New-York tribune., 1906-09-23
The Financial World

VI interesting developments a.,
mas been more 70 do with N. s- Week n.
with the railroads. Everytblnv '''aa''ias a.,
tinued and healthy expansion - Dons o. o,.
perity u mdgstriaI .
AS ioIecdSt IN this review a wal
comes IN the dividend on DistnIs-,, go hcszs
'ne rate being advanced 20 ; psr S7e'ttiss
even more significance Is the ro,,.,'1~ BGs
company annual statement. oe q,
ceeoihs per cent. so that afts, g.oaa a.
'''ou''oh a handsome surplus is san, -7ad IA
treasury And these earnings a-a Sp' "a.
ING business conditions which ro,., On sIst
changed after the first OF next v... eacisas,
tree alcohol law goes into fo-os :. "o.n q.
mat law must be % Increase 80, e1ects
OF alcohol In the industries a.. 'us ourt
expand the profits OF the sec,,r,.,o- ''e71,r1,
Another gratifying item ia ~. -O''paay
dividends on Rubber Goods Tb,. .paoax
per cent in 1900 and 3 Der esr, - ~'eN 80 palig
when there has been dividend 80 ''N sa;s
nov Is-e"'ers dividend ranks by Sent
'ioh OF per cent. placing n -
per cent oasis--Droht yield g
United States Rubber Company o
But OF more importance than ,r,..,.
'ne industrial world Is the disclosure ~ ,s'a
nihcent conditions prevalent IN the s,a., 1as'
Last Thursday meeting was held d, sa
OF the heads OF the subsidiary co-,,a.,--s7 s7
posing the United States Steel Co-,a.,.,e Sr.
was an administrative business n,a.-,-."s 10
nothing 20 do with the stock marx, -S's
executive officers unanimously reDor,os '.@s
ful growth Of prosperity. Shipments :. se's' s.-'
and semi-dnished products exceed en- 'si
records. while new orders uour 3, % was
volume than ever tt seems quite car,,,---''
the United States Steel CorDCra+io-, .s All "a,
steel producing companies have absa5 q. - otsr
capacity. " procu'ta,
This vast Industrial growth is the ,,.u...
complement 20 five unbroken wears - -, ,,'.'a'
Based upon the sure foundation og -.
"eaI'h our Industries gather pheno---,
strength. Fortified by an ever-zrovvi,. -
market manufacturers are able 20 compete "a.
markets Of the world with mos. -
rivals-England and Cermsny-and ara '-a-'s-s ra--s-s
ually undersell!ng tnem Results 81 asse3. =.
VIII be maintain tned-LOveuent OF This go
never travel backward. @
Marketwtse. there is stiII a dispos,-,or -,
crimtnate against indusrria!s as cor,,ar.. :,
railroad securities. This IS largely tba r~.
Of mere tradition Investors and snecrI...
have long been accustomed 20 dealing IN -,r-.,
stocE-the Industrial is comparatively new y.
take the case OF United States Steel us-
ferred stock is certain to receive its -,
dividend unless there should be soma ur...
UnthinkabIe disaster. What valid reason is-.-,
for keeping its price on a basis far below tn.
liar properties in the railroad Hsra n hs,
Ike "a sure thing" 70 invest in Steel prsf.-ss
As for Steel common, its possibilities are u,s.
al Tfv- rrrrr.-. 4rG..- -T- 4r D..
OF the company after the payment % ina
charges. interest on funded debt and dividsri,
on the preferred stock II the steel brslps,
continues 20 improve as It has since 1903. na
quite conceivable that Steel common a few ysas
hence may be earning and receiving 10 per cen.
dividends. a statement OF this kind win nee.
with derision from WaI Street ressimis.s. t.a-
those critics who not so long ago were telling
US that the steel business was dead that ls
Steel Corporation was toboganning toward
receivershtp. and that the whole outfit vas
merely a sIdIful contrivauce 20 milk the publ.
This may have sounded plausible with ST.!
common below 10 and the preferred below q
But now &c is another story-l.0rs than 50 poiuis
have been added 70 the value OF the COMMON
since IL struck rs low point and nearly G0 points
TO the value Of the pTeIerTet The rrasOns7 7hiC-
brought about these advances SUN hOld goa-
The steel Corporation stands today the gEsE
est monument 20 financial genius and executive
capacity that has ever been erected in tas
world.
And in any consideration OF the industrial 81.
Uation Copper COmpels attention. The enormous
new demand for copper due 70 the enlarged Use
Of electric appliance. has forced the price Up 70
practically 20 ceuts-ard even ar that figure Z
is Impossible 10 supply the demand. In the pr
duction OF copper American mines dominate and
among American mining properties those coz
trolled by the AmaIsamated company are COZ
trolling producers-and there is confident tax
OF an approaching increase Of diviiend-ts
present rate being . per cent. There can be 70
doubt that a larger distribution is amply "a'
ranted.
In the outside market various indepenisa:
copper properties are becoming active and BUOY
ant. the chief bargain OF them all IS NeVaa-'
Utah. in which Important developments AZ
about 20 he announced.
American Ice shares have touched new Asi
mark this week. crossing q" Appreciation q ~
property's prosperity, and recognition OF It's az
UaIIy conservative policies. account for a1sAP
ton OF the stock at the recent material maIA''
advance-basis FOR which may well be found =
exhibits of earnings like that for last non.A
the August net earnings approaching per 's--
upon the Companv's total capital stoeA " ~
face of such progress only ultra prejudleeo 's'
ulators will be likely 20 continue the ANUS.
which creates so extensive "a short interest," :.
shows in this stock a single bear opeIa"
popularity credited with being short OK uPNa- :
1O0oo shares much Of the commitment hl',
been made when the price was less taan h~'l
present quotaU0u-such traders rot ha'Hs -
happiness much increased by the annoHh1 Ssf
in stock Exchange circles yesterday ua- u,as. rss
of $4,000 was being offered that will'H ~
ensuing year American Ice stock Would NJ !''. -sar
be selling higher than Consolidated Gas - - ,-,ss
within the same time Ice divideniS W'1~-lrr W'1-N
Gas diVdends-recalIing the wager OF iaSl 80 ~
tNhcn a STANDARD oil huaucirr quit ll1 =
directory 20 engineer the Corn Products Co.tSa t,Saa
tion). that Ice would this year sci. hisns4 4orf,
Corn Products preferred. It was Jheh '' -
lower. it is now q dnZen r0i.ts ElsneI