New-York tribune., 1908-12-20
The Financial World.

Trust securities yielding readily and substantial
" Much sensational Information" concerning
that company was distributed. announcements %
rival plants. backed by Standard OH. having f-s-
nIace. OF course this was declared % mean tas
complete yvipinE ont of al Smelling prohts- Ths
quotation for SmeIters stock was forCed down
under 77-bavfng been up above % barely a
week back Yesterday Il vas ar 81 though ths
closing price stfu shows a net decline % n.as
noints for tn. week. after President Daniel GuE-
genheirn has officially announced that the Trust
and its auxiIiary companies are earning SUI
pluses above the dividends they pay, and that
Incidentally there is in sight no competition II
any profitable line. that even II new great copper
enterprises were undertaken they couldn't Eer
into practical working operation 1or some years
70 come This official statement relieved = good
many nervous souls OF apprehension 1or oea-
proclamations seemed beginning 20 upset the
eauanimlty OF even the propertys most devoted
friends American smelte-s pays per cent
dividends That FOR an INDUSTRIAL does not pro-
vide very liberal return 20 investors a. present
figures Yet. Aualgamated Copper per
cent dividend payer. sells around s0-vHis n
vestors on the outlook for bargains can md
standard railway stocks paying twice thar rauch
AZ lower prices-TOledo. St Louis and western
Dreferred. for example. in the sos
With the money market conditions that nov
urevaf-prornIsing still 20 remain ar ease-ttvt-
dend tests. interest yields. are bound 20 become
more and more governing II the security u1a--
ket's course
In Union Pacific and Southern Paclac down
-,a+a-+auv for the week there is probably
larger short interest than has been known f1r
years in auy one group OF stockz-e-e-- p-o-
fessiouaI bear committed TO the limit q rs
margin cspacitv.
sienifvfng exhibit OF what Is Represented 5y
progressive railway management, D. sEFanc-ns
nrofts and assured coarinuance Of dividend yisld
apt current testimony 20 investment return IL
4uence-aDpears conspicuousIy a. the close q
the week in the activity and ouoyancv " COL
orado Southern securities For some tine past
banking circles have entertained the oe--7- t1sr
lanes 7 Hin would ultimately acquire this
property as an auxiliary % his -5rear -s3-rae-l
system: and. therefore no great surprise vas
yesterday challenged wt-sn reports ran through
Wall street that NJ. EiI rad been 11a--E ans
10 take over the property through MS -a-las4
Burlington and Quincy Colorado southern ez-
mansion has been phenonenal-tIe sr-sIs-Aen-
ing Of its earning capacity amazing ''-
many months ago this review was pointing or
-ba bargain onDortunitv in Colorado southern
stock under s25 per share-less than mar me
-,-ssa7+ ouo+arfon The prOpe--y's destiny was
clear 70 anv fair minded student Ela7--7E man
arenent had already worked a revolution and
what since has come 70 pass is but naru-a- So
ouence- Upon lis own account and as q Vgao-y
fndependent property. Colorado S1-llsT1 plos-
naritv is Yar past the testing point-ySl--e Z Z
ne given intimate relations with the HI system
there must forthwith be. ot course rnllip l-1'1
OF its power and financial yield
Colorado Southern IS typical OF the E1a"-ey
~r-H -r ~
Increased dividends can pay PEI cent 7ut u
annual ea-nings-and sriL have c-os7 90 -N--7
! per cent Ieft for surplus
What particularly is encouraging IN t1e s-lr-
alton apDears IN developments from tine 70 l-as
indicative OF the sterling quality O -1e CHI
acter OF our foremost business leaders 4 nota-
FIa instance IS disclosed II testimony or1ls--
our nv the government inquiry into coal --zG7
conditions An important witness, forced 90 l7-i
of conditions ruling in the strike time '- SONS
Years ago. when scarcity OF coal had become
-,g-5o7ar calamity recited what happened Il
,-,,-za Of his direct personal relationship Nl-l
President Baer q the Reading company no"
Mr. Bse- has been criticised abused car
and indicted for years past on account ~ --
r5t-fons that then prevailed IS common A---.'-
adpe Re has been held up as an AT----
rf,-frfzarfou. oppressO- o1 la3o-. l--e--. 1--
touch with any % the hur-an-t--s- 1--' 81
-, testimony in court Throughout -1aI -I--.---
-,a,,5 NJ Bae- was stu-di-E 1s1--I'g every
., -, The market price OF coal instead W
- - cors-iracv this leader III rA= c'--
,--,,7 actually. conti1uaLy- as an as5-77
- ,--o,ar- 5r every advaace--rs-st-ls ----
: ,.,azsf-fas Or the poor must be reEa-7e- =
- .-- ,,-ear- II arguments IN holding Pts
down. Y fee il my duty 20 project ---7
=. zsi5-+ho,1gh acceptance OF the o----'a-5
-. - trade conditions must have r'r-A7s--l-
- +ra addition og millions % the revenues
= .,-,orarfous <or which he vas trustee
l,-,sa,,,a-ra b-lones 20 this testimony ny Tsa-
= = ,,-5-7,-7 ,4r -1e witness from v-7-r =
,-ss AIic+1ed-CIarence D simpson "-.-S
IN the American coal trade Is -----
tas ,-f-+,1arlv been the foremost Of all -A= nue.
pendents Mr. simpson was t--7 -N -7-
s--fas bought l.v what IS P0pu-ar.y called .
Coal Trust-ard his associates were '---
- accent oHfl.a1d such loss 0- P-'--S @
,,,a-srfrls- phiIarth-Opies Of President 3--- III
-osa6 Il Is not therefore. as any el's-7-
president Baar that ny Simpson appears -
his svideUce tthat OF man OF large a-----7. ~
zolr,-eYv independent Of any other Interests ----
,bosa which are personally his OWN throws
eoo5 OF light upon q situation V-i1- ------
has besn sharneIessIy misreprsSenI-,----- i-'A'S
,1ss- The real Baer. the real 1ype or A1-31lla-l
Industrial leader-cornes IS q very E.-S- .-
air. revealing facts. dtscouraSiIS a-l- .5 - -
frenzies And such testimony. Ir'--- -. ,.r-
under al the circumstances 'e1-~-''-
OF high public service
local traction issues stay conspicuous S'--7
~, ,ba-, actually having been the strongest --4--