New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-16

fessiouaIs upon the Stock Exchange have
so sChOOled themselves TO bearishnsss
that they stand committed far oevona
the average for the short ACCOUNTANT
one other IS that the commission houses
OF the street are bare OF stocks In Z
word. all the thought and the theory thar
counts itself scientific fs keyed 70 ths
bear vfew-has been in this attituds for
months Such authorities" have 40
committed themselves TO the pessinistic
side that they were not only uupTepared
for ANYTHING like a rally OF size but were
sure to contest not only the initiative AZ
such development. but vigorously % fghr
every sign OF expansion And herein "a
exclamation OF the animation % the cur
rent markets upward movement TnA
short interest has been fghtiug-Rot
covering.
In some parts OF the market large al
vances have taken place-not al OF them
explanatory upon any basis q known
facts. Harvester, for example. has risen
ten points. Good crops. prosperous farm
ers. big new orders FOR n1achinerv-
such are the explanations Il Is popular
20 announce that something Ike % per
/ cent IS being earned upon Harvester con-
mon. Possibly this IS true Certainly no
friend Of the company will Just now be
DESTROYS OF exploiting such representa-
ton. Harvester common, not much m0rs
than a year ago. came upon the Stock
Exchange around $50 a share. Il has
since profited by q splendid scrip divi-
dend and the quotation has doubled
counting the bonus dividend, has virtu-
ally trebled. II is current prediction
that an immediate rise OF at least twenty
more points is to be scored Il is not n
possible. It is. indeed. matter or EASY
ACCOMPLISHMENTS those dnanciers whO
own the property (and they are con-
pact little cOterie OF barely DOZEN %
not intervene. II is only from this one
source that stock in volume can be gD-
taiued-and the purchases that nave pro
duced the smart advances OF TINS week
must be accommodated by ds-1vsTlss
from insiders. or represent the creau0n
Of a short interest whose natural WORK
ing out whatever the immediate quota
ton spIurge could eventually Go the
market damag@whiIe II the STOCK
bought with such Rvid1ry Is heirs
poured out from the inside. the cary
result viii not be hard guessing 1ar
anybody.
Harvester IS referred 70 merely as
tvpe. Harvester itself has a sranchness
bound TO be lasting II has a great fed.
/ a tremendous patronage, not n TINS
/ country alone. but IN the chief agrlcuiJu-
raj districts OF Europe. But there IS
wide difference between commercial
7 prosperity and speculative performance
/ II can be set down as certain that IN the
I Harvester corporations management
there is no disposition Just now 70 De
issuing challenges to every Legislature
I out West and down South In cue sea
\ son Harvester shares ought to command
double their par value but brass band
I h. E7-~f71r7 IA
I hasten the futures certainty This Is
not a mere outsiders opinion
/ The Harvester incident IL here -
1 ferred TO not more for itself thar FOR Us
: influence shown elsewhere IN the mar
t ket-speciaIties COT very different L1Ur11-
I sic vaIue) being made 70 do stunts upon
| The tape. irrespective OF what IS jusrita-
I BILE from the standpoint OF earnings.
/ Some such specialties have advanced ten
I points or more.
/ In the general business situation there
is undoubted betterment- People who
talk OF boons arriving or in prospect
l talk fOOIiShness. Among general trade
I barometers none more clearly presents
; rhe business conditions and tendency
than does the record Of the gross earn
ings OF the railroads JnlIorIn-y LIlrJ
! are showing large Increases This 70
n
vOnd any question whatsoever. IIltl
\ net earnings do not COrrespondlngly IT.
I crease is another story II IS the ran
way contention that. with present rates.
[ expenses OutrIn any gain n earnings
and II the railway argument IS honest
} one certain thing ahead is a necessary
Z for dividend reductions But alroSetner
aside from the fairness or the UnTair-
+ ness OF the issues IN the rate contest
what IS UndOubtable Is that IN volume
{ Of gross earnings our railroad companies
are today making the greatest showing
+ in their hisrOrv-and this Cerrifles mat
the cOuntry's business interests are no
/ longer tagging
\ II is notable that The rapid improve
ment in the Industrial list dates trO1
+ the report issued a week ago by the
/ United states Steel Corporation Dis
closing further reduction Of orders on
hand. That steel common in the faes
of this report assumed market leader
ship reStifies 20 the correctness or ule
position So long maintained in this fe-
view-DTOves clearly that under me
wise End able administration OF the or
+ pOration its surplus has beer So
strengthened that temporary perlCdS or
depression can exercise no INJURIOUS
effect. Business could remain az low
water mark for long tune Willlu-
threat 70 present dividend Distribution
/ Erie securities make good The re-
markabIe statement for the year. certi-
fying the exceptional character or the
/ cOmpanv's management. IS not onLy
cheering 20 old friends but brings new
support. even from quarters hitherto
inimicaL There need be no qualification
of the statements hitherto made IN ms
review as to the brightness or ErieS
I future Erie common. So lonE the TEX
FOR Stock Exchange popularity IS on -
way 10 dividends
In southern Railway there shows tae
same wholesome Improvement SCUM
eru Railway preferred should return -
a dividend basis during the present rscat
year.
Local traction shares are all better.
an entitled 70 be better because OK
changed financial status
What In these various propertie
counts is that they are all ENJOYING -
advantage of Morgan relationship
Morgan administration that makes =
new Erie 10 is Morgan admInlStrAllgs
which gives Southern Railway rs1uVg
nation 10 is the prospect Of Morgan ~
mfnfstrattou that helps IntercOrousH
into new public credit
II will he strange II at the opening o.
the coming week there is not free re-
alization sales. The market advances