New-York tribune., 1905-04-23

r
terests. and other railway interests Of simis-
importance are IN IL and wholly agreed a.J
the contamination not only New-YOTE CenTra;
but every Vanderbilt auxiliary VIII beneh,
Little by little accumulates the evidence -
extraordinary progress toward the rounding IN.
OF the Metropolitan street Railway into a svs
tenn Of uneEanpIed consequences. White ne
sossips and wiseacres and stock jcbbery contfn-
gent have been steadily devotlng themselves d,
deal Tomances. the brains and energy ,ba.
dominate IN Metropolitan have been auietlv
proceeding toward achieveUent or a uagnitud.
Ear beyond what the fable makers have been ca
pable Of imagining The result wlB Do more
than the establishment OF a great money cam
ing property; it win mark epoch IN the de-
velopment OF the metropolis. In arranging corr
pFeheHsive facilities (tO the public Vet but bare
~ Outlined). whereby is acquired rot merely the
good viii, but The active cooperation OF the
greatest trunk line railway systems entering
New-YOrk. the Metropolitan performs exaItse
public seTvice-by one move putting this city
forward by decades. local transit progress
up 20 this period has been measurable
Gould interests are not asleep. Traders on ths
stock Exchange insist that every time Gould
security displays strength Il is forthwith as
sailed from the inside but this weeks develop
rnents show that there Is proEressivenesg-
An aggressive policy-in the Gould purpose
Announcement Is made OF an underwriting syn
dictate for not less than SJOOOOOtO. headed by
William A. Read. guaranteeing the colstruc-
tion OF the Western Pacific RailWay--takiug The
Gould Rio Csrande lines stralghtvay from Der
yer and Salt Lake 70 san Fraucsco-and 50
rounding out a Gould transcontIrentaI system.
not only from the Pacific 70 the Gulf. but 10 the
Atlantic seaboard as we'll What This signifies
70 the present Gould propertes-especially for
the Missouri Pacific and the Waoash-caunot
he Overestirlated; but the enterprise has iplpoF-
lance beyond tiould interests themselve=, it has
consequence that Is national In recent years
Western development has received no conpara-
ole promotion
Parlaus there may be speculative outcry that
the project viii disturb some existing railway
conditions: but fsir crt'ics vii and no warrant
for such view. There If not merely room
FOr the Western Pacific. there IS need for IL
vast TIOhtable trafic actually aTalLtS T.
George Gould and his bankers. brave and Big az
their undertaking is are bur recognizing Ma
tional opportunity. keeping step with The spirit
of National expansion. and there VIII ne 10
hesitanCy in public TeciatjOn-espectaiiy that
which is ever Alertest aud can be ~taunrhes---
investment appreciation
one development Of this week has seemed al
most TO ne the reflection OF a miracla-thaJ ex-
traordirarv conversion OF the annual meeting OF
the United States Steel Corporation into love
feast and laurel distribution Wonder work was
crewd) but clustering complaint and pickering
criticism? Nothing aforettmc WIS right. noth-
Ing ever could be-aEd every Director. hnaHcter
and mana ger reaped generous castigat.oa. Pro
claimed as uataught knaves in convoy Of what
Mr. Shakespeare calls slovenly unhandso1e
corse Distress was all that he oracle could
anywhere discover: and those stockholders who
were takers showed themselves a hopeless loJ.
A year ago Steel preferred was weak around 80
and the common was under 2. NOw-vevoll-
tion-the preferred above par the commons
price Quadrupled and more.
steel earnings for the last quarter win Be
made public this weeh-they viii be very larges
Omcially, they win approximate $27OO0OO0. but
would exceed S3OOtOO0O did not extraordinary
conservatism charge OF vast sums for better
1nents and reserve funds. Reasonable men VIII
not regard this stupendous exhibit as any acciE
dent-dispOsing OF the puerile cry shouted year
or SO ago that the American steel industry had
reached its maximum and was on the wanes
Bear criticasters simply failed to appreciate this
consumptive demand OF a prosperous and eX~
panding Nation able to take at profitable prices
all the products which our manufacturers can
turn out-annuaI production OF pig iron ez"
panded within twenty years from 100000 tons
10 24OOO,OO0-and still production insufficient to
keen pace with conSumptive demand.
The United States Steel Corporation recognized
these conditions at the time OF It's formation
was organized by genius to utilize opportunity.
The stupendous magnitude OF the undertaking
frightened the tiund--the boldness OF the projecs
took Wall Street by sUTpTise-and after pre-
period OF early appreciation every bear IN tas
country. big and small. sold the steel snsres
short. Helped along by some temporary depFes-
sion i'll trade conditions Steel ShareS We're
pounded down TO ridiculous nominal ngures. SuI
the silent cOnQueFing logic OF fact was aSsertNs
and from the foolish low points there has been
steady progression. Nor do present prices pc
demonstrated that under any and all conditions
the preferred stock (which Is cumulatiVel can
earn per cent, and a safe per cent. pre-
feFred stock Yields > per cent. net at Ito Ana
not till preferred Steel has approximated thar
figure can there be reasonable talk OF its belns
high. AS to the common st0ck-n steel pros
perity merely endures without further eXpaI-
sion (and expansion IS certain the Tune caIiilHt
be far ahead when that stock win receive larger
dividends than the preferred. professional
sneerers may deride this But plain ordinary
arithmetic approves
From its inception to the present day me
United States Steel Corporation has oe9n tri-
umphant demonstration OF what can be achieved
by the union of financial genius and expert eX-
eeutive ability The men Wh' dlrecl Us lllla 49, 49,
stand justified beyond CaVtl- the men who con-
duct its mechanical operations are proven
masters of their profession; and the hundreds 0l
thousands OF trained employ yeS-the best paid
WOFkmen IN the wOrld-are accomplishing results
which challenge the admiration Of maukind
From every point Of view the United states
Steel Corporation Is the forsmCs, industrial
known to history.
Just at this juncJure CppOrtune. indeed. is this
Steel Corporation demonstration It comes as
refreshing breath Of pure air through the
rniasrla exhaled by IaTuentabIe accusation ard
recriInination elsewhere current From every
,l,.ov..c C,,a~far riaas the r1vOfs howl Wall