New-York tribune., 1909-06-06
The Financial World.


, the first case Of American stocks oficiallv
pearing upon the Paris Bourse. tbougb 80 90
few bond issues have enjoyed that prfrils.s ~
is revolutionary action. opening I'D a vas5 - =
field for American exploitation Of genuine 80
acteT- Heretofore the American abroad has -
looked upon mainly as person who srS1 IN
money for HIxUrieS, who contributes 10 rhe --uS
its of European hOtelkeepers and shOrI.eagSsO-- gO--
This changes. Just as the guns of Santtagn as
nOunced the entrance of America into world ~
itics so the listing Of Steel In Paris annorso
entrance into world finance It is but the -
ginning OF an immense change which viii brinz
the thrifty F-enChman, German. Dutchp7an -
the class OF our best customers for Securely.
Direct credit for this is due to J. Pierpont 8Tor
Another governing factor Of the week i. r..
accommodating evidence OF returning prospariFv
particularly in the steel industry OF whiss
striking illustration is furnished when the Stesi
Corporation finds il impossible to close it's pre-
burg plants on Memorial Day It is offcaIIv
J stated that new orders for the month OF sIss
practically doubled those for anE previous r7o-ss
/ in the Corporations history.
Turning to the agricultural situation II =,
noteworthy that the termination Of trading =
! Nav wheat finds no collapse N the Ligh urfcs.
of that cereal 1t is plain that prices for grai5
/ are legitimate-not merely Hanipulative-ars
due to a world-demand close to if not exceedrs
/ world-supply- This must mean that auofhes
year of great agricultural prosperity 5 entered
I up0n Nor are theSe conditions COnfnsd -
grain: the report just made by the governments
on cotton shows that we are to have an abun.
dant crop Of that staple at a time when lust as
rha s---
| plus that we are able 10 export Far reaching
Influences Of the agricultural situation cannot bs
4 overestirnated. II means new life. new vizor A.
/ the very heart Of ALL
The technical situation Of the security mar.
| ket is very strong Naturally the quick rises
! Of the last week have induced heavy profit real.
| izing saIes-particUlarly in Steel such sales IN
I not mean loss Of confidence but simply reaeCt
/ the irresistible instinct 10 convert profits info
/ cash But this cash viii seek reilvestment ana
/ is really an accumulated power on the bull sils
J Incidentally perhaps Importantly, the swift al.
vance has tempted many Of the professionals n,
again risk short selling. This also is usual and
I natural With a bull contingent flushed vif,
! success. and bear contingent forced 10 buv =
some tine or another the technical situation
right in line with the natural sltuation-precad-
/ ing, apparently. any chanee 9- immediate a
tenSive breaks. No stronger speculative pOsitaa
can be imagined than unison OF natural an
technical situation
} New high records made for conspicuous rail-
road stocks are. Of cou-st, features Of the week
/ TOO notable To be ignored in any review: and
/ Union Pacific Southern Pacific. Great Northern
I and Northern Pacific. Delaware and Hudson l.
lnos Central, Reading. Louisville, atlantic Coast
Line-the list is longer than vs. arranted forrecia-
1 tion-are all likely % reach figures not hithers
| recorded-sOme in the list having this Very wees
4 made their records IHrn, LNrrc Is NeW Haven.
| Pennsylvania, New York Central representing il
I another Gin a specinC) group q market leader
| ship which can be potent Al these stocks ars
where are TO be recognized as normal And,
| Gently there have been Indications from time 10
time of readiness upon their part % Join N tna
markets breadth and strength That they have
| not actually rushed forward may be due 70 ths
! application OF brakes by the markets drectorz
Any such curb can interfere, however, only tsa-
/ pOrarily II the market In Southern Pacific and
/ Union Pacific IS 10 continue 70 be recognized
/ as natural and sensible and cf lasting quaIrI
! Yet what veteran students OF the market -
| gard as certain IS that there can be 10 lors
| maintenance OF buOyancy IN the high prce
stocks without transmission OF corresDcrG-a
| strength TO the list OF lower priced ones.
! Thus it comes 10 pass that alert and snsrEri
/ traders on the stock Exchange ara fruad
| switching into properties OF moderate marks:
| value. Alphabetically shows loor.ns
popularity for properties like the Erie and Oa.
+ tariO and Western both OF which az the c4os9 .
/ the week are buOyant- In both there are e.
/ ceptionaI reasons Tor bUOyancy. Judge G9K
/ whose aCCoup lishnlentS Tor the steel IIust -
/ so phenomenal, is 70 become an active Erie q
rector. And there are other Erie announesnaens
| similarly iuspiriJing- Old Erie promises 70 De-
! come with great thOrOughness a New "a
| Amply financed progressively developed -
l grsssively directed Erie seems rlSnt now a l-'
| beginning OF an era Of prosperity IL has 80
/ long time the fashion . p-lU-e pLeo--Sg- psI ri
| Erie woe. That new fashion can preVsl ".
/ be revealed IN official announcements eoss q
/ hand
/ Ontario and Western stock may lead Erie u
/ the market for the presents likely 10 isA-
/ some extraordinary things develop in the on
/ rari0 quarter And 81 sudden iurJsh OF ouyIl5
orders on q large scale made ontario Almost ~
/ chiefly conspicuous feature or the SlotA Sls.s
! change market at the end OF the WeeA -
rise Of several points ontario stocks c-ose WI
I at the top. And what was lHrolSIOu55 -
Street regarded as particularly sisl'llca',. -, -
/ do with the character ot the OPEN ~ =.
/ houses with important foreign re--ll'NS-g -
| chief absoTbers of the stock ,,.ss
/ Ontario and Westerns control is owned g5 :. -
/ ~s,,- yo~L, Na,- Haven and Hartford ra1lroaL
Z ~.p~--r II
-uopuIarlv believed % be at about 900
/ share-upon this majority stock Dug ne N.
I ilese of purchase was 1ot rN.'llS7- . I,sr.
New Haven stil STAYS Che .Wner-',.- ,.-l-s 49, S~i
uraII, enougal the asset Of j-s ontario nlale.s.
IL higher than was the appraisal uloe. -
conditions a year or So ago. The 90 nguIe
january. I90S. becomes SD IN June -, rs,-
And i'm successorsEip t1 -le Eew forA - -
( tral the Canadian Pacific IS noinlna .,-.
broad plans az the t1I-a'tl- faC--- >-Irtrsrr 4
plating widespread mileage ln JH- paeisc
United States ReC1rliuz this tauaaldu - I-l
policy there is noyv Gttis effort az t'1cs1-1tSs tSs |
Recent Wisconsin central absorption snow "a
Great expansion plans soon % DC '1".e- -
show that the NeH Haven railroad Goes IL--.rs L--s
Cuirs tcau readily dispense Nt-ll --V ..,ysri |
property-expansi0u plans which loeA ...-s1r |
the West. nor below the Hudson --l-I Ia avail
enough if the Ontario IS anew 20 De NJ ,- -hst |
able for another ownership 10 comes - Nsr
negotiations can proceed between L-SG-~fas
Haven and the Canadian PACING or rostar1 |
past tweivemonth no utnsr ll-l III ---- - coz
railway world has become clearer ~ tsntrss
Seuuenti3l in it's manifestation th3h lA0 80, cor
assertfv- alliance between these very 'p,.ise |
p0ratiOuS. the New Haven and CdIii,1lt r-ssfsrn
They are together actually domIhal-I7 lion is 4
Trunk Line rates to-day Their -;1road |
the topic and the sorrow Of every other l.- orae-
in the East And if the New Haven - - -,qna-
tEi-7s ~ ssI ana 20 is worth while for the az -
dian Pacihc to buy there isn't any Inr.iSe b
intermediariss. What could canadian ! "a -~-o5ud
y ~ r,acL it@ -,5srs are plenty OF amateur
auirfes Ike these-iuduiries pit3biy - P- Vus
Ontario ana Western runs from ~ Ne,tSrs-
city To Osyvcyo-takius in Penns1l - ter
Cfre 6srds nv the vav Cntarios OsWesV S,-
minus is al the lower eastern end OF - - isg
tario Above &c. an along the hoI 1---eyaarc
shOra the Canadian Pacific system = @lssSsHsa
SF1dlrOn- To connect 'SNV7' - ~ the aH