New-York tribune., 1909-04-25
The Financial World.

whose disclosure would have disturbed any
ordinary market condition But New York
Stock Exchange sentiment has stayed conpla-
cent-careIess of crises whether bristling at
ConstantirOpIe or envelOping the wheat pit az
Chicago Occasionally there has been a bear
sortie against quotations. but effects have been
lnsgnifcant-Wan Street net changes for the
week being largely a list of advances The
money glut overrules all the adversities. either
proclaimed or prOphesied. And market strength
is supplemented by unmistakabIe signs Of better
business health throughout the country. Trade
is manifestIv revfving There is no boom any
where-nobody possessed Of sound common
sense wants any boom But that orderly i'm
prOvement progresses is obvious to every fair
observer-and. finally signs of betterment
appearing in the manufacturing centres Of New
England. where there has been most tagging.
Indications OF betterment IN the corporation
world are daily multiplied. Erie is past its
bond issue complications. Improved operating
capacity will bring prompt income results Lon
don has become buyer of Erie.
Foreign interest shows In various parts OF the
market One cause may be that influence Is ex-
erted by the presence abroad or representative
American fnanciers like Mr. Morgan, Mr. Schiff
and Mr.. Fric1- One phase Of what Wall Street
likes to label as the Vanderbilt Hartman deal
is being consummated on the other side New
York Central has intimate foreign financial re-
lations-and a transaction gigantic as that
now pending calls for consideration by interests
that are broadly international.
Meantime there are signs that the lesser Van
derbnt properties are being put into ship shape
readiness for the comprehensive coup that is
coming Nickel Plate shares. for example. are
providing some Of these signs Mr. Keene IS
credited with having discovered that IN IT'S new
relationship Nickel Plate is to fare especially
we'll The task OF putting up Nickel Plate quo
tations is not a difficult one-WaI street mas
been fairly swept dry Of that stock
The coming week is likely TO awaken
ing in Mexican railway securities For reasons
that have to do with impending favorable de-
velopments. there has been indispOsition upon
the part Of the most influential frle- ds OF the
property to join in any market activity pending
the conversion OF old stocks into the new issues.
So much progress is now recorded in this par
ticular however-and exceptionally strong
has become the prOperty's statistical status
that it is improbable that there can be muen
longer continuance of the hesitant policy Wall
Street cannot be kept away from participation
in the opportunities of such business PROPOSE
tion as the consolidated Mexican railways pre-
sent The fact that Mexican national credit IS
back Of this national railway. the fact that tne
foremost fnancers OF Europe have intimate H.
vestment relationships with the property, the
fact that the utmost financial requirements for
Years TO come are adequately provided. the fact
that upon a mere business basis. wholly indie
pandent Of those powerful influences which are
co-operating in It's favOr-the one fact that the
railroad as a railroad commands prosperity-wil
be accepted in calculating quarters as reason
quite sufficient TO warrant confident investment
All the common stock of the company is owned
nv the Mexican government itseIf-prOft 70 tho
Mexican government being available only after
dividends are distributed upon the other securi-
tfes-thus necessitattng dividends upon tne set-
ANYTHING And that the Mexican government
expects 10 receive sOmethtng-and tnaC NeIy
,,Lo ie familiar with the cautious fiscal policies
insisted upon by President Diaz
Among financial statements made public dur
ing the week especially suggestive Is the sum
married. annual report Of the Third Avenue
company Earnings increase half a million DOL
lars. 1t Is still popular in Wall Street TO be
nessin,istfc on Third Avenue. hOwever-there
bainp no abatement OF the evil prophecies whose
financially interested sponsors have broad axes
to grind Third Avenue is going to work ou'
all right And-as has been consistently tou'
rather Jonsomely) insisted in this review
stockholders who refuse to be scared out OF their
Investment are sure Of ultimate large reward
Mr.. Whitridge's management, intelligent pro-
4rd INDEPENDENT. mas dlItdtAE Nu-'A
gross evils He will be able 70 do vastly NOR
a. the permanent executive head OF the prop
erty reOrganlZed
Bro,kIvn Rapid Transit and Interborougn
shares score an advance. rejecting quiet deVeI-
oDr,ents. which are advantaging the proper
ties II is among the rumors in banking circIeS
that a clear majority OF Interborough STOCK mas
baen taken out Of brokers' Offices and tightly
tied up for year To come by deposit III '--7
block While there can be found no direct SUI
sanitation OF this. it does become apparent tha'
,bora il nov, relative scarcity Of stock as
COMPARED with that obvious 0Versupply WIZ"
,,as so much in evidence prior to the entrance
of Edwin Hawley into the scompahy ui'ec-
+or, The concentration policy Is not new where
HawIey is concerned 1t is being similarly
sbo,vu for example. in Chesapeake x ONO
In BROOKLYN Rapid Transit new buying pc
comes not merely evident, but consequential 90
an extent which may be dominating IhreaJs
of adverse legislation disappear anna u47
,,-oatb.r conditions promise large earnings IN
rraases-the 80 per cent Coney Island shrlnh4ge
last wear affords exceptional opportunities ioF
comparison
,,besoneake affairs are soon have new
pror,iuence There are meetings daily whereat
Mr.. HaWIey and his confreres advance lmpor-
tart DIans Repurchase Of Norfolk & Western
h, the Pennsylvania has put a host Of theories
ahoat as 10 what may be conveyed touching
similar transactions eIsewhere-it being NOT
,pnaturaIfv urged in some quarters that as
does in Norfolk. New York Cen
rral NAV seek to do in Chesapeake Mr. HaV-
Iev himself chooses merely TO ignore the guess
work What he does say unequivocaI!y Is thdt
CheSa peake < Ohio stock Is SUN stiiiis iH'O'
below it's value