New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-30
ALLAWAY'S REVIEW

change week At the outstart consider
able effort was exerted to list quotations.
But In volume sellers outnumbered buy-
ers largely. and the quick result was a
recession throughout the general Hs..
Two or three efforts later IN the week
aiming 70 make prices buoyant have
failed. With few exceptions the weeks
net results are disappointing
We hear much about adverse money
market conditions. In large rne1z-s
this information Is exaggeratiOn- Tei 4
ia probably true that active Wall Stree.
Is expectant even OF gold exports Il n
rep-esented that the West IS sorely
pressed for financial recommendation
For three. four or five months this az
been hfppodromeG- Yet real estate val
ues IN every conspicuous Western cen
tire are higher to-day than they were IN
June. higher than they have been az
any time since. and. instead Of crasg1ng.
farm lands are advancing daily. The
real estate DOGGY IS an invention. r -
buIletined in Wall Street only 70 lOOI
Wall Street
In national finance the West to-day "a
an asset stupendOus-a liability not a.
all Wall Street need not Defooi itself
In some conspicuous parts o. the mar
ket there impend developments which
promise largely 20 benefit stockholders.
one of these has 20 do with the future
OF the 81. Louis and San Francisco prop
erty. BY natural reimbursement al %
the conpany's securities can be advaz-
tagged materfaIIy-and the second pre-
ferred stock (the standard Stock EI-
change issue) given popularity Frisco
second preferred Is not merely intrin-
sicaIly cheap. but there is relatively 80
little Of II afioat in Wall Street that any
friendly campaign upon the Stock e.
change could easily lift the quotation
substantially Hitherto. however. there
has interviewed against ever stock mar
ket plan the prohibition OF the manage
ment's conservatism. =. r Toakum mas
been building a railroad systeIil-ilas
been resentfuI OF any effort 70 make bic
securities a stock market factor. This
has been sensible and health1ul-DUt
whether that prOhibitOry policy can con-
tfnue, now that the property mas grown
into such national consequence. Is PROD
Ien1atfcaI-for ffnanciers and market op-
orators are informed and may not choose
TO be restrained.
And there is another railway STOCK
which NAV at any time now become ac-
tfve-in defiance Of the plans OF insid-
ers-New York. Chicago and st LOUIS
common Nickel Plate. because the com
pany's future is to be identified with the
Lackawanna-
We have had some sensationalism IN
United States Steel shares Spectacular
trading has appeared This may not be
altogether fortunate. To buy ten thou
sand shares OF the stock in one block
may challenge attention, may command
Temporary attention but is Of doubtful
value as an argument in favor OF higher
market value. The Steel company Is do
ing weII-dOing better than Wall street
figures from official statements. But
Whatever berternenr Steel market value
is TO show will be recorded in Orderly
fashion. II to he maintained some -
the subordinate Steel stocks mucn pyra-
rnfded lately are in delicate situation.
They have been bought by tr1Illng spec
1IIatOrs. Bethlehem and Republic am
SchIOss are all now held by traders VINO
provide only short margins
Much the most hea1thfUl part OF the
market is that Of the New York City
local stocks. Consolidated Gas has a
better dividend II doesn't advance
nucb-vet. II Will The dividend which
the company now pays can be provided
out OF what its electric properties alone
supply. II will probably be a month
hence before important interests which
are most fOrcefuI will choose to help Gas
stock TO better tigUres-and when -hey
are ready Brooklyn Union will be assoc
cfated in the buoyancy with ConsoA-
dated.
Peoples Gas. Chicago. may lead. in
stead OF waiting 10 follow Consolidated
Nothing happens to discourage the
confidence Of investors in the local t-ac-
ton stocks All that develops Is enColir-
aging It becomes certain now. IN view
of the bids this week submitted. -naI
We are TO have extension of our subway
svste1n-and there is no reasOna Die eN-
peCtatiOn or apparent pOsS1Dll1y LndL
there will be any other solution or the
I impending transit problem than that the
/ InterboroUgh- Metropolitan VIII under
! take the operation OF the augmenIlnS
system. Interboroug Metropolitan Sc
/ curities are. in fact. in a class Dy them
selves tO-day-repreSenI business
| enterprise whose patronage presses over
whelmfngIv beyond present aCcOmmOda-
ton InterbOTOugh preferred STOCK IS 70
have dividends InterbOrOUEh preferred
stock cannot long remain below its face
value This is the InterbOrOugh bargain
time The alert investor hardly needs
/ to be advised of il
In that part OF the market where III
ira conservatism most controls there has
/ been strength this week-fOr example. n
( Canadian Pacific and its auxiuaries.
Canadian Pacific now apprOzinates
500 share. II is paving large dlvi-
dend. is earning vastly more. will pay
more. soon Canadian Poetic is IN a
class all its own Not merely in It's ire
mendous mileage but down even 10 its
slightest associated enterprises. every
earned profit goes to the Canadian Pa
cifc treasury. whether II be from groups
Of important hotels. connecting steam
boat lines and related excursion enter
prises. or even from projects as insig-
nificant as the boot black and the bar
Der. every penny OF revenue OF the ca
madam Pacific system is Canadian Pa
cifc property. Thus IN ten years tns
| compauy's assets have risen SlpVo-
/ 900. Gross earnings in the same period
have rushed from SO. zoo. 600 UP 70 over
/ SIT. 600 OO0-weH on toward three for
one In 1900 the company had ratio
/ OF gross revenue from all sources 70 rs