New-York tribune., 1909-12-05
The Financial World

Wall street IS ending a period of t,,--
moiI A lot OF temporary influence.
have been exerting depressing effect
upon market values. The Circuit Co,gr-
decision against Standard Oil. the West.
ern railway strike. the political compli-
cations In England. the barbarian down
in Nicaragua melting the vigorous de-
termination Of our own government
and the incidental expectation that rhs
approaching Congress is 70 undertaks
a virile prOgram-ail these elements
have been put % use BY those talkerx
and spectators Of the Stock EXCHANGE
who are perpetualIy bearish. In sons.
parts OF the market they were able Ia
accomplish considerable. In the earlier
part of the week copper and steel and
most Of the conspicuous specialties wers
forced downward substantially Bot az
the end Of the week the majority Of ths
declines have been recovered And /,
Is within conservative bounds % eztf-.
mate that the market as a whole IA,
actually benefited by such Liquidation
as has been forced-unWarranted and
indefensibIe as were most OF the "argu-
ments' that the bears have been VOL
leying.
Among the weeks events are two az
least entitled 10 be regarded as of u
most cOnsequence-One. the separation
Of Rock Island and the -. Louis-san
Francisco systems; and second. the TAX
ing over OF the ownership Of the Equita-
bic Life by Mr.. j. P. Morgan In both
oF l.
distinctively healthful and helpful
Wall Street has hurried 70 the concIu-
sion because Mr. Edwin Hawley iden-
tifies himself personally with Nj Yoak-
um's repurchase OF the st. L0uls--Frisco
system that the latter property. with its
thousands Of miles IN the Southwest,
will figure in the rounding out Of Mr.
Hawley's contemplated transcOntinentaI
intentions There is no basis for such
d view in anything that either Mr..
Yoakum or Mr. Hawley says. Both OF
these men are broad enough. strong
enough. progressive enough, % have and
TO hold a great railway system each FOR
himself What beyond doubt is assured
is that in so far as Mr. YOakum 3 Frisco
and Mr.. Hawley's Missouri. Kansas &
Texas properties are cOnCerled-ln mat
uers that involve what is OF the highest
importance in Southwestern railway ter
ritOry-there is 70 be frtendliness and CO.
operation. the actual operation Of a
community of interest program.
IL is in the Southwest that railway
progress is most rapidly making-and
the Hawley-Y Oakum cOnJOIntuFe- s.
bound 10 have quick, farreachins IN
fuence. II is difficult in Wall street 70
appreciate the rapidity Of the upbuild-
ing Of the Southwest. utter Inability 20
comprehend the splendid forces conunu-
Cusly expanding there. Yet indlC4ttons-
are showing clearly that what hitherto
have beer but speculative chances
throughout all that territory have de-
velOped into investment opportunities.
In the securities OF every one Of these
standard southwestern roads there -
value beyond present market quotation
Mr. Hawley's NJ. X T. selling under
81 has the prospect now Of dividends.
and Edwin GOulds ~. LOuis-SOuInyves est
ern is making such earnings progress
that independent dnanciers are buying
into the prOperty-Over . per cent. now
being shown upon the preferred stock 4
What Southern Pacific has done. anaz-
ing as that record is. Just stands for
what is possible through southwestern
expansion