New-York tribune., 1908-04-12
The Financial World.

the week has been inspiritfng but not conciussv.
But getting away from technical considsratio-.
much is to be said on the side % Optimism
Distinct Improvement shows IN the business .,,.
uation All classes Of wholesale and retail trad.
report marked betterneut-and this f. at o,c.
reflected by- tho re-ernplovTnent % more ,hs,
10000 freight cars recently Idle. So much IA,
been made in bear discussion of Idle" rreix.,
cars that due weight must attach 20 substsr-
tial resumption of freight traffic
Another fundamental factor Of prime frnuo,.
tance Is the government crop report on WINS,
wheat. foreshadoving a great harvest-iacidsn,.
ally confirming the forecast published in thi.
column week ago The effect upon the Erais
markets was TO somewhat lower price oS wheat
options Crecovery following. hut stiH lsavinr
highly renunerative results 70 ths Americas
farmer The final force Of this upon n. ,.
curity market can scarcely he ovsr-apprecIasaS
Meantime weather conditions are all that cous
he wished for the sowing Of spring crops Bar
ring vicissitudes ~ abnormal weather ths couu.
try Will again enjoy year % bountsou.
harvests-at A time when there Is vorid-wiS.
demand for every product 81 the soil
In the business world predictions o. the c1t.
ting Of prices Of steel products coma 70 uauxh,
No less an authority than Judge Gary. of IN.
United states steel Corporation. asserts thar
there can be no material recessions while ures
ent demand continues. Steel products are abso.
juts nAcassarles of Iife-cannot under modem
conditions be dispensed with and 50 long as rsl-
roads must DE- built or rebuilt. 50 long a. sky
scrapers must be erected. bridges constructed
not to mention the thousand and one us-s 70
which steel is put. Just 40 long mlSt thers 70
irnnerativs demand for all the output of evs-y
steel manufacturing concern in this cotntry
Nor are our manufacturers limited - supply
z-rr-~a z-v-a
successfully reaching out for the Ions share q
the world trade
And financial disturbance tts-lf "a coming :,
natural end. Illustrative thereof IS the subi.ct
which has largely monopolized Wan Street dis
cussiou for some xeeks-the finances o. n.
Erie Railroad Never has there been any eu4s-
ton of the prosperous business % tha Er.
which under able executive management stsadnr
expands but there has been al manner os -u-
nors concerning pending bankruptcy and
threatened. receivership This ~ one stroke j.
neeatived by the weeks development. Pro
vision Is made for current obligations and fo-
working capital the moving figure IN ths oper-
alton being f H Hartman Whatever nay
he VARYING opinions 70 Ny HaTTma1's 10
tives in advancing millions for The rescue ~
Erie there can be no clash as % the effect u
what he has done Erle is redeemed from dis
tress and doubt TO solvenCy and strength, sni
its management IS free handed - follow Out
plans which can make IL IN due time the p=sr
of anv OF our trunk lines With such future
ahead OF il from the financial point - visw
il must be 4 matter Of indifference 20 stock
holders as "a what particular shape Nj Har--
mans influence may aSFgTa9 IT.,7.. one Ne. 'alns =
certain he IL not putting millions into hOpe-
lessly broken proposition-he Is 10r throwing
good money after bad Nobody accuses ".
Hartman Of lack Of business intelligence
Naturally. Erie shares enjoy vigorous ar
vance. and naturally also this irrrortar- a.
veIopuent exerts tonic influence upon the entire
security market
If this market Is 70 remain aggressive. oi
and tried leaders will come to the front Union
Pacific, with It's 10 per cent dividend. seeming
sure Of rnaintenHnce-fsr more than earned
likely TO assume Leadership Important inter
ests have been accumulatIns this stock-rakiag
advantage Of the disposition % Wall Street %
20 short IN cynical fashion. OF its most qro1li-
nent property. II is within knowledge that
block OF stock aggregaring 10000 shares q
Union Pacific has recently passed into John Z.
RockefeIers proprietorship This naturally d.
rects attention 70 affiliated issues-Baltirao7e
and Ohio. Southern Pacific and E-ie. OF The
earning power of the So-Called Hartman prop
critics there can be no valid criri-ism-any o17
with a knowledge Of rudimentary arl-hrr5---
can figure this out for himself. Subjected On
the same Influences and parJICI patinE n t'e
same basic prosperity features are the various
roads OF the Hill systems They 100 are Srail
carriers and merchandise carriers. and are reap
ing the full benefit OF the vast act-VFlaS cl9
u crop results in the fertile territories Tal11
they serve. Whatever SECURITY market TurJua-
rions may be, and however temporary rC-rua-
tions may be influenced by purely technical
Wall Street considerations. II Is Impossible %
escape the final result of Fundamental -ac,s'
ever potent and commanding
II is beyond doubt that the great interests q
the country are soIidly and cohere1tly 7alsel
upon the side Of optimism What takes plsce
in the business and financial worlds rev cas- con-
hdence OF enduring character II does not 70
low that A buovaDt stock market Is lnT091i -'e-F
70 result, for daily fluctuations subject as aL
present 10 professional control, are of Ea0hszs7d
kind-bUt il seems certain thar nothing m 'as
character of disaster can cVe0tCale just nov
that nothing more than technical uec.l0eS-taN
more powerful in shaping ultimate result tnaA
all the whims Of Wall Street
In further Improvement what seems s1-est -
however. that buyers viii be likely % consul
opportunities for large percentage rstu-n-1Pon
principal as well as I'm interest payments I7n'
10 me. United States steel common seems d.
ways the premier attraction % the New I'gS
stock Exchange list. Next 70 II. a1oug indus
trials are Republic Iron and steel saayeS
In the railway list fsw bargains oQP-oata
Nickel Plate and Colorado Southern. The iartf-
property has not merely unique situation Pa'
is in phenomenal position In TIE face # a.
most universal decreases and Gau0ralizatl0A
elsewhere. Colorado southern earnings expsna
continually. healthfulv largeIy-uo- mersr
gross earnings. but net earnings as vel ~
this review over and over again has
pointed out the exceptional opportunity ~
profit in Colorado Southern securities and Het
one jot or title is - BE- Withdrawn The som
mon stock which nov IL N the eos : lHrr-ns
callv worth double irs current 0uCta-ions--sh4
that Is where ~ is bound - sell