New-York tribune., 1909-05-30
The Financial World.

Security market transactions continra 49,.
| row but give evidence of sustained z,rsa-
| Speculation is still mainly confined IN 80
| sional operations. but there is a consts,4 )
| mand from investors which maintains prico, :
| far the public is concerned spec-,ls.+,-s
apathy reigns- It is a fOregOne concIusio-- .s
F! such apathy cannot endure-proIOnge6 st.,,
| tion invariably precedes an energetic r,o-.
| ment Looking ahead there is nothing disco,
| fbIe to warrant conclusion that the res,I+.-.
| direction of the market can be doVrnv-,~a
| Every fact contradicts pessimism. Agrieul,,r.-
industry and commerce all show prozna-s,-
progress with increasing velocity. There Sea-.
to be certainty Of great good times. Esro.
the deduction that when market inertia 80
the change will be upward
In current security market transactions e..
importance attaches to the strength OF the co-,
mon stock of United States Steel This -
curity is pre-eminently an Indicative one-ra.-
istering in its movement the ebb or flow o4 -.
national financial tide. The intimate assoc;
alton Of the steel industry with every phs-.
of business needs no eIuCidation-fs an acran+.5
theorem- The matter Of the Steel CorpOratio...
mounting earnings. and the consequent futprs
benefits 10 the common stock. have been ~
often dWelt upon in this column as to nab
further comment superfluOus. But as earnir~s
depend upon transacted business it is worthy -
tonnage is now being booked for future delivs-v
on the scale of double that Of year sgo-
while prices are well maintained The rise IN
Steel common is natural and logical and must
continue under existing conditions. No doUbs
this will be accompanied by sympathetic action
in the smaller steel and iron securities-already
perceptible to some extent in the strength az
SIoss- Sheffield
one of the developments to be looked for in
the existing situation is the further progress
sion of what is known as community Of inter
est" This natural result OF modern evolution
suffered interruption from the chaotic eata-
cIvsnl Of the 1907 panic-but a vital idea car
not be destroyed It is quite evident that ia
tendency in the steel business is toward amal.
gamation of the smaller independent companis,
and harmonious relations with the premier Cor.
poration. Nor is this tendency peculiar 10 ths
steel business It is seen everywhere in tha
railroad world in the impelllng movement tow
ard uni1C alton Of systems and harmony Of IL
terest-a notable Illustration showing in ths
rapprochenent in the northVes- between Harm
man and Hill railroad interests The squa5bas
of Years come 10 an end common sense ruling
Indeed. throughout the entire railroad and
business world sentiments Of retlet and hons
govern. The year Is free OF political yexatlOns.
old sores have healed or are healing. there is
nothing 10 prevent the resumption of prosperity
progress. nothing To hamper the free play Of
natural national energies
Continued strength in the grain markets Is
not a bear argument upon stocks. despite con
trarv Wall street tradition. In former times
high prices for grain rarely appeared except Il
case Of home crop failure which was always
bearish on the security market Present aigl
prices have different cause. They are brought
about by enormous increase of domestic COZ
sumption due 10 growth OF population ana oy
worldwide demand for sucn export SUI pus ds
can be spared. foreign crops being snort Slca
conditions make for benefit 10 railroads ana II
dustriaI companies while at the same tlne e.s-
ating vast wealth for the dsrI-alturdi COM
ulunItv Specifically. from now ON IalEHa-S
must benefit BY free movement ut VA-al IL
so-called may corner Is ended aHd iaII---S
who have been holding back VIII oec2He s-.l-
pers From now on the winter "Ara'- St--7
wheat and corn crops Viii crowd western 'l7S
with traffic
OF importance is the European .~tma,e -
American financial conditions, and ample rssT-
nopv comes To- foreign appreciation 1t oI
strength Distant observers often s~t a c-ea'@f
view than those ntarby. The French 5r Eng
Hsh capitalist Is not particularly worried cea-
cerning the petty details of tariff Legislation nor
bv the wandering WITNESSES OF Wall street ne
looks To- profitable investment and Inds II le
American security mark-t unexaml--d oppo.-
tunity-opportuuity which no other market can
begin 10 compete with Therefore olSAs
orders from Europe appear day hy day ana i
becomes the rule fo- London morning lllH1 l.t-
tions To- show smart rises from '-. ''I.'S
closing From now on foreign buying wiz ~
come more and more factor l' '7
with ,-tn
abroad can be- relied upon 70 extern" '--- ~
tation of American securitles-
Especially are European banking hl@resS
likely 70 be impressed by those progresses
movements upon the part of American eap'~',
which are aing reflected in anL'iI-el-i7l--
plans for the merger Of lesser propvIIi-
greater ones. In the railway world th-s i
emplified notably by what already Is dSo''''-
Of the purposes Of Edwin Hawiey IN MS oHs'-
peake and Ohio program. There is 70 Dc -
panson in that quarter aIong broad Dl5'
which so far there is no commensurate an
no,ncement great trunk line system : =
he rounded outs already nearly eolll-''-
And as Mr. HawIey is proceeding So m al p-OS
ability IL will soon be found that other capl- ia
ists OF experience and caiInre are Io0esai-s
And in the view OF practical men O. +Sa - fl-
this manner OF undertdAlus mus , ar
reaching influence of most Nlo-e7'Hl0 -
Where there have been Jeal"uslr~' t-SPL' L,'-9ss3
dc wars and losses there can Le eSla'.S so+ "A
harmony assuring profit Far JeSl u- " on
regarded as in prospe speCt-regardct uy LttIa n
ServatiVe CapitalistS-ts Sorl-"ttt .i-o-- -1Ssnrs
the forecast 81 an important Sl--H - Lose q
authority, who goes on record el %, -l,sssa-
this week with the prediction JNd- 90 - D,r
nea I,a and ohio will be entitled % sen al -
and better this very year
Among professional traders ou the S''CA
change. such as are willing 10 entertain 1-'
buIIish view Whatsoever, there is current =
pectation that popularity for some time % 80
will largely drift toward the metal stocNS -,
theory induced doubtless by the past
stunts in Steel. 1t is disCerni5l- tnal ui''1 -
new pooIs at work in Annals lgauated copper -
American Smelling and \atiordl L-Sl1-- --s,-sd
ground for an advance in this group = C-.-ins-
however 10 the argument OF WHAT --.-i1srs
la zion can do And they who pdl - ~
I'I - -,a.~I-s, leaders or followers are e