New-York tribune., 1908-12-13
The Financial World.

a satiricaI spirit. has become most apposfte-it
is in very fact Hartman market" Mr.. Har-
rinan's name has come 20 stand In no uncertain
wav for railroad expansion and upbuiIdIng
Union and Southern Pacific practically ons
system under one control The territory which
they serve lies where development is simply
amazing-popuIatfon lsaplng upward By Millions
each year. And the new comers there are pro-
ducers adding-immediately. tremendOUsIy-to
the nations wealth. immigration has played a
large part In this movement and stilI does
Without these basic natural conditions yuch
growth as that Of the Pacifcs would have been
impossible; but on the other hand. rapidity and
stability OF development have been admirably
aided by the wise administration OF raiIroad
business. Tho Hartman systems have not only
benefited by what came naturally but have
themselves been dominating upbUilders A SIT
uation existing the man Of genius was found
in the right place at the right time II Is nov
merely confession Of pitiable httleness 70 at
tempt to depreciate Hartman. the railroad ad-
ministFator; should he never do another thing
his record must be innperishable In railroad his
tory.
Hartman tests have passed beyond petty
Stock Exchange judgments-as was yesterday
recorded IN market suddenly become buoyan.
by reason Of the discovery that lfr- Hartman
has finally acceded to official invitations 20 enter
the New York Central board Of directors New
York Central stock itself. showing buoyancv.
communicated betterment to the entlre market
1t is Of course. amply recognized BY every
thoughtful student Of the situation that z e.
Hartman in making this new open alliance has
support III his position IN exceptional favorabIs
circumstance. What for years past has beea
popularIy recognized as to the New York Gen.
trail is that that great property has lacked man
agegnent. concrete. coordinate. sUccess-cor-
mandfng What the annex OF M Hartman
to that mana agenent now neans-dOninatiou,
and not one whit less-is that from this rins
forward New York Central administration viii
represent Hartman methods. Hartman profits
Within the recollection Of this generation 10
railway transaction has stood for so much as Is
provided by this Harriman-New York Central
coalition
In ordinary course there is vast accrerion.
naturally enough, to be counted upon for New
York Central earnings through Union Pacific
Illinois Central connections, but even this tTe-
mendous asset for the Central is relatively
insignificant beside what is assured in net rs-
sults-in expanding certified dividend gzius-by
reason OF the actual active. immediate operation
Of those methods Of railway administration
which have lifted Union Pacific and southern
Pacific 10 SUBMITS of prosperity
In the New York Central treasury are assets.
hitherto regarded virtually negligible. which
now will become not merely recognizabIe but
. consequential Operating expenses viii not be
permitted hereafter 70 stare with ghastIiness az
investors out Of fair proportion 10 what such
system in such a territory should Be able -
quote Union Pacific crossing the prairiss Of
the West operates below 50 per cent of its
gross earnings. That Is Hartman rl1Uage
New York Central. in its terrItO-y's CJCCe1tra-
tion of population and business may certainly
(under the same Hartman system) be expected
to command operation on an approximate mini
mum. And if il does-vhat is signided for div
idends? Not the present per cent whiciH
skeDtfcs have sCouted-but 10 per cent-eve7s
the Is per cent. which this very week CuiCS
Pacific has shown itself 10 be earning
No ordinary comprehension grasps the mar.
veous. mounting value Of assets in the New
York Central treasury-Lake Shore Of itself pro
viding in excess income the entire New York
Central dividend II isn't the Hartman way 70
have such assets neglected. unappreCiatsd
At any price under $50 New York Central
augmented by this new Hartman relationship.
Hartman administration direction NOT merely
linked with but virtually merged into Union
Pacific and Southern Pacific prosperity-oe-
comes the one best bargain OF the New York
Stock Exchange.
We closely approach now the long rrs
dreamed Ocean TO Ocean unified railway system
At Washington this winter most developments
are certain 70 be helpful developments. Regard
less OF what any bear COterfe upon the stock
Exchange may urge, We are likely finally 10 have
intelligent procedure toward the UpbuiGiHg q
American marine enterprise President Rooss-
velt's recommendatiOns-urgi nor merely lib
eraI policies. but urging them as an iuUediats
advisabtlity-are not likely 70 be Uuheeded. And
this means that the Pacific Mail Steamship
=
American fag) is bound 70 be benefited treuen-
dousIy- With proper governmental appreciation
Pacific Mail cannot continue CiSCredlred WITHIN
the ensuing year Pacific Mail stock ought 70 b9
far and away higher than now IL sells The n
vestor with patience can double his money N
this security. Wall Street professionals SreeT az
il and fight its advance-iuSt as thev used 70
sneer and fight Union Pacifc-Paciic Mail and
Union Pacific both under precisely The Sans
mana cement.
AS hitherto much urged in this revisw stocks
OF relatively small pTice seem for the present %
be especially attractive. The Gould properties
generally are entitled 70 advances Hooking
Coal and Iron is a notable bargain. The election
of a United States Steel director into the COM
pany's management would suggest important
neutrality-suspicious.
Canadian Pacffc's 500 system Il making stu
pendous strides 500 stock at its present price
is an exceptional bargain.
Brunswick is another stock selling al lnss-
nifCant figure which is likely 10 score substantial
advance Selling AT Is with a book value pTacti-
caHy double that figure. and not owing penny
10 anybody. Brunswick stocks quotation IS an
anomaly, which. Of course, cannot Iast-a fast
which an alert group or traders upon the stock
Exchange seems at the close of the week % aP-
preCiate Brunswick Is now listed in Anlsrsr-
dam: and il is disclosed that a large block OF me
stock has this week been shipped % investors
there.
one news item Of the week challenged invest
ment attention-the United States ReaIry's state
ment for November showing actual net earnings
(after every payment including bond Interest,"
approximating s11O.000-or. over SL30o.aoo per
year-equalling per cent. or more upon ths
company's entire capital stoCk-tUice the dvl-
dend now paid. And this basis Of calculation -
upon a panic years basis
OF a sudden Wall Street is full Of enthusiasm
Ayanr