New-York tribune., 1908-11-15

that list are bargains abundant railways and in
| dustrials both-as even casual reference to the
! Stock Exchange roster disclOses- one point
advance in a stock selling at 40 is just as big
| as the one point that adds to a stock selling at
| I8O-and when the stock at 40 has advanced
only tri1e. while the $50 one has Ieaped up 50.
risks for the future may be regarded as scarcely
propOrtiOnate.
Union Pacific with its splendid market record
close appToachng the zoo IN maT6-is ark entitled
than Alton, at a fifth the price
All the Hawley railway shares are naturally
helped by the dividend this week declared upon
Colorado Southern common stOck-cOnfrming
with prOmptitude the forecast of this review
international Harvester also confirms market
EaIue Iorecast heIea gOzelL @ Po 5iY Syl 1I-., 5
And Tennessee Copper has gwen similar good
account Of itself, its rise something over i've
fun points.
While the Hartman stocks-Cnion and South
ern Pacidc-have held their prominence, scoring
advances day after day, the notable market de-
velopment of the week in Wall Street estimation
appears in United States SteeI-new price rec
ords attained through extraordinary volumes
of transactions. Even the most yoluOle OF pessI-
mists do not affect TO attribute this to mantpu-
IatiOn. Were any attestatiOn Of the broad new
active public interest in the security market
necessary. evidence a-plenty is provided By tho
Steel exhibit. Stock has been snapped up in 4
very .whrlwind of outside buy ing Large part
Of this may be quite as speculative as though it
were for the account of Wall Street profession
ais; and perhaps some time ahead this fact may
become a market influence, even a source OF re-
sorship for the tremendous transactions there
can be doubt In the view Of commission
houses familiar with the attitude Of customers
1t is popularity believed that by far the greater
volume OF Steel transactions are for investment
accOunt-actual absorption purchases; such au-
thOrties insist that stocks now bought tSteel
notabIyb are leaving Wall Street for good. lodS-
ing in investors boxes OF course. all the Optl-
mists are glad TO join in this view: and market
leaders spend some effort 10 spread it. The
theory viii have its test when little later th--
market Guets down; for with subsistence Of am
r1t-rc hot fFEF EFfarfs
have TO face the pressure OF adverse manip-
ulativs tactics from professional traders VINO
through strategtes and raids VIII hope 70 dis
lodge newly acquired holdings, for there vi.
be bears enough the moment any smashing
chance IS discernibIe- And in appreciation OF
this it is likely during the coming week Thar
experienced advisers will be found urging the
public to proceed cautiously. ReactiOns-eveE
pronounced enough TO be regarded as dangerous
breaks-xouId not be surprising for there is
scant sanity In huzzas that proclaim that finally
Wall Street has = market that de4les all Prece-
dent
To the mind Of men who are the frmest BE-
nevers in the current markets quality, and who
confidently count upon il to broaden and to las
as the normal reflection OF splendid new ma
tionaI prosperity-there would. right now be not
only naturalness in a reaction. but genuine help
fulness as well Especial approval IS given N
this theory BY n alert host who having sold out
their stocks Will be glad To buy back on the
appearance OF any substantial receSslOnS. And
il Is not too suspicious 10 include in that host
some distinguished representatives Of what the
oraCles describe as big interests
One signiryins element has to do with tho
bond markct-it being the uniform testimony Of
authorities that the market has been virtually
swept clear OF high-Class mortgage issues with
any fair basis yield. investment requirements
extending beyond available supply. And this
brings into demand groups OF junior issues
which while amply safe from ultra conservative
view points. are still pUrChasab.c on a basis
providing exceptional yield BY way Of exam
pie, there is attraCtiveness In the per cent
mortgages of the Indiana Natural Gas and OH
COnpany-listed only this week upon the New
York Stock EXChauge-their intrinsic value sup
plemented by the guarantee or principal and in
This. of course. means actual equality with the
Peoples Gas COmpany's own per cent bonds
which have market value materially above par
while this guaranteed issue may be at pres
ent bought around 90 Discrepancies Of this
character cannot be lasting-aud there would
seem to be fair prospect OF logical adjustment
through advance OF 10 points more. Ths
company has over S12.OO0000 assets with i-s
surplus fund above S4.00O.000 The total bond
issue is only $4,000. 600. and there il a subsCaD-
tial excess OF net earnings beyond all operating
expense and bond interest requirements-the
additional Peoples Gas guarantee being chiefly
OF consequence as certifying to the gilt edss
character of the security.
There has been comprehensive absorption *
Steel preferred and kindred issues still leaving.
however. some conspicuous preferred industrials
at bargain prices. Federal Mining preferred
notably exempIifies this Having received their
regular Z per cent. throughout ali the recent
business crisis Federal preferred stockholders
ought naturally to be cheered into enthusiasm
by the official forecast OF renewed dividends
upon the subordinate common stOCk-the last
dividend upon Federal Mining common having