New-York tribune., 1909-07-04
The Financial World.

Representative commission houses aver thar
they are carrying many stocks less than their
normal average. This has been their almost
uniform statement for year past And though
through all this period one question has been
constantly asked-~whsrs are the stocss-zho
owns hem?"-there is not yet heard any con-
elusive answer What conservative observers in
many instances believe Is that there has been
absorption on tremendous scale by two widely
differing cIasses-one constituted of the myriad
buyers Of small odd lots, who paid outright for
what they bought and took their certificates
away from former Wall Street lodgenent-ths
other class embracing the chief capitalists of th5a
country and Europe. who. having captured bar
gains by wholesale. have now no disposition TO
let them go, even to collect stupendous profits
both classes in this investment sweep recognfz-
ing that with the present assurance OF national
business revival and OF national crop bounteous-
ness there is right at hand an era Of upprece-
dented OBSERVATION-DISCLOSURES quickly TO be trans
lated into dividends bigger and bigger.
Among the events OF the week exceptional
significance centres in the election OF group OF
new Erie directors-Mr Perkins and Judge Gary
as associates of j. P. Morgan. and Mr.. Loree and
Judge Lovett representatives OF z H Harri-
man. coming into the property. That men OF
such character-men Of experience-nen Of en-
ergy--are actively 10 engage in the direction OF
Erie's affairs is OF itself a matter Of striking
consequence. But in this instance there is sug-
gestiou-is actual proof-of what is bound TO
go far in influencing general investment senti-
mentor this incident at once and completely
disposes of foolish fables that Mr.. Morgan and
Nj Hartman are at odds. II has in soma
quarters even been urged that each Of these
leaders would rather do damage to the other
than make profit for himself; and. however
curious may be the exhibit. it is to be confessed
that Wall Street includes many speculator net
only ready 70 accept such phantasy for tr1I.h
but even happy to add ennOroidsries to the rect
tation- But ordinary moTtals who care for the
rules Of common sense viii not be deceived
These are not Wall Street warfare times No
fact anywhere shows with more ciesrness than
that instead Of antagonism there rules between
the important leaders OF American finance to-
day The princIple-the active prtnciPle-of CO.
operation. 4 few years back ve had com
rnunity OF interest" talk There is now revealed
10 us community OF interest action
Erie is significantly pointing the way
We are in upbuiidng era-and after Wills
It viii be appreciated that even our recent panic
time a season for learning lessons when
destine the country for vast and vaster achieve
ment. Thus are being presented examples IN
multitude wherein prosperity has followed upon
what seemed almost financial hopelessness. And
a score OF corporations whose securities are on
the New York stock Exchange are disclosing
that they now have opportunities in spIendidly
tnspiritng contrast with what so little time ago
seemed almost utterly discouraging Where
bankruptcy appeared threatening. even dividsnds
nave DOW come into prospect. II Is not needed
that the ist be Observation-Disclosures along with
Erie. including properties like Southern Railway.
Rock Island and Denver among the railroads.
while Instances oufra az 1o+abIa sl,o7.- sr-ooe
industrials. Through the stunning conditions o.
panic they worked forward. are cut O.
jeopardy. have practically triUmphed over every
hesetttng diffcuity-cominz even into situation
where II would almost appear thar prosperity -
the very result and reward OF panic pressure
As upbuilding progress was made through
troubous times by representative old properties
so also in that season Of stress-when no naarket
strength or responsiveness vas anywhere dis
Coverable-there has been tbs working out Of
plans for the establishment OF new enterprises.
Capi5al is over its fright-no sign o< nervous
ness is now traceable IN any fnancial quarter
reassert.ve ~ every day expanding
into more and more forcefuIness- Along with
dazzling exhibits OF dividend disbursements
upon gilt edge investments ike Lackawaana.
there will come naturally. the opportunity for
newer earners-such as can make good for the
investor even as the best Of cur earlier hotsti5ns.
Point is given 20 this view bv various recent
which indicate that prominent
hnanciers are ready 70 join in plans for the de-
of number OF industrial enterprises
Of financial consequence One Of these is fore
cast by a Watt Street news agency announce
nent OF the prospective launching Of a CORPORA
ZION Vvhich-havins $50. 100000 capital-~iu come
into control Of that broad field OF advertising
now crudeIy represented by biIIboards anG
building signs. IN this new project are asso-
ciated score or more Of capitalists who may
be regarded as exercising dominating influence
in the management Of many Of the great rail
roads Of the country. Their plans are cornprs-
hensive They contemplate the utilization Of
opportunities for large display advertising at
important railroad terruinsIs-this feature how
ever. being only part OF their programme for
what they propose is proftably applicable IN
with theatres. Office buildings, de-
partrnent stores. ana wheresoever else brilliant
Signboard will command attention.
In pursuance OF their plans these CAPITALISTS
have obtained control Of many patents that have
70 do with electric displays. for electricity Is
DC Used IN their advertising methods-their in
corporated company being The General EIsc-
trical Display Company. which controls The
Dspla O Graph. whose operation has recently
been unique feature AZ the entrances OF New
York theatres Associated with this company
are other advertising corporations representing
an aggregate capital OF 100000. .0eG-representa-
tveS OF wuat IS pcpUlarly called the Theatrtc3l
Trust having intimate financial relations with
the enterprise.
With field practically unlimited-the theatrical
combination alone controlling advertising Oppor-
tunitieS appurten7Dr to $500 theatreS-the as
sursncs of profitable operation is OF course,
readily recognized, while IL may be fairly caIcu-
lated that the corporations scope will be tre
further expanded BY the cc-opeTa-
ton now assured from the Wall Street fnsn-
'isrs who. because OF their railroad RELATIONSHIPS.
make certain the addition or resources and op-
such could not be otherwise
hoped for.
No industry at it's inception has ever brought
together greater number OF active and success
fui capitalists and so quietly have these men
In association been rounding out their plans th1t
til now there has been hardly any intinlation OF
The Wall street curb market a few nominal
have been made in the stock or
The General Electrical Display Company be
tween SIS and 81 per share but there Is app9r-
emily no substantial supply Of stock for sale--
Inc capitalization having been largely oversuo-
seribed by inside interests who do not hesitate