New-York tribune., 1909-02-14
The FInoneiaI World.

What above other things shows clearer a.
clearer is that the country is proceeding /,
heaIthful recuperation All apart from sns.-,
lative Wall Street there Is progress OF ors.-s-
sort. That no sudden boom develops iz 49, 49,
enough: but wholesome business interests So go
no boom. Their hope is in normal conditions
And these become daily manifest
Mr.. Hartman is going west-for detars,
inspection of his Pacific systems, and nav n
personal visit finally arrange the program f--
Mexican feeders 10 the Southern Pacific srst.-.
The trip Is not that or an invaliG-as Wal
Street win fnd out speedily. Mr.. Harriruan's
New York Central plaps-and, finally. the rsf
way world begins to recognize that HIS =,
trance there Is in no sense subordinate or rlere
ly noFninal-are so far developed that ore a.
reuncement Of exceptional consequences nav
come much sooner than any result from n.
dictatorship has been expected Somebodv -
credited with having inquired from Mr. Har-
this week:
trail stockholders expeet?' And the aasws-
laconic was:
Dividends"
The significance Of the acquisition OF the Wis.
consin Central by the 500 Line has not YET be-,
fairly understood. The preferred stock holder,
will surrender their right to share profits uish
the common stock above per cent but in esr
sideration thereof they obtain an uncouditiopsr
guarantee of the 500 Line OF the per cent fer
% years endorsed each certificate, giIarar
tee which takes preference over the entire cant
tai stock Of the 500 Line representing an eyr,ifv
of over $3s,0e0,0 900. besides securing broad in
ternationa market for the stock which nav
eventually be Withdrawn from the markets a.
a high grade investment security. The Co.,
dian Pacific and 500 Line viii irnraedisfaIv
throw about 81 000. 900 additional business ovs-
the Wisconsin Central. adding about $3.50 200 o.
net revenue per annun, the closing up of OUT
side agencies which last year cost the Wisconxf,
Central $4,000 will cause saving of oTsr
$4,000 a year; and the consolidation of ter
minals at St. Paul. Minneapolis and Duluth VIII
save over $500 900 per annum. a total OF ssy
ings and added revenue Of over ss5a0e0 ser
year
Smelling Trust official figures are showing
more encouraging front. An interesting re-
version OF form appears in that quarter policy
of publicity having, been suddenly adopted
Smelling mysteries have been expensive ss.
only 20 it's little stockholders but 70 its biggest
ones.
rysay be- after all. even greater virtue thar sus-
pected in some recent panic lessons.
for credit confidence or even a passing preat ia
going to be bound 70 recognize is that Success
only is possible through policy Of the utmost
Gary George ". Perkins. and their confTsres
of the United States steel Corporation have
set the national pace.
Chesapeake and Ohio developments within the
ensuing fortnight VIII somewhat make clear
Edwin Hawley's plans for the expansion Of that
property As hitherto forecast in this review
Mr. Hawley has bought not as a broker but as
a proprietor Chesapeake and Ohio is the
cleus FOR an important western-AtIantic trunk
line system. Every one Of his central western
railroads will be advantaged largely-Minneap-
oils and ST. Louis. perhaps more than the aver
age.
OF current market features none surpasses IN
significance the new volume Of foreign buying Of
cur stocks il being estimated by important
bankers that tens Of thousands Of shares per
day have recently been taken by London. with
Paris Berlin and Amsterdam making purchase
on a smaller but ascending scale II becomes
clear too that the buying movement nOw 81
apparent has actually been stalwerty IN prog
ress for months past BY way OF example ths
experiences OF an international arbtragusr Is
illustrative. On Monday last he sold. here
1000 shares OF Denver preferred iEtendlas 70
recoup by purchases abroad; put whea Interim
deliveries were requisite here he ran up against
q market condition bare OF the stock ne needed
TO make his contract good; anG ne nad ac1aaAy
to beg the concession of delay-even Tor so
small block as single thousand shares. Der
yer preferred. may. Of course, be exce7sIonaly
scarce in this market. following renewal o.
foreign denand-for Denver preferred has for
years been notable favorits among investors
abroad-naturally SO as a confirmed and con-
sistent 5 per cent dividend payer seiLng Iar
below Weld value But even # IN relatively less
degree. this Denver preferred incident may oe
fairly regarded as typical
Alert observers will discern signiheanes IN
the news announcement Of the final taking over
of Mr.. Hawley's Colorado Soutaern system by
the Chicago Burlington and Quincy, which
means James ]. Hill and the Great Northern
Edwin HawIey and two OF his closest associates
being retained in the board OF directors as Mr
Hills colleagues. In looking a little fofEarl
it is altogether logical to anticipate that thels
will be material SEQUEL to this-Mr. Hill or hs
representatives welcomed into the new great
Western Pacific system which Mr.. Jeffery ana
Mr. Hawley are rounding cut as the auxiliary
(even, perhaps the early absorber) OF the Den
yer and Rio CSrande system OF which MI JenelY'
representing Mr. Gould. is president
That the Burlington and the Great Norrnern-
all the vast Hill system in the NorthWesI-ats
from this time forward TO have most num- -s
relations with the Denver and Rio trance 81
through the Denver with the western FdciHr FdLi
is of course not doubted BY any Teasonaols
considerer OF the situation And that Georss
j. Gould Is welcoming James J. HHl into thls
situation is stated here upon the hignest au-
thority. =,
Graphic indication of what the operation q
the Western Pacific system will mean % ~
Denver and Rio GFande is set forth IN an -
visory letter just issued TO clients oy an
portant stock Exchange banking house i =
calculated as "a conservative figure Is u
lows;
Niles of Denver . RIO Graade. directly eene-
Tons per mile per ysar...--.-.--..--.-..--. Ie
Tons increase Of freight ........-..--- 1eeessa ssa
Average haul per ton Cniiss) -..-------
Average rate per mile.
For net SO per cent
Ne. pron, Increase. ssssase0
This calculation. vouched for as mot sxtrsy,
agant,' shows closa 10 10 per cent on ths .oe,,
sss,o00ooO Denver and Rio Grands e0i'''''
The exhibit must bs q wozderf,il revelation