New-York tribune., 1909-07-18
The Financial World.
THE TRIBUNE'S FOREIGN NEWS. -

States Steel-and only United States s.
makes the stock Exchange record for ths -.
In so far as Steel itself is concerned the svsssa-
is nightly fnspiriting. There are sorns -
phases not quite 50 encouraging
Not only are new records made bur +hs
accomplished iauntily. as if involving no -
whatsoever Yet, Of course. that is no. tbs e..
Manipulation has seldom been more forcefBn-s
evidence What has happened distressax "a =
Of the professional talent Of Wall Street 7TS 7oS
who forever are wise nave not merely 49,
nOu-p participants in the splendid rise thai -
taken place. but they have even aggrssssr-Sass
combated the advance. point by point ~
after day. till anything like an accurate r.sSF
ter Of what has happened 70 them would sss--
like the chronicle Of a shameless NfnA - -
ten OF the professional traders Of the Stock -
change have been against the Steel can7ssI-.
from its very beginning Starting wrong tss
have stayed wrong: the cash result OF their -
tivity would make sorry spectacle.
It may be borne in mind. however BIZ s,n
who occasionally indulge in the Iucllr- ~
memory, that the bearish disposition tovs-11
Steel had for its origin and its suthsuticafsss
the speculative activities OF the Steel Tr,1sfs
own insiders. OF a sudden. one day dolssI
tales came rolling out Of The very forsuas-
Office Of the Steel Corporation, pessin1isIn voi
only hopelessness ahead OF il. Dividends eoni1
not be continued. Prospects were 50 sirsSf
that every stockhOldsT ought 70 Be varnss
forthwith 10 let everything 60 and, coinei-
dentauy one OF the most important orokaraz.
houses represented upon the New YORK S,oct
Exchange appeared as the seller OF Steel sharsz
in volunls 50 tremendous as 20 induce via
spread sensation-this stock Exchangs frm 81.
ing popuIAry credited in Wall Street with inu
mate relations in the very highest Steel Truss
quarters. credited even as being the agent a.
eminent Steel Trust officials There was nou
dation, there was sacrifice enormous Nauv
sensitive owner o1 the stock was harried iafo
the market price. Savassr plan ot eancaiz7
has never in any recent year been executed.
stssI stocks market quotation IS SONS tair.z
points higher now. They who raranass sas
TANNED the price az that time. they who shs1
scared everybody whom they could scare lar9
selling. have ever since been preachers OF pros-
perjty. Perhaps there IS no scandal s1ywhsss
in this, but as a chapter in Wall Street history
Il has exceeding interest. One asserrivs ssst
however, sends breath Of fresh air through suca
sickly performance They who intrigued aad
5ockeyed and cheated found themselves unabs
to deliver or even 20 influence those wEo IN
final analysis are the Steel COrpora-tonS n.as-
ters-its protectors. And above al the resi- g
whom plotters had TO take cognizance. rad %
face. had TO bow 20. IS the Financier Prsnler
not OF the Steel Corporation merely. 5ut Of
america. Of the century.
Steel stock has sold under the guidancs Of taaE
business integrity Cor which Throughout his
carser tho nams OF J. P. Morgan stands
ing vast profits It's current business reaches
r1axins stupen5ous Every prospect promises
expansion. The two Per sent. now paid g7on
the common stock is small beside what sarnas
are showing. Naturally thersf5rs zaucn IS hsz-d
OF dividend increase. The popular theory
that the rate VIII BE- doubled Yet no oaea
forecast warrants such anricipatiOn--I0r ths IN
mediate present II substa ntial increass IS
voted it VIII be found that Still further incrsass
would have been practicable. out OF current
profits. and If the desired increase &c yst 4
little while further postponed il viii be sasNa-
fylst as clAariy-thst a. reason for pOstponsr1snt
there is merely the element OF COnservstisE
looking 10 larger and still larger dlstrloUtlsas a
little later-for the forthcoming starens7t q
the Corporation, IL can Be relied upon, VII var
rant every mans enthusiasm
Touching the extraordIua-y ns- strength q
steel co-7-o0r shares thsr2 is common sense
and consequence in these oos6rvdt1ons q n
alert Wall Street commentator
aThs change that has taken place of -seszt
months in the position OF the stock is aln1ost n
credible In the average brokers O1les there
very little stock Commission houses are cary
ing less amount than perhaps AZ any pIss40-ss
time since the original promotion n 1891 snn
certainly less than in any previous oI-- nar1s4
since that time. On the other hand the spseG-
lative holdings Of = few men have e1orn-oiSg
Iorz OF IL IN amounts OF 10000 20 10000 shares
each. Some of these men finance IL with thsr
brokers, but in most cases they arr1nss Ia'.
loans directly with the banks. The or-c,al pooi
is believed TO be Up 70 practically IFS liml-- ies
limit IS somewhere between 100000 and 5yy,9vV
shares. There is at least one English sy1dlS2t5
whose holdings are so large that Il = saoula
suddenly choose 10 take us pr7u-S -I I--lSIl- s7
almost necessary to export sold some q =
largest participants in the speculation are ne
who while Mr.. Keene was making Market le
the stock in 1901 sat I'D nights % lC1orSe LLsA
certificates. in order the faster 10 sell OUT lh-s,
in the recent past there has been q roVeals--
OF concentration. contrasting with that of GiH1-
sion eight years ago"