The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1903-09-23

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Corporation-the Morgan-C Car
negie steel trusts down to Is.
That is, a hundred dollar share
can be bought for $500. At this
price the stock has been paying
more than 20 per cent a year in
dividends. What is wrong? 1t is
an abnormal and mystifying CON-
dition that attends the stock
market. Stock that pays 4 per
cent dividends selling at less than
one fifth its face value, with the
heretofore magic name of Morgan
behind it, or under it, presents a
situation that is beyond the ordi-
nary comprehension. Then there
is another inquiry that appears to
be unanswered BILE, and that is, if
the stock actually earns the diyi-
dends paid on it why do those on
the inside and having more money
than they know what to do with
permit such an awful sacrifice of
values, if the value of the stock is
real and not superfical2 Perhaps
a partial reason may be found in
the following item sent out from
Philadelphia this week:
James NJ. Swank, general mama
ger of the American Iron and
Steel Association, says that the
great boom in the iron and steel
trades has come TO an end. In the
forthcoming bulletin of the Ameri
can Iron and steel Association
Mr.. Swank will esv: ct has been
recognized for sometime that the
boom in the iron trade of this
country, which began with the
early weeks of 1899, has some to
an end. 1t would be chronology
cally correct to say that it ended
with the close of the first half of
1903. when it became evident tc
all observers that the urgent de-
mand for iron and steel in nearly
all forms was Stacking and that
some iron and steel prices were
weakening
"These Indications of the subsi-
denoe a boom that was then ex-
actly four years and a half old have
since been still more no ticeable.
But it is an error to assume that
the end of the boom means an end
of prosperity for the iron trade
Consumption still continues at an
enormous rate. few works have
been closed even temporarily by a
lsssened demand for their products
and prices T simply being adjust
ed to more normal conditions.
This is the story up to the pres
eut notwithstanding Sentinel.
One of the mysterious features
of the Dingley tariff law is the
duty on wheat. As everyone
knows, the price of wheat is regu-
lated by the Liverpool market, and
this duty never brought a cents
worth of benefit to anybody. On
the other hand, it prevents Ameri-
can millers from grinding thous-
ands of bushels of wheat harvested
at their very doors and American
railroads from .heuling the wheat
and flour. OF course, the exist
ence of SUCH a duty is due merely
10 an attempt to make the farmers
believe that they too r protected
The Minnesotisns are clamoring
for reciprocity treaty with Canada
but ct course they will never get is
50 long al they continue to elect
republican congresses and republic
can presidents. Even Mr.. Roose-
welt, who talked reciprocity and
tariff reduction two years ago in
Minneapolis, has become a stand
patter"
The average republican willingly
swallows the statement that the
republican party is responsible for
good weather and bumper crops,
of course the weather would have
been mild and the crops would
have failed had there been a demo.
orat in the White House, this
year.
Have you a house snd lot in
town for. saleP Duffy & Robey
will sell it for you.
Reading the lines and between
the lines of the Presidents Labor
Day sermon there is encourage.
ment for the laborer and adhor.
emo for the labor tyrant and the
.Ls-L