New-York tribune., 1909-11-07
The Financial World

Stock market movement clearly re-
v.sis this dominating factor--ownsrs os
! stocks are nor 70 &c scared into ceiling
/ b. Wall Street gossiD, are perfectly sat-
/ isfle6 20 keen. or add to- their holdings
/ t1eir position beins authOritatively iafu-
/ enced by the snprsgnsbie strength OF In.
national business sltuation. From every
quarter comes splendid sturdy econnrua-
/ ton OF revival OF prosperity From the
great premier ndustry-stssl-down to
the smallest OF enterprises bur ono unan-
irnous report fs heard-acrivity arnount-
[ ing 20 actual boom.
In these circumstances atteu1r,s y,
smash the market by bear raidfrg far
futile. II Is impossible 70 bring about
any extended market depression when
Investors maintain unshaken front. and
that Is Just exactly the position to-day
The American OF foreign owner Of
United states railroad OF industrial ss-
eurities has clear realization that N no
ether way could his money be 50 wen
fnvested-nowhere IN The world Is such
opportunity presented as in this country
for participation In a progressive CROWN
based upon realities u hitherto un-
dreamed os strength.
Ii needs but a cursory glance ar cur
rent Amrican conditions 70 coTn2rehend
the marvellous development that IS going
on The crop record for the year is
splendid both as % production ard
prices. All grains and cotton are selling
at figures which beyond the peradven-
turs Of doubt mean continued heaping
up of wealth TOR the American farmer.
And. as often reiterated in this review.
agricultural wealth is the primal source
OF national well Being. IN its wake
necessarily follows industrial and COM
n1erciaI expe nsiOn--rhe one mus1 follow
the other in logical sequeEce-compellinz
sequence.
The professional bear element OF Wall
Street seems unable to grasp these basic
fScts-keeps right on contesting actual
tiles with Wind and phant2sies Bu.
how stands the actual record Stock
after stock maintains level very close
tC, the highest ever recorded notable
example being Steel common-other ex-
amples including the leading Hartman
and Hawley properties-and every time
that shor: interest Is created OF apprc-
clable magnitude swift market punish-
nlenr follows.
Tbs railroad situation Is full OF en-
courasemen.. Gross earnings ana net
growth of business which effectualIy dis
proves the pessimistic ideas 50 popuIar
in bear circles. Such great systems "a
Pennsylvania. New York Central TnioE
Pacific. Southern Pacific. AtchIsca and
Erie all report earnings on an ascending
scale guaranteeing increased DIVIDENDS
in the near future. And looming UP in
really dramatic fashion Is the HswIey
group. Edwin Havlsy seems predestined
Ia succeed z. n. Hartman as the great
American upbuilder. OF the particular
properties controlled BY him Chesapeake
and Ohio is e-eminsnt--cOmbinins
spscula tive and investment opportunities
seldOnn equalled. The Hawley motto IS
ths same az the Hartman rnot,o: do
things" There can be 10 adequate con-
ceptiOn OF market conditions without
taking into account the Character "
market leadership. and with optlnlistic
energy represented by such men as J.
Flerpont Morgan, James J. Hill and Ed
win HaWley the common sense citizen
finds conhdence and guidance superior
% anythingethat can be dished our TO him
in the tittie-tattle and WITNESSES OF the
gentlemen who make il a profession r.
60 short OF stocks.
Foolish are the attempts % arouse
apprehension over the money market
situation. II Is Eow plainly apparent
that the per cent. Bank OF England
discount rate has 10 do only with Eng
lish -conditions--is not in the sIightesr
degree caused BY foreign commitment in
American stocks. And should those con-
ditions become more acute. probably Te-
sUlting IN a dissolution OF Parliament.
the inevitable result viii be the shifting
OF English capital 10 America: because
our securities AFFORD the investor a com
bination of safety and almost certain
profit never before paralleIed. Tlsre-
fore, naturally. our own money marSc,
keeps easy. and Will undoubtedly SO re-
main-gnd should any sudden happening
arise affecting money rates we have tas
emergency currency act to far back
uIOn-a complete safeguard. Neither in
vestor nor speculator nor promoter need
feel any apprehension concerning the
money market. II is buttressed and bull
warSed by natural and legal condl tions
OF unassallable strength.
Nevertheless, Wall Street may have
its spasnns OF feveTish1ess--it has hal
a number OF them lately--and uhe pop
uiar profess IonaI side OF the market ma
Scntinue TO Se the short side for some
tlfnc But thSfe Is notnlnS N 70 O1 last
ing comfort 20 the bear Every hrtle
downward dip is followed by recovery OF
more than proportionat4 character Ind
there would seem 20 be no rsascn for
any change OF the program.
In the early future OF the market the
Hswiey stocks are likely 20 improve ma
ttrially. Chesapeake and Ohio shouid so
TO par during the next 50 DAYS
Reference heretofore made in rhis r--
view will bear repetition with references
to industrial preferred shares that have
large amounts OF accumulated divid snds
due upon them Colorado Fuel II an
exan1pIe-110 bid for the stock and ons
offered under 120--in contrast with Tree
offerings OF the stock only few months
ago az halt this price.
Vulcan Detinnins preferred is another
sSample-about 20 per cent due upon II
This Company last year earned enogss
to pay all this accumulation--and this
year IS earning more. II is . curious sit
rasion that is presented in Vulcan De
unnins AFFAIRS. There Is Just one grour
-