New-York tribune., 1909-12-26
Ths Financial World


% the point Of almost festurelessness.
Msnipulstive energies are little TN evi-
denCe any where. though exhibits iss
the II point jump overnight In one %
the Reading issues may be taken q IN
dicste that we're the manipglafor 20 GET
busy he could readily find responsiveness
IN various recently neglected rnsrsst
quarters.
What actually appears - Be control-
ling Is general disposition. upon rhs
whole. 81 Wall Street 70 await the rurn
of the year before attempting sctivitg %
any sOrt--while equally agreed seems
The expectation that January Is - Wit
ness the start q a sturdy deH eiopment.
II is not the universal anticipation.
though. thaf the market IN its entiret~
h bound for a boern. for there has ben
recent growth Of bea-ish sentiment ~
reason Of some conspicuous business
factors. Congress threatens no dis
turbance. Money market difficulties aT.
rot further spprehended. Labor snarls
have no present scare in them. Nine our
81 ten elements ir the commercial and
Industrial situation are not only fras
from All Gisazreeable phases hut srs
forcefuIly on the confidence making sids.
National prosperity is past the incuba-
tiOn stage-is become actual potential.
II is only IN the exception that any NAV
ket doubt can intervene-in such an *
ception. for example. as the sugar Trust
spectacle thrusts upon public notice for
- the extent that corporation trustee
ship-common corporation honesty-is
there on trial il is the mersst common
place OF observation n discover that
there is awakened vstchfulness a dis-
trust that may become even widely COM
bustibls. And sane security marker ap-
praisemsnt cannot ignore the prssencs
OF this qualifying eIeTnsnt--fortunatsI
offset BY the popular appreciation tba-
we have government policy that proceeds
Upon the square. There - no dali ing
with practisers of double dealing and
as the oveTreaching Of rogue Is far dis-
tant from any menace 20 honest anteT-
prise. so IN the end there is certain %
be realization that one trusts exposure
and that trusts discontinue involves
not hurt but help 20 every interest that
Bearish attitude toward the security
market as whole because of excep-
tiOnal revelations" Is. therefore hardy
entitled o. as much consideration az
some Stock Exchange operators are A.
the moment affecting t. believe Against
a single conspicuous dereIict. how snpl-
splendidly. conclusively looms the record
of the United States steel Corporation
muuificence IN national welfare Thsre
are more followers Of the good example
than OF the bad.
II We are 20 have market expansion
following the holidays. what most nav
be regarded as encouraging Is that ths
development will be along rational line.
with rational warranty. Prosperity i5
now become 80 real. 50 unrnistakabe
and governing. that there can Be no need
and no tustihcation-not any excuse
for the interiectiOn OF aTtifciality into
the market; what prosperity. market
wise assures is that normal measure
ment is possible. meaning that ssch
business proposition must abide bv it1
own Individual merit. Healthier sftus
tion could not be Thus while many
movements in the present market seem
erratic they may fairly be regarded as
premonitory-sym of Vhat m
specific instances Is I'm course Of devei-
opment. approaching now oficial read-
ness. for announcement On t1is &C.
count current rises here and there IN the
market are likely by discerning people
10 be recognized as merely early mani
festation Of what will later for conciu-
sive reasons be shown 70 De wholly nat
uraL rejecting values. even - recently
acquired. not hitherto commanding ap-
preciatiOn-for professional Wall Street
has given scant consideration % the
thought and plans OF persistent applica-
tiOn which our foremost inancisrs have
been (quietfy. even secretivelyl devotinz
70 the solution OF problems hitherto en-
barrassins- OF sudden IL viii be found
that these unheralded energies producs
results stupendOus-and II the New Year
is to give Us better market and LASTING
advantage the credit largely win reflect
this continuing conservative trustesshfp.
Illustration OF what IN this way can
be insptriJing may especially ne expected
IN quarters where j. Pierpont MOrssu
dominates And there will be nOtaris
Hawley exemplihcstiOns. too.
More than superfciaIly siZnihcant--in
the broadest markeCsense--are those in
NiurIlo OF llr CuTTtflt We~h ttlrI nave ID
do with dividend action-increases an
nOunced. for example. by the Pennsyi-
vsnia Railroads neutrality-suspicious.
10 substantial increase before long in ths
Pennsylvania own disbursement rate.
II may be even anticipated that 1910 viii
achieve fer itself the distinction Of rec
ignition as the era of dividend sxpsn-
sion. Not only among our great rail-
way systems is this the prospect. but
similar result is coming IN the industrial
list. United states steel in this. as IN
other wholesOmeness. can be the best ot
leaders. Among lesser properties thers
Is long roll where prosperity Is log
ically bound 10 be translated into rIchsr
return 20 the investor who through hard
times has been patient. and from the
standpoint or this review especially
agreeable IL an apt eNemplihcariOn OF
this very policy as made AZ the close ..
this week in an official announcement ny
the Vulcan DEFINING Company. This