment Some OF that short in
terest still remains uncovered, however tnera
being one group OF traders on the SUCK TX
change dfSpOsed TO believe that the recent con-
frollers OF the market have been detected trying
quietly TO let slip portions Of their vast hold
tngs; and this same suspicious CoLerle make ado
over what they are pleased 10 denOminate tbs
unsyrnpathetic attitude OF James j. Hill toward
the Hartman enterprises-haTqly startlnS
discovery Yet once or twice during the week
there have been signs that perhaps Great North
ern and Northern Pacific might after ali. join In
the Union Pacific strength
What most Is heard among foremost men of
the Street is advice 10 wait till after election"
This view IS taken In the highest quarters-and
does not signify any doubt as 20 satisfactory
election results. but reflects the general anttct-
patton that next month we ought 70 have such
clear sailing into a broad and strong market
that all forces should be husbaHded 70 make the
most of the new tide.
Sharing with the Hartman stocks IN public
favor the Hawley group continues 20 show
strength The fact that through ali the recent
bad times these properties have progressed
that every one Of them makes insptriting net
income exhibits sufficient 10 warrant tbs
popularity they enjoy: but there is added per-
suasiveness in the sent-Oficial disclosure tina
notable development plans are in course Of e1e-
cution in that quarter.
Chicago and Alton. whose recent buoyancy
became d marked market feature. may have
leadership. II leaks out that Union Pacific IN
terests would be glad TO get the property PACK
But there Is a new AitOn-the system as IL -
to-day being In varied ways diferent-supeTior
IN oovthfng ft apprOached when Mr.. Ha&ley
tool, II over Physically 10 has been revolution
ized Financial strength has succeeded weak
ness It's affairs make a clean sheet now -
co1nDIate is the change. indeed. that there can
not he much questioning OF the disposition Of
former controllers TO regain pOssession--and at
411,Ires r1aterfaIfy higher than current quota
tions are-for Chicago and Alton common STOCK
under present management will not long stay
Off the dividend list
iowa central preferred. Colorado Southern,
Toledo St Louis and Western. are all benefit
ing by this same practical, pFont-prod--l-S
management
When national political issues are settled and
business interests have normal opportunity 1t 3
probable that especial cOnspicuousness VIII b
given to our smaller railway systerns-thoSs
which have been built to the point where greater
exhaustion Is inevitable with better times III
this list Is the St. Louis Southwestern Railway
20 which attention was called IN this review last
week. where conservative management mas
been controlling; and in the list also are proper
ties like the Kansas City Southern. CnesdpesNs
and Ohio. Ontario and Western and leAaS d
ciNc-vhfIe even something ike market leadeF-
shin NAV be taken by Erie-nOt the Old Ere
conEested and friendless. but a new Erie or9usnt
into intimacy and profit sharing WIN -Hi'A
Pacific and Illinois Central
While at the close Of the week some hysterical
efforts were made to renew the foreign war
scare. considering people were unimpressed-
taking their guidance from the course OF the
grain markets of the world Were there real
cause for war apprehension wheat would os
soaring AS matter OF fact nervous upward
furry OF a few cents per buShel was al IJSt II
the later trading wheat markets again becoming
normal at about the average prices which have
prevailed for this crop And be IT noted that the
sale OF wheat from farmers IS practically con-
cIuded for this season. at highly remunerauNs
figures absolutely ensuring the continuation OF
AGRICULTURAL prosperity. Wheat ductuaIiouS
from now on, far as the 1908 crop = CON
cerned, affect the middlenlan, not the producer;
And as with wheat so with corn and cotton ana
every other great staple Rarely nave LASeI
crops been raised and never has their casa 49,
been great. This tremendous lacL must %
taken into consideration in any fair study oI
the possibility Of stock market movements
Coincident with a manufacturing revival II -
not strange that the industrial list OF the STOCK
Exchange should gain in activity and strength
Many such stocks are assuming prominence
International Pump shares, referred TO here
fortnight ago when they were several points
lower are benefiting by an increase OF business
which is inspiring the company's manager 20
make calculations that look to the resumption OF
common stock dividends Colorado Fuel deyei-
Opment plans also progress exceptionally 1hs
managers of the Central Leather Company ma
reasons for new confidence. And 50 the moEs
cheerful record runs for properties Ike NirglnLd
Carolina Chemical, American Car Founders anu
the railway equipment companies generalI5'
And Tennessee Copper becomes buoyanL on az
sOrption purchases, based on the property > sN-
pansion as q productive commercial proposili0A
Third Avenue is kept under the harrow Tiers
is no reason TO abate confidence in the CON-
pany's future. They who most are discreditns
IL now at the same time aiming 70 0HS -
stock secretively.
Westinghouse shares have had pronnineno'
during the latter part OF the week They nSs'
advanced materially. Banking interests OF hisa