New-York tribune., 1909-07-25
The Financial Wo,ls

fairly overwhelmed with business sorS
fame That the present conan - - eofss E
per cent dividend Is being earned ssa.e<s
over Is equally matter Of general - - u <
Just why this change into bafte- Aaoxsis
should be regarded as irnmediafs1- SoadaS 4
an official vote Of bigger divfdends a. s1Ia1t, &
where disclosed-in some circles tL = not sr
cial the suggestion is not welcomas ars
hardly be stated. however, thai - :
circles are quite inclusive OF ~. 9sSs e o.
which are TO be recognized as chissv -aasl'a +
shaping the giant cOmpanys dscs1 seeal
There are directorS-and directo-s ~goles
TINS parucuiaT example Is OF consecrasss.ss
spiritlng TO the furthest degrsa-ie 4Ss-cs-e sscs-es
who are the actual over-lords of 80 1at A u
stand unqualihedly for what is straios.ssl. s.ols-
They are conservatives who are SS5s0fTs
They are prosressives who have M - aEse
LeekIeSspess 1lflI ne I whatsoever they may on la
And there is no more encouragino a.
the situation than the eertainfv L-ssle1ts
action viii be accepted universally sa- .t q. eae
faith. satisfactory for the present Wis. = sss
future. ~
The unequivocal fact. as hitherto w.,
this review, is that if substantial t,.-..e
voted 1t will be found that stin f1rths- -
would have been practicable. ont - -
profits; and if the desired increase IA. -
while further postponed it win b sso-..
as clearly-that as reason FOR uosrnss- =
there is merely the element Of co1,,ss.-s1sr
looking to larger and still larger disfriS..s--a
little latsr-for the forthcouling stsrs-s..lla
the Corporation, IL can be relied uuon ,% --sr
rant every mans enthusiasm Thsr - - as
security market should suddentIy 'ns1-s y 5
upon what may or may not be a 6rs--sSSs = = .
common dividend is merely ten1po-s--s -
ally Yet what may be readily seen "a s--,- -
atOry Of this curious state Of mind car ~ 80
in the current attitude Of most OF "a = .-.- - +
sion houses Of the Stock Exchange TT.---S
waiting on a definite tariff 1etsrnoi1a-s---s 2 +
are so weary Of tariff recitations thar t5s- - /
with some avidity another and nev4r -
for advising clients 10 proceed csurio,.S% =
IS disclosed TO all observers that ~ a.. 49,!
commission broker now not only has hi, -
pretty thoroughly clear Of margin sces--+-- -
that ne IS disposed 20 continue this eondtsss 4.
the time. And IN explan7 ton OF This T. 4, -
that during recent InOnths-with srbs-.-s (
advances registered in many parts OF - -
ket--there has been much insistenea ,1..-
pendency OF important railway and iEdT--
corporation deals. Few OF these Aaais -
come to pass-or. at least. few OF tbsr1 70 -
disclosed Thus. IL IS not unrsasonabis e
prudent Stock Exchange advisers shorIs :
counselling customers 70 avcIt soma dsHnis.
velopment OF importance before r7sIx5.v - {
or extending old commitments Esrlv - {
sion Of tariff legislation. a Substantial -
common dividend Increase annoUncsr,s.s
HarriU19r plans in New York CeutraLs. 4
event cI such pressnce-couId chaugs :
a a.
they protest so much OF conservatism tbs i
kerage heart IL may be depended is anxirus
alert 70 welcome signals Wherefore pazs
can be sureT than that there viii bs -
applause for the first real sign OF aught thai =
bring market rsaTakeniug But thar sizn N
be a real sign-too many over-rioe prr-,s s
and prophecies and points" are alrsady IN =
storage.
Evidence is not lacking that in the svsr.
the actual anaouncemsnt OF some of the 7s--
there VIII be ready public avsrse
tion. even to the point OF making broad n
ket spontaneously. While the pubic has b-
hesitating and holding aloot. stock Er.s,.s
transactions have been given such occaEs-
spurtS as professional traders provide vhs1 II
happen to be ranged pretty generally u1o1 :. 3
slde-and the one side recently has ben =
bear side All the talent is persuaded that urs,s
are too high. that something Cfust on the Az
general averase) IS bound TO happen. that lru
daJion IS close AZ hand They do not msrxu-
much fact to uphold their argurasnts bur H.
srowIs make noise plenty. and short ssl-s
eEerts some effect upon quotations
Equally manifest is the position Of Ehst - +
Wall street Vsrnacular are cassad as the Il
interests The important international ~ S
ng houses. the executive heads Of the srsafal
road systems, the chief directors OF tuiusrz
these-are bull.sh. The Isl
ciudeS those who are the largest eorrrolsss *
capital II includes those who have the IS
ma surest opportunities for business mf1z
ION. And in the list enbre eng all OF thsnu
one voice Is 10 be heard declaring one thing a.
nan confidence that Gin the words Of NE J
Aorgan) Good Times are already hsre
What is 10 be the ending OF contest bsr7=
such opposing forces isn't much 0f a pu-
Ahey VINO are so Srrenuously driving a :
Market. prophesying quotation smaShes ths7 =
oect 20 make, are merely being PLACED with
IN Ar -
'readth and betterment there Viii be inasEz
u long list OF medium priced stocks. ra-
Pacific, Great Northern. Northern PacHs
Paul. Canadian Pacific and the rest Of ss
standards which are far above par VII 2
partners in many quarters where recently 1ss
has not been much aggressive strength =
he higher priced issues there VII be still hsas
'rices recorded undoubtedly-for Union PHI
IS example. is not merely sure Of its 2a9 e.
'ut extremely likely before this year is dc1s
Dom full fifty points further
FOR th9 investor Or the specuiator OF rs.sl'ss
estrlcted resources. however stocks wniea
ong above $50 are stocks which can hardy
egarded as advisable purchases Thsy rs2A
ne use or TOO much capital they involve
Teit interest charges between dividend u
nd they have too ElEch the haoIC OF hueIaA-
everal points at a time, TO be comfortaoe S.-
anlons- They are iuxurieS. But the NsW ~
stock Exchange list in its present compost
: not conhned-evsn in iUs very best paasss,,-s
comma nding extra premiums :.
My are there attractive investment ara -
atlys shares selling materially below lass ,a- -
Ut the list or such issues is long, and u A .,
ar1ed instances that are exceptional oSls,-
or the great public most money viii oe -. 80,
S the market improves, IN stocks TspIssSsa~ -
abroad and Industrial properties wnoss =.
nes. interrupted BY panic depression s nS's - 3
entity benefited by the return OF noEIla-. =
ess conditions. supplemented By tas Mss 80
on OF progressive management q 80 49,
Sanples can be readily cited. Amons ..-.,ssp .-s
'ays none is better illustrative than SnTs.s.~,s s.~,s
ma Ohio Under it's new control rs -. - :
rope tremendously widening. CheSss7esSlri
rasping such prosperity a. former 1ei1T1s1fr i111sfrg
ons did not contemplate That VI At-s-fs rs
lay soon have signifying aunounesiA.ssss
AXE is appreciated in banking circses IF
cake stock does not belong below ps..,.s
orfnal market broadening viii oe -
AIRY Chesapeake stock upward pFooP-.ff ~
Ontario and Western. from dilS.s-s--n
lay be expected also 10 give 5000 at-ssss.iss
self Developments not ear distant gs--.--rrsT
axe il a payer Of dividends on s-.S.r fr
rger scale than at present-slco "a sst,,rsfF
M .