New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-12-06


to be verified they shifted aggressively over 20
the opposition. and sold their stocks They
have ever since been calculating oeaTisnness-
Their recitation runs somewhat Ike this. tne
money rate IS too cheap to last. railway earn
ings are getting too big to be true. public con-
fdence is really an excessively dangerous
article
But, somehow. market quotations have re-
fused to retreat under manipulative pressure
Every Saturday sees prices higher than Mon
days were. And finally. have the exhibit
of a short interest spreading throughout the en-
tire active Stock Exchange list with total STU
pendous-
Directors 10 the markets Roadway lay stress
especially upon what they affect TO regard as
fles1tin1ate movements in stocks of mOderats
price What may be said against this critical
view however. IS the disclosed fact that
those lower priced shares which this week are
most buoyant have actually had their inspira-
ton In international banking houses What
bear oracles seem Incapable Of approaching IS
that when panic conditions are past panic
prices have the habit OF passing also
Yet there may be found some examples IN
any market development not altogether inspIrt-
ing One curious development has to do with
apparent popularity all Of a sudden assumed
by the entire group OF Gould stocks IN any
fair measurement Of intrinsic value those stocks
generally have been selling very low; and the
advance in some of them-notably Wabash and
Missouri Pacific-is warranted But some
others are hardly in quite such satisfactory sit
siasm-and It IS to be recorded. moreover. that
some current exhibitions Of manipulation are
not only without official sponsorship but actual
ly Objectionable to inside interests Take 1or
example the movement being hOt-hOused in
St Louis Southwestern Spectators, not in
any way related officially TO the company are
trying to mark up that preferred stocks quota
ton TO be able TO unload over-conlTnit-
ments- St Louis SOuthWeSternS management
is capable, progressive, devoted 10 the pTOpertyS
upbuiding but Edwin Gould is attentive 10
his railroad as a railroad-not for mere sPecu-
lation
Inspiriting contrast with professional manipu-
Iation shows in such movements as appear in
stocks like Louisville and Nashville. Atlantic
Coast Line and Southern Railway preferred; in
such bargain opportunities offered in
Alton. Iowa Central and Toledo. St Louis and
Western of the Hawley group; in Kansas City
Southern where the individuality and integrity
of Herman Sielcken is reflected; in James J.
Hills Great Northern and in Canadian PaCifc's
500 System. The 500 dividend is 10 be ad-
vanced. There Will be agreeable dividend de-
velopu1ents. too in Southern Railway preferred
this latter issue eventually bound TO go back
to where. above par. il commanded the conf
dence of ultra conservative investors Toledo.
St Louis and Western. about to be the recipient
or over soo9'0oo per year as dlNlGeldS upon -
treasury holdings of Chicago and Alton. Is, OF
course. in exceptional situation-this Alton
payment into the Toledo treasury equalltng
per cent upon Toledo preferred stock ana 8
per cent moreover upon Toledo commons per
cent upon Toledo preferred alone.
One stock in which there ought 10 be i'm
mediate advance OF market value-prOspects
brighter than for a decades Pacific Mail II
is-up somewhat for the week but market quota
ton does not approach present intrinsic value,
much less what seems certainly in prospect
During every year-for ten years-Pacihc Mail
has sold materially higher than the present
hgure-an average Of dozen points higher
Yet the property hitherto has h e relatively
only hope as compared with what may be
counted reality The Panama Canal 10 open,
Japan. China and the United States brought
into closest friendly relationship, assurance Of
Oriental trade expansion-and (abOve alb the
final sure dominance Of an American policy 70 up
build our international shipping interests-thess
are factors that operate directly upon the future
of the great Pacific shipping enterprise
carrying the American flag.
In important financial circles 1t is not doubted
that Congressional legislation helpful 70 the
expansion of American shipping will now oe
enacted-legislation liberal and comprehensive
Not merely with the Philippines and south
America. but with Asia, with Australasia, with
all the Orient. American shipping is 20 hays
new eonseQuence-and governmental support
Will open splendid new era
Pacific Mails stakeholder list IS a marvellous
exhibit. Outside Of the control theId in thu
southern Pacific treasury something over so.-
zoe shares OF stock are in investors hands
Perhaps as much as 10000 shares are in Wall
street brokerage offices-while the rest Of the
capital Is 50 widely distributed Representative
holdings dating back tens OF years. that tho
average ownership to-day is actually below
sixty shares per stakeholder. Market situation
Ike this can be duplicated nOwhere-iS not any
where approached.
or all the properties with which Mr. r H
Hartman Is directly identified. Pacific Mail -
the most attractive Of every one-speculatively
nd hey no halt a.. Ii "a
master in finance can hardly doubt that he -
bound TO make profitable the $SG more per
snare whiG his Southern Pacihc's Pacific Mail
investment represents Par for Pacific Mail
should be no difficult Hartman accomplish
ment-early accOmplishment-with three great
nations, in treaty. contributing patriotic sup
port
Conservative sentiment IN Wall Street IS