New-York tribune., 1910-11-06
ALLAWAY'S REVIEW

this week is most important from tns
Wall Street point OF view is the gfvins
OF orders by important railroads for new
rails and equipment. Orders OF this so-s
run into millions OF dollars already-tha
prospect being for large augmentation
forthwith Virtually every conspicuous
railway In the country has need for both
rails and cars: and with hardly an ex-
ception it is probable that all viii now
become purchasers During recent
months-Tor more than a year past
there has been enforcement OF economy
upon scale not only unprecedented bug
utterly impossible OF indefinite continu-
ance.
II is interesting enough 70 be recorded
that the leader in the new movement
toward proper physical maintenance is
the Erie Railroad. SO mLch IN times pass
the toast for tests and snsers. As over
and over again has been pointed our IN
this review the Erie OF to-day Is a new
Erie-au that was miserable aforetirns
can now have the sequel OF prosperiry-
for there is in this company's business
direction to-day an Intelligence and pro-
gressiveness splendidIy contrasting with
what formerly was regarded as good
enough for the Erie" Eris's sorriesr
feature has always been that its opera
tions and It's opportunities were suDordi-
nate to the advantage OF other trunk
line systems II was not permitted %
stand alone. II had no privilege OF n
dependence This change Is under rhs
administration Of Frederick Underwood
In many significant ways there is evi-
Of - ~
nary physical development OF The prop
erty during the past few years. ths
Strengthening OF lines, the reduction o.
grades, the multiplication OF facilities o.
every sort. the institution OF economics
manifold coincident with traffic expau-
sion New capital in vast volume has
been invested till the Erie property is
practically reconstructed-thsre being
now virtually completed many bet
terments-tremendou expensive-bur
bound to be sIiI more tremendously
productive.
During the past week the Stock TX
foolish rumor nongering in great va
riety-one series especially stupid touch
ing the affairs OF the New York Central
system New York Central stock was
thus upset. and some OF the junior Van
derbIlt stocks We're discredited. one o1
them fiUctUating wildly. Yet basis OF
tact did not exist for any one or the
sensational representations which had
currency and effect
Before long there may appear IN sx-
planarion OF this nervous Vanderbilt
quotation exhibit. the announcement ot
developments concerning which Wall
Street has not had even vague hints The
dream Of e H Hartman is after al 70
be realized Tha New York Central and
It's allies. the Lake Shore. the North
Western and the Omaha. are % bs
linked into combination with ths
Union Pacific and the Southern Pacific
"a complete. concrete t-alsconrinenral
system made the acruality which vas
the great ambition or Mr.. Hartman az
his zenith. Preliminary 20 this accom-
phshment there are. of course, long lists
Of details that have rough edges which
need 70 be smoOrhed- AID which II rhs
course or their smoothing may Dc rrl-
tating even 70 the extent OF stock market
irrUptiOn. But IL can now be said that
what some time ago were regarded as
serious obstacles are now out OF the way
that progress has recently been made 10
the point where it can be semi Officially
stated that the original Harriman-Van-
derbilt program may be (wilI be- carried
Out-and soon
And. Of further consequences in large
degree, it can ba stated that what IS
proposed. what is arranged, has the ap-
DrovaI OF railway investment interests
and banking interests OF the first TN
Lortance outside OF Hartman Wander
bilt circles themselves.
OF basic things generally II the mar
ket there Is nothing disturbing Hur-
rahs started some time ago over monsy
market threats have ceased There was
never warrant for the ourburst Foreign
needs may be acute. but American busi-
ness accommodation does not require
service beyond what is readily avatlabls
at home. Bulletins about Western xxi
genCies are not only untrue. they ara
stupid The West is all right The WesL
viii be-right here n Wall Street
a lender rather than q borrower Within
ninety days from now
For the first time IN a couple OF years
European buying orders for American
stocks are in hand II is true that nucE
OF the volume OF this new business "a
at figures below current quotations But
that such orders are here az al is en-
couraging-is in lnspiritiRs contrast with
what has so long been the prevailing and
depressing rule
II is apropos OF this changed foreign
attitude thar certain international bank
ers have been recently accuuuIato-s os
local New York securities, notably ths
Interborough-AI Metropolitan issues. From
Germany and Holland orders 70 pur-
chase substantial holdings in the New
York traction properties are based upon
the reports OF experts who have bssr
engaged here for months past. STUDYING
not merely the physical properties bu-
CanvaSslng political conditions, with ref
erenCe especially paid 10 the prospective
expansion of the InterbOrouSh system aS
the Necessary cCrollary OF New York
Citys rushing expansion
It is evident 10 these foreign students
that the Interborough future is inviting
They started their inquiries prejudiCeG-
They end them enthusiastic.
Foreign interest n United States Steel
stock may also be anticipated. for with
the railroads OF the country ordering
rails in volume, there VIII be quick
demolition Of the beartsh opportunities
which Wall Streets professional stock
market spectators have been hippo
drOming. Il IS evident from the assert
H., ,-l-aV Yaa1a-ef,Yr, T~Dyrs.f