New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-20

swing in pendulum fashion. refecsin,
little more than the trading commitment
OF the professional element. But wa,
shows outside o. this has significance
wherever there Is individual movemer,
Il Is sharply upward.
IL becomes apparent that the hesit,.
ton Of capital % embark On expansion.
plans Is nearing IT'S end Illustrative "a
this Is the announced acquisition by n.
Hawley interests or the Hooking Valley
RailrOad-the Hawley rounding on.
plans approaching maturity under faVo--
able conditions. This - but ILLUSTRATIVE.
other great projects on the part o. "a
trunk lines and IN cooperation with ia
most important Of our banking interest,",
are in active course Of contamination.
Speculatively Steel common continue,
leader. The statement made public "a.
the year 1909 warrants every statemen,
made IN this review. After eNtraOTdins-r
allowances for betterments. sintirz
funds. and every other possible need -
the Corporation. II il impossible % hI.s
the fact that. following these disburs.-
ments. from 10 20 II per cent. renal,
available for common stock divider1
from last years business-under Ordina.1
bookkeeping methods at least 10 per cent
would be shown. II. therefore, SEEM
more than probable that the next dive
dend declaration. TO be made next mol,a.
viii be at an Increase over the very
modest A per cent. which the stock nov
carries. Steel business conditions suffer
no imDaiTment-stOw actual progression
certified by actual official figures
Much Is foOlishly harped upon con-
corning pending Supreme Court deci-
slOns. All the jurists Of the Wall Stree:
curb are full OF prophetic wOe-superior.
all Of them. 70 the fact. ever and ever
attested. that our Supreme Court q
conservative and not a destructive in
huence-that 10 has always been a
staunch safeguard whether against pop
ular passion OF eaDitalistic aggression.
Some influence upon the markets in
mediate course-measurably explanatory.
indeed. Of Stock Exchange inactivity and
Acknowledgements naturally exerted by
the fact that many Of our foremost cap
itaIists are at present absent from Wall
street. What is likely. however. soon %
be discovered Is that these vacations are
not representative Of suspended Interest
in business developments. but are rather
in large measure preliminary TO new and
expanded effOFt-fOT IN the banking
world il Is well understood that impOr-
tant financial leaders have rounded out
plans which are OF unusual magnituds.
onlv finishing touches Of almost merely
clerical sort being now required. In az
least half a dozen prominent industrial
Quarters there may be expected oftcial
announcements OF comprehensive char
acter. Big enterprises are 70 be made
bigger. competitive undertakings are %
he not merely harmOnized but cOnsOl-
dated, and numerous projects employing
large capital. not hitherto satisfactorily
productive. are 20 be lifted into new
broad p-oft opportunities through COM
mensurate hnanciering. All this makes
for healrhfllness-there are many sore
spots that will be relieved A concrete
example appears IN Chicago subway
For a variety Of reasons that enterprise
has been embarrassed-and not least oy
the fact that it's controllers have actually
beer too busy in other gigantic undertaA-
ings 20 give attention to its exceptional
opportunities. The company has tee
phone franchises for the city OF Chicasq,
under conditions which permit instala-
ton OF Instruments and the conduct o,
operation at a minimum-and indepen-
/ dent Western telephone companies claInor
/ for connection. But this has been true
/ for many years past-yet the Cnicaso
/ Subway management has refused 70 ae-
cept the offered profits. Now, howevs,.
starts a new pOliCy-COntractS actull1
/ let for the installation of 10000 phones
/ forthwith. And incidentally, plans are
approved for getting into connection WIZ
/ the outside field. thus obtaining "A share
/ in long distance earnings. What t-l.
move means for the property IS indicated
/ by the estimate OF independent engineers
| recognized as conservative, that ns4
[ revenues viii provide well on toward eu
I that Is necessary 20 meet the companys
\ total interest ObligatiOns-and the pres
ent installation OF 10000 phones viii Pc
I followed BY another 10000 soon. Amer
\ lean capital does not much have the SUI
I rendering habit-for this revivincato-
I that comes in Chicago subway Is nailol-
months viii be shown in varied sN
amples.
\ The extraordinary commercial str2-
ton which has developed in the ruoos'
trade has had further manifestations ta'
week. Demand for rubber is SO taF N
advance OF supply that there has ceasa-
TO be argument as TO the naturalEsss .,
the tremendous price advances; ana
( spectators in crude rubber shares are