New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-01-24
The Financial World.

IOd0-WleFeln Fs0pI9r6
have actually competed in subscription
What must be sequel to the splendid conclusion
of this incident will be influential in every mar
ket of the world. More thoroughgoing attesta-
ton Of the universal abundance OF money could
not be provided-and eoincidently 1t Is not pos
sible to conceive Of testimony more conclusive
to the whole worlds confident investment
disposition For a long while we have been
treated to gruesome tales OF what might Be IN
dicated by the boarding Of gold by the Bank or
France And many tinnid souls have shudderea
exceenty in public pleas for what they have
been pleased to dub conservatism An interna-
tional war. not falling short OF embodiment for
every Eastern Continental nation has been upon
the list Of relatively mild representations Truth
told-now manifest in the rescue OF Russia from
tremendous financial NEUTRALITY-SUSPICIOUS. OF
all such stalking spooks. Accumulation Of gold
at Paris has been not even most remotely for
war, not to facilitate any disturbance. nor In
apy sense because Of any experimentation
building I'D Of record brea king gold volume has
had in contemplation the making solder and
soldier the sureness of European peace Russia
by very reason of this, escapes being financial
dereHct-and every bourse in Europe through
this loans success is relieved not merely OF the
possibility but what for time threatened TO
be the certainty Of distress
Yet, as If swinging upon their native boughs
the pee-wee pessinists Of the Stock Exchangs
have been chattering and jabbering through the
end of the week over dangers" which their
little. dull, round eyes think they see in this
incident On Monday they were sad over the
prospect of the great loans failure; on Saturday
they gasped their griefs over what horrible
things might now be possible because Of the
loans success. No normal intelligence will be
Influenced by any such performance Yet this
one element is chiefly responsible for whatso-
ever nervousness and weakness the market
shows-not a nervousness nor a weakness
which can look facts in the face and last
Day after day conflicting bulletins have issued
touching Erie's application to state authorities
for the, approval Of its s30.00O,000 bond issue
AS hitherto set forth in this review. Fries
stiles. while immediate. are not at all Of the
sort which speculative exaggeratton proclains
The road needs money. large sums. Not at all
a matter of life or death for the corporation.
however is involved in the approval OF single
financial plan-one which is but derah IN tns
working toward permanent prosperity Eries
rails are not in danger OF being carried over 20
an auctioneer's block. Erie is just getting ready
make money.
disclosure that substantial interests are held
nv Mr.. Hartman in Brooklyn traction securities
offers nerhaps the most serious suggestion OF
Of the Arden hnancier. That ne is to figure per-
sona1Iv in Brooklyn Rapid Transit is unlikely
and no more is there probability in any OF the
+beorizIne that because of the anttpathy 70 Nr
RYAN he will assume a consequential position
in the affairs of Third Avenue. as against MT
Fvan's Metropolitan expansion prograInIne-
RrookIvn Rapid Transit's first Dividend per
- Iii he made payabIe on the more or less
sirnifving date of April 1st- All OF the directors
are not in favor Of this dividend experiment
One will resign
4 SEQUEL to the stupendous over-subscriptlon
Of France to the Russian loan must have dlreet
and immediate influence for one OF our own
sreat corporations-the Pennsylvania Raiiroad-
whose securities now have official quotation II
paris NAV be regarded as an assured fayorite
In the now popular outburst Of investments as
well as speculative French furore-for Penlsyl-
vania's credit, the good faith OF It's manaseIAen'
the intelligence Of its policies ana the Su10'''
those policies and that management achieVe' arc
certified by authorities which IN France are en-
titled TO be regarded as premier. conclusive II
Is we'll within bounds TO anticipate an aosorp'ion
Of Pennsylvania =, x by foreign investors run-
ming far beyond ANYTHING that has hitherto ever
baen recorded for any American seeurlty--ao-
so-ntion by investors whose class is wholly
rnioue-fnvestors who buy not to grab duicS
little profit but who buying permanently aoIas.
PENNSYLVANIA Railway stock Is hkely from L--.s
time forward TO become a feature OF o'l iN
not improbably a leader
Some cvnicisnl is exhibited by market criIlcs
urbo affect to believe that unhealthtuIness III
the market is indicated by prominence gwen ~
speeialties Many such stocks have mad OuoS
enc,,- and critics now deciding against In-s
feature OF the market are merely sounding 'h7
echo of what has been heard right along ever
since Colorado Southern was under %, AlIoh at
90 Toledo preferred, Iowa Central preIerreU 'U
other sterling issues we're quoted-soIne i-lo--I-
ago-at prices materially lower than now IN a
broader market. are commanded but 'N7S -
have in the present market development proHleu
LARGEST are those who have joined their fortunes
to special stocks-who have by direct speo-r
studv of single stocks situation dlscoVeleU
Ia+ap+ hut none the less assertive value An az
uaI and specific fact regarding any one pICps.,y
is far and away of more consequence I"--l az
volume of generalit1es-
Aprooos of this fundamental safety element
and by way of direct Illustration, take rhe CAL'su
States Realty and Improvement Company. -N
corporation has for some years had prolillI7l-,'
i, the real estate Of New York City. IN noia-
,rss Of improved property it surpasses even u''
4 stor estate Its ownership Of modern metro
politan skyscraping office buildings IS lnc0ln
parable; and such investments nave HO"
passed the experimental stage-this cornpaAs
900 in New York buildings produc'lVe -.
beyond what the current rate for money Is
company's assets are over twice its lnVes'lleA'
I'm New York real estate, owning close 10 W.
100000 of income yielding securities
But apart from the richness OF us assets,
investors consideration will be commandeo
an official statement just issued, GOVERNS
months Of the current fiscal year, from May -