New-York tribune., 1908-10-25
The Financial World.

This weeks market has had no developments
OF any consequence to help il. We have crowd
ing political discussion; have much discus
sion as to what will may not result from
this that and the other election showing But
Of concrete things there has been nothing And
quotations have swung negatively. concerted 10
the coIoriessness Of business movements
During the coming week political excitement
in abundance is to be purveyed; and temporary
fluctuations may be incidentally induced Yet
IL Is difficult find anywhere any basis for any
calculation suggestive that market values ars
over estimating intrinsic values. 1t is the popu-
lar outcry that stocks have been taken
I'm wholesale BY groups OF hnanCiers who are
persuaded that Republican victory is assured
and the same Oracles are ardent in prOciaininz
that these buyers and owners OF stocks are in
tent upon holding them. confident or Mr. Tafts
victory. In ways this pronOuncement IL
other than inspiriting 70 indicate thar
Wall Street Spectators are making con-
venence OF a situation in which they have no
fair or honorable part: but. under current
circumstances this objection can be waived. 50
certain and sure are the substantial financial in
terests OF the country that common sense Is
ten days hence TO rule at the pohs-
Attention generally Is directed toward poll
tics. Yet there is apparent no very substantial
short interest Nine out Of ten SPECTATORS on
the Stock Exchange are sure that the Bryan
bugaboo will evapOrate before the coming week
is over: and on this account-foIowing this con
viction--the stock Exchange traders in large
majority ara long OF stocks There IS inspira-
ton in the recollection OF profits tremendous
reaped when Major Mckinley was elected Tne
pessfnlfsts were offering odds then against Re
publican success-odds which in the stock mar
Eet were translated into severe Declines and
,n ,bs an+orraee Of speculative politicians there
was fever enough to force substantial oecliheS
+brorvbort the entire list. II was brave man
vain
REGARDED as matter Of almost utleIii!OsI 5,
Iessness then TO buy anything Ana Il7 sII -
result was when the tonic OF goOa rsvsTIaa
came. that the courageous rev @ Were p"re,,
~ rroNts amazingly record breaking EteiAeiI
brance of that time and OF t1oSo i07--'
TlTgenf efforts are made to dslodge stocks
,,roant arguments advanced that present PrISe o
must be smashed, whOmsoever Is eiec'eu- D.
.ba+ NrcEfnIev exhibit insists upon looming
And we have had this week precious lFtie Sell
ing by any one who actually owns s'ocNS
II would be difficult to hnd any group OF s'ocA'
o,,tta .o inviting Of criticism and indictment az
.na Nau, York traction issues Their history
5,,ripg the last three or four years has been one
continuation Of license and loot Honest NINA
cd investors have been sacr1hceo-
oush Metropolitan history is cnleny 'Ne
t-o4,or OF deceit and defrauding- Receivershlp'
come bankruptcy shows universal Co1p
+fons' history more pitiful cannot De FscoIu
Stockholders sacked their agents anu
ayers and officers enriched-tnls tA7
challenging grand juries that are aS'e .
Third Avenue Street railways 1u1uEe
,o1,, involved In this disturbing situatlon-
T., ,nis review Third Avenue has been apPro'sH
-. stock quoted as having larger yaIue IIaN
~ the market appears This was the We" I7i'
v-ben the stock was a dozen points nIsNs1 - -.
it is now Meanwhile Wha' No. "a 1-oIus-i0es
does not at aII impair Third AvenuS go, S-enIs
- az all change the view that InIro 49,. tAvSu
Stock IS we'll worth more than the prlce T.-. q
- was quoted weeks ago-oefore speSuIS..c e
IL ma9 i1S star+ad in TO mark down the quo
etio II "a nor irpossible-nOt 1mprooaOI7;
taIlon; dd +hs+ Third Avenue stock can be forced
IS Illueeo 600 80 ahare Ii has been down there
Safo-e not so many months ago; out e3 WIlaL 80
tainlv is true what beyond any con 80 r-I-5-5
"a eventually sure to be proved Is d ina - II.
Is - eS s+nrIr is going TO be a dividend Garner
There is much talk about aSsesSlIlSIItS, ~. ,a+L
talk is stock jobbery'tal there Is as +Ss-s 4.
ing tangible on which to DaSe IL, tG aIL1 - aIss-
1t,cb nTophecv Of foreclosure banhruptCy sa-e9 s7
t6ers viii be no such sales IL IS Voc EoCIieIo11I @
T1-0rIairned that Third Avenue IS uhaoIe " -
g. 9~ad charges; it IS right now earning SUI
pl1ses Setf;ng - 70 be added to what specifically
y oa-aj9 and again been declared in this re-
1-ioy-1as 10 this one fact: they who are seiIns
rrhird Avenue stock short openly rsn'iL.ils a.
tanning il. are al the Sd'i7 ''''7
Yet none the less. Third Avenue STOCK @ nlsS -
still be forced materially tabre9 Ole
20-thats the price thsI t'io SN'
ment is predicting
Whatever NAV be the opening prices or t7e
Wyeek-the Bryan ghost psradins In Ne" 1olN
on Mondsv-it is difficult to figure how n1arAs'
quotation will during this final week 80 oi -,
camnairn much shrink. Standard railway
stocks tested industrials. seem little nAs1g t,S -
fail into panic. Upon any rescuon purchases
ought TO show profits
In the Industrial list international pump COM
tinues to give good account Of itself Ihe co'n-
mon stock has strength populsrly attributed 10
anticipation OF dividends Earnings are Known
10. be largely in excess OF preferred dividend
requirements. Since the company was incor-
uorated eight years ago thsre has been continual
expansion in the property's productive power
Its eight plants have earnings passing s1O.uVV.-
600 a year-and there has been dtsbursed
81 100000, the common stock having receiVeo
substantial disbursements from 1eo2-1eNO IN
cIusive-there meanwhile having been written
off, upwards Of s., 500 0OO while betteruents
and improvements during the past thres years
rise beyond 45OO0O0 more This exceptional
exhibit Is the result OF the Company's control OF
20 per cent of the entire product in It's me
it's output including pumps for mines. sSealu-
shtDs-industrial plants generRlly--whtie West
ern irrigation patronage Is now Beginning 20
make tremendous demands. while additional eN-
pansiou Is shown by the manufacture OF gss
engines for power upon a vast scale Not
merely the diversified character OF the produCt
and the large ratio OF trade under control out
the thoroughness OF the company ensInss sIs,
and sales organisation certify 70 the lnteIhH
tiOnal Pumps consequence among the most liz
portant enterprises OF the age-the oticiaI oS
ance sheets showing assets aggregatlnS $50
b34 O0O Its business IS worldwide, active oIlces
established from New York 20 JOhan1esourSs
from St. Petersburg TO Calcutta, nom L0hEO
TO San Francisco, from Vienna TO Shanglais
from Paris to BuenOs Ayres. from Montreal %
Sha