New-York tribune., 1909-01-17
The Financial World.

Security market conditions remain essentialr,
unchanged The week opened in very much thA
same way as the preceding week decline :,
Erie securities, while not running to any sueb
extent as that in Consolidated Gas a fortnizb.
since. exerted temporary unsettling effect uuon
the general list; but whenever moderate declines
became general the market grew intensely duu
and then slowly worked up again For the tina
being nothing induces liquidation Of general
character leaving the selling side almost entire
" for the short account. Hence, net results In
general for the week show Slight changes
Where changes are large they are in the shape
of gains quite number OF specialties I'M
proving Nor are these Improvements wholly
SSDec,,Iatf1e-thev are based the continuation
of the poIicv Of absorption by the great systems
of smaller roads, the latest case IN point being
+he ACQUISITION Of Wisconsin Central by Cana
dian Pacific through its subsidiary 500 sys-
ter, n seems certain that this policy Is to
continue comprehensively-and all goes on
within the safe rules of legality what develops
i'm Iowa Central will notably Illustrate this ex-
panding policy
Most influential OF market fundamentals ID
the abundance of money and the lowering bor-
rowing rate. Effect for the New York security
market Is unrnistakabIe- Standard securities at
present prices are yielding materially larger
dividend and interest return than holders Of
Funds can obtain in the loan market. Such con-
d,.fons arc simply domineering. investments
are aIvvays bound to be mastered by their yield
And with money in vast volumes az record low
rates pressing upon investors. there cannot
Ion he besftancy about public absorption Of Sc
c,Irities assuring returns substantially beyond
what the loan market offers mus, cneap
money becomes not merely Jne maker OF bet
fer market situation 1t becomes th5 Suarantor
op r. And until loan rates harden and advance
significantly there can be no doubt OF the
beaitbfuIness Of the current security market
Investors are meantime treated TO myriad
t,b1as A good many have to do with the name
of Mr.. Hartman. That fnancler Is credited
,,-f+t . cornoration appetite beyond all parallel
When he isn't buying up all the Northwest or
tho Southwest or absorbing miscellaneous sys-
TENS In the middle OF the continent he IS detect
ed putting an Eastern trunk line OF TWO INTO his
roc,et The recitation has reached a maudlin
stage Yet professional Wall Street shows even
on axnandfng thirst for such tonics; and Mr..
Hartman apparently doesn't mind
Wall Street is particularly sure that Mr. Har-
-i,,an fs going into New York Central 1t has
besn known for some time Of course that Union
Paciac's interests in New York Central are
exceptionally Iarge-have been SO Tor couple
- ysars or more. And Union Pacifc-ChieagO
Northwestern-New York Central combination IS
clearly logical enough. as merest giahces az
railway maps will indicate II IS Pi@LiL AlJie
o1,ar that an influential element N the View
york Central beard would welcome the actual
presence Of Mr.. Hartman there. some OF Ihese
Ifractors being among his closest personal
Trnfon Pacific allies. But it is not yet Demon
strated that the stupendOus investment lntsf-
ests Of the Vanderbilts are Hkely 20 oe Ianleu s
over into a Hartman trusteeshlp-ahe even
casual study of the Hartman career, even Scdnt
familiarity with Hartman methods. makes II
difficult to believe that he would pers9naLyy Gun
cern himself in New York Centrals aIIalrs, OF
IN the affairs of any other railroad, without tne
opportunity to be personally dominant Inere
is of course. one alternatlve-Nlr- Hartman
might buy Mr. VanderOilts stock Tnats Wnat
w-eU street expects That Mr.. Vanderbilt might
choose TO be consulted In the matter 0Ges A0'
strike Wall Street as In any way tIIsI .bo,,
the strongest stock on the list-and most WaI
street forecasts will be upset Il tnls sLrensln
does not continue and nave the s0Qu74 u q
further large advance
Whatever might be the contributing cause. II
Is not easy to figure how. If New York Central
ia to go up Pennsylvania can stay down Equaty
II is hard to comprehend If Mr.. Hartman Is 20
go into New York Central as us PersGn@t ,5ns S9
ductor how he is going also TO be the Whoe
thing IN Erie
" soroa quarters there shows something like
a nervous disposition over the expanding poheY
OF the Canadian Pacific. whose addition OF the
wisconsin Central TO its 500" system mucn ~
creases its scope in the United States. In the
c1Iable value Current earnings are at a rals
If over % per cent upon 500 common STOCK
and that the present per cent dlVIuend IHo
will be increased to per cent cOup-C -
months hence is believed to be 1oreslaIoH " Gu - -
the recent spIendid advance in 500 STOCK quo
tations On an s per cent basis SEQ US g.
certainly TO approximate in market Ealue ~
quotation for its owner. Canadian Pacl-S, WIZ s
nay-fnr Der cent. sells above 1l5- Inc SANE
management and the same financial STANDARDS
make both dividends
Issuance by the Public Service Commission OF
the details of the passenger traffic Of the Ne"
York traction companies calls sharp attention l"
the fact that whatsoever may be financial con-
nlications their enormous business eons'anuS
expands and new profits are becoming avalIaD'7'
Wise MANAGEMENT and public confidence aIohS
are needed 10 restore local traction stocAs ="
popular favor. The one stock tntrinslcaAy Oe's
Of all is however. the sloEest to nove-Il.1
Avenue whose future prosperity can De resalr savs
ed as now assured absolutely w Whl.e pVo.s pVt I've
been operating 10 lift the quotations 10. -
other fractions. there has been eQUa!II e'Lu~ -,
persistent IabOred effort to keep thlrG 5,sLd SSa-d
down-and the reason is not hard 20 I.Au - So -
capitalists striving to secure every win
stock available at bargain counter prices W.
this depression manipulation out or I sue panid
Third Avenue ought TO OVertake bIO'>'S -
Transit readily enough
DEVELOPMENTS at Washington this week VI"
probably demonstrate that plans for uPoulidlHs
an American merchant marine, instead OF O''7
abandoned have materially progressed
Professional worriers over the tar1n as d W.
Street deterrent do not make much ProsRe'
marking down the price in Steel CorporAlO-
shares. The Steel short interest has oec0"'
stupendous. IN
Incidentally there are some interests IN va
Street which connect the future OF severat iss91.