New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-22

'N~' iISN' ""u NFsechednsss We're .v.-r-,
that any appearance Of value and an ,,o.'..s'
were merely lures for the investors p,s.s- "'
Direfui tales with ghastly tendenc,s,
every side purvsyed Financial snar,,
names familiar in high finance were hrn..,'e
and one eminent corporation controller
sacrificed. TO help disturbing campa,rns-.
Yet. actually. nothing bad has ,cn,,r- 's
20 pass Virtually every business sevs1o~1 ~0"'
indeed. has not been merely free rror, IN ..1
but has been pronouncedIy good cron 80.
grow still more satisfactory Inau,.-,.I
gains stronger headwey cor-sr-,.,
are all on the agreeable side. tn. ,,a
trade status IS close 10 perfect. pss.,,.,."
childish
Mr. Hartman Is 20 b. ho-r. a cou,,.
hence. German medical experts eo,c,r.,.-
orous treatment. announce his conaitio, -.
irnproved-saying all he need. now .,
watchful that there is not irnnledist. 49,.
physical overwork. for even the sru-,,...
slarmists have not been rockies. enough .,
gest that ausht else than physical aIl.n.r,, ~
intertered with nj. activities
II may De counted upon eonraen,1,
following the Hartman return tn.-. ,.,, ~
disclosure that the recent cays OF r.,.
been Gays OF idleness Announcement. a.. ,,.
They have 70 do with important forward ~.
in corporation enterprise Propertie. OF 5,,,.,
nence-a score-fzure in what Is accor,,u.,..
II is the Wall Street fashion 70 maxi. ,,..
recitation OF guess work as to what 4, rrro,,.ss
in Union Pacific and Southern Pacific a,1 -
York Central But Wall Street Is contr,r,.1s
its cataloguins. Consequential things er. m ~.
quoted list; but the Hartman plan ana ,,..
ress is broader than scheduled even bv w..
enthusiastic reciters.
And what has Importance, xreata.. tr
lance. is that II is going TO be remembered ,s..
what Mr.. Hartman has proposed and ace~,.
plished. has been in full accord with other, -,
have quite equal consequence In the world :.
finance. both here and abroad Presen, a.,,.
man victories are not the outcome Of battle, =.
strategies or any phase of competition AZ Ar
they stand for common sense conclusions .x-~.,
upon by the very foremost lAadershlo 4
America
And as there is no spirit OF corporation riv,Ir,
or financial antagonism involved eo--coecu.lv
inspiriting-there is no element OF legal collj.,,,
or uncertainty. From all standpoints the pro.
ress registered IS progress that rings trs4
During the ensuing week we are likely 70 ha-s
many evidences of the certainty OF this Son.
Will have 10 do with what are the already -
ogniz -lEiman stocks; others viii r.u-a
properties not vet C'but soon') going into tn
Hartman roster. Texas Pacific IS one Of the,.
So is Bethlehem Steel. And before long Wabash
will be discussed a. a similar probability.
Erie, though. may az any time becon. .v~
more conspicuous. especially buoyant ta.ouxh
the maturity of Mr.. Harriman's plans RI.
second preferred. like Reading second -Av
even pass the first preferred Tiers ba
reason"
nat this week there should have com. r.ae-
ton into the market can IN no sense be re-
garded as strange. For weeks FOR months 4.
market has been broadening advancing h
some Instances the gains in market prices ar
very Iarge-and it would have been remarkable
70 the extreme had there been continuation o,
such market expansion without some Temporary
hating space. Yet references 70 the wtdes, fuct-
uations recorded this week including all d.
most severe declines, shows that what has s~-
uaIly happened IN the market Is upon the aver
age relatively slight Union Pacific dropped
dozen points. Southern Pacific about half as
much and so did Reading and New York CsnraL
but the railway list as rule falls less than t~o
per cent. on the general average. while the II
dustrial stocks have a decline average even lsss
In an exhibit like this IL IS diflcult 10 find any
reason for excitement or apprehension Union
Pacific a month ago was under 200. and al tn't
figure was 100 points above where last year Z
sold Thus when Of a sudden Union Pacis'
shot up at the beginning Of this week close "
22O. II was reaching market quotation when
only recently would have been popularity rezaTa-
ed in Wall Street as a wild anticipation ~
drop back somewhat from this TOT notch Whl'
staying well above eco. Union Pacific hardly y
In the hist OF disappointing examples.
AS 70 the general market. there has YET Oss'
relatively slight approach toward intrinsic WI
ues which can be disclosed
Chesapeake and Ohio has given an espsciaS
good account Of itself during the turrnoi Ok US
week Among the railroads OF tns C'u'''4,
Chesapeake and Ohio will have proninehce Il,
some time to come for the reason OF pIok1N.
In the plans which Edwin Hawley deVel'pS
the property's expansion Chesapeake esAS'S
be merely a Southern road II is become -
nucleus OF system which Will II nl'h'
spects, have place in the national rloh'
One fact that investors can count upon go
the certainty OF vastly increased dlVlosn" '''
ings-s per cent being a moderate preoic'iUA
what Is officially counted upon Tor the 0D'' .
fiscal year. The dividend rate, natNraHS' - -.
soon rise-and official announeepenls ''0s'
hand will be likely 70 make THIS dlNl"S""
vance seem sure not merely To rise ou. - 80.
substantially. II Chesapeake does EU' -,
long reach par there are Important nn"A...
who are mIscalculating Meanwhhe' tns -
seems TO be so held as 70 be Independents OF '''
see-savs bv the rest OF the market
Third Avenue stock is finally sao"Hls -
ance to the bear campaign which has 'ss1 :,
strenuously waged Eventually WAX S''e''
wake UP 70 the fact that recent preszna .,
Third Avenue quotations has had It's os1 ''s -.
the avarice Of interests ambitious to eon''v.
property. whose endeavor has been % ".--