New-York tribune., 1909-10-03
The Financial World.

LACuLuHe
ing novel In this The chronicle. week b, -.
for months past has run similarly.
What seems almost equally wondrous 4. a..
this splendid uniformity has benefited rsls,,,.-'
lew In Wall Strset-few OF the profe..,.--
cOterie. at least All the wise folk hav. 80
steers rise Forever preferring pesslmisro ~,
petuaily ready 20 attribute bad motives s,d -
tribute theories Of double dealing. tbe,, ,-L.
most are continually active upon the Nav, ~,
Stock Exchange have opposed To their us,o-a-.
every gain that has been registered Tba-. -
been questioning OF the good faith OF tbe G.
POratiOn scepticism expressed as 20 such a.,
trade revival as Steel Corporation earnings havs
indicated Crowding bear grOwls. as perslvtsu.
no" as when Steel common was down close "a
SO a share last year. may be epitounizea ,nt,
the tnsistence that Steel Corporation busine.,
increases and Steel Corporation stock buova,c,-
represent merely the desperate efforts or .5,-
| interests 20 deceive the public By tempt,ny
them 70 make investments BY buying what 4h.,.
big interests' have been anxious 20 cell rtt
has been shouted unremittingly. at even sverv
fractional advance. as Steel common stock IA.
calmly proceeded 70 double. 20 treble close nov
to quadruplng-fOr that the Steel quotation f.
bound for par is quite as sure a. progress -
90 even TO 80 seemed barely year aTo
On trial before the American public. J. Pier
pOnt Morgan stands vfndlcRted superbIy-hs
judgment. his courage. his integrity al suprems-
IL attested.
InspIriting stupendOusly IL one feature idertl-
fed with this United States Steel achievement
where professional spectators were scepticsl
and antagOnistic there has cofncIdentIy ao-
peared the staunch support Of the investing
public This "pubNc'-even the ultrs-outsIdsr-.
Is chief prOfter. And 90 a human being of the
staIwart Morgan sort there is a vastness of
gratifying consequence I'm this
Next to United States Steel shares Wan
Street interest Is excited by what develops N
Chesapeake and Ohio. The stock approaches
90 1t does this without strut OF hurrah. TIE
chief investment houses OF the Stock EXchanzs
are the ebuyers-lnternatiOnaI firms participating
in a large way. II becomes evident that Edwin
HawIey is ready 20 round out railway system
important beyond what even his most eonfdsar
friends have been predicting
1t was in this financial review that Mr. HaE-
Iey's acquisition OF Chesapeake and Ohio was
first forecast: and as there was az the start q
the wear complete information for the Unantici-
Datel announcement so there Is cOmplets vert
hcatiOn now for what was then published hers-
the explicit statement IN January being:
among current financial news Developments
none surpasses "a interest or eonsequence he an
troll OF the Chesapeake ana Ohio Ra1way VA
Street had sxPee1sa !l No 9as sqe RSst r Hs % a
propose. what can be accomplished whether
a1SwsTed nv any 9Ody anywhere. Hawley main
tains his accustomed silence The sphinx couI
pIa2 to even curs0ry examiner OF the railway map
are nrarsTtes Sfr sSlsT can merEs
his standard lines (Chicago and Alton. Minneapolis
sneae snS S ana Ohio reiasionship create WesteTnss
board system consequential enough 70 conpete even
with the Pennsylvania ana the New toIk centEs.
for grain and lumber and ore business 20 the
Aae II, 6Ta STy as pT55yeo @ He has such uses
for the system as can give 4 conseqlsntlality
sDeveiopnents OF supreme Importance inpend in
the company's affairs, This spring viii see iis
1T can now be annouaced-this review IS au-
thcrized 70 annOunce-that the Chesapeake and Ohi1
win have its own entI qnce into Chicago Val
street should be prepared for TIE eohsSqasles G
forthwith into Importance as trunk Inc o. nds-
pendent potential rank 5as s0s 9s . sasSs y
as that expansion Is does I not oy any mss - -s- g-
are already accomplishing
What Chesapeake and Ohio. now at 800 pes
share. represents-independent Of other things,
wholly superior to other things-is that thsrs
Is value in keeping good faith. that the sQuaFs
deal is an asset All that Edwin HaNlsv in
Chesapeake and Ohio promised is made good
and more.
Chesapeake and Ohio in its present fiscal yea.
will show per cent dividends earned An.t
Chesapeake and Ohio from this time IOr"alN
is conservatively worth more than par
Chicago and Alton. colncident with Chesa@
peaAe and OhiOs rise. may be counted upon %
give new good account OF itsen-soon
In United States steel. IN Chesapeake and
Ohio. in every case where pronounced naarAs'
value advances are recorded. the essential-the
potentiaLthing Is that good times results are
making such inspiriting records that It Is tns
plainest OF business propositions that where
there are present dividends there VIII oe m
creases, and where there have not hithero
been dividends there now can be new diVIdehds'
substantial ones. The man who has always
prOfted most in the security market-WhetheF
temporary speculatOr or permanent m
vestOr-has been the man who has coHpfe-
hended where there was Improvement Ike ths''
at present, and made his comprehension OF me
fact the basis for his market action II was pre-
cisely so in Steel common. for when this stoee
was selling under &c last year there was heard
In Wall Street only one chCrus-eritieism oi 'ns
property's value and denunciation OF the COM
pany's management: and there was only oh'
stock market fashiOn-that of selling tAe sDai'
short They who have the stock now tand ca.
sell it for nearly four times at they eoua
buy the same stock for last year, are just reap
ing the reward OF being long-headed. lore
sighted, OF having COmpreheDded tAet prosVe5,
ity was coming and that prOspeTtyS result
could not be anything else than upifting ~
market values II has not been a case oI Niao ~,
thing else than intelligent Observation anu
common sense put into practice
AS In United States Steel as IN Chesape@s
and OhiO-as has been virtually the case =
every stock whose advancement is based upo"
Intrinsic vaIue-so the record is fairly sure "
run for any property on the Stock Exchanse-
the public that now buys is public thar or
serves. a public become convinced OF inuiHS,-
value Once thus convinced. however there "