New-York tribune., 1909-12-19
The Financial World

The current course OF the sscuritvrrzr.
kat reveals that il rests upon surs soun-
datfons- Final reports or the Departures.
OF Agriculture on the crops OF 1903 rno-.
than confirming the most fattering ONT
look Of months ago. the Agricultural
South and West vastly adding 70 aIrsasv
piled up wealth. the basic national cou4-
tion Is altogether inspiritinz-whiIs III.
sowing OF winter wheat TO increases
acreage foreshadows yet greater c-os
fruition for next year With Just norma,
conditions with Just natural grow n, TIA
crop year OF 1910 can easily establish nes
records. because the farmers are sr.
couraged TO increase production by rsa-
son OF the higher prices established. be-
cause consumption continues 70 exceed
production, and because scientific mssh-
DDS made possible by prosperity srs
revOlutionizing the tilling OF the ground
These facts. though little heedsd IN daily
Wall Street speculation. are AZ work an
the time with irresistible potency.
And directly sprinsins from agric1lr1-
raj prosperity is Industrial prosperity
ultimate expression being found in rail-
road prosperity. Illustrative of these
conditions Is the very general and In
portant movement developing IN IN
creased dividends-emphasizsd right now
by the lifting of Louisville and Nssh-
Vile to a per cent. basis and Reading
10 s per cent; and there Is conasen,
anticipation that other equally slxnid-
cant examples will almost Immediately
be recorded.
a. an raFlroals 10 - F,dv,.s-far. a.
trend Is all one way as to cividsnds--
upward In well informed circles there
is anticipation that something hettsr
than the present rate on Steal common
( will be declared AZ The next directers'
meeting. Earnings warrant far ro-a
than the present modest per cent wers
10 not so Steel common could not com
mand it's present market price. COR no
industrial stock with anything dHblous
in its character can for long maintain
quotation at which about per cent Is
the net yield. Incidental 10 this discus
sion II is noteworthy that speculative
attempts to raid Steel common upon a
strike threat prove irnpOtent And here
in Is shown the isr-Seslng wisdom OF the
Corporation in Offering it's stock on such
liberal prodt-sharing terms as 70 induce
already more than $4,000 employees 70
become stockholders. II Is anticipated
that more thousands OF employees vil
avail themselves OF the next annual o.
fering. For this great step toward IN
timacv and harmony between capital AMI
labor largest measure OF credit IS due to
George ". Perkins. Critics have Dubbed
il his fad" What actually IL is reaches
TO heights or the most genuine public
service.
In considering the market from .hs
Immediate speculative point % view ac-
count must be taken Of the fact TIA,
transactions foT q long time have bear
largely composed OF steady invsstmsut
buying In large and small lots. While
professional operations may be inhusn-
tial in a days transactions or even
weeks transactions they are relatively
OF scant consequence in the fnaI result
simply wagers based upon conflicting
opinion. through which sealpe-s seek
quick proft Investment buying Is last
ing in it's effect, taking away from Wall
Street the so-called floating supply O.
securities-a movement now assUminG
formidable proportions
In the railroad world there goes right
on the process OF scientific rearrange-
ment. New groupings OF syster-s-nsv
affiIiations-alI working toward increased
efficiency and economy or operation. are
the order of to-day. More and more
conspicuous in this Significant nave
rnent Is the part played by Edwin Haw-
ley. who may, indeed. fairly be credited
with having taken up much Of the burden
laid down by Mr.. Hartman But Haw-
ley action is not lonesome. IL is chiefly
conspicuous by reason OF the dOminar-
ing personality OF the man All through
the railroad world is revealed an evoiE-
tion distinctly favorable 20 the share
holders OF American securities, and this
seems realized abroad Just as well as a.
home-the volume OF foreign buying Or
ders-investment Enthusiastically in
creaSing-
Heralded horrors in tbs money markst
DO not mateTialize, Both here and abroad
there is agreeable relaxation in nonsy
rates. Actual cash supplies and The
credit situation are alike satisfactory.
II NAV be that in some parts OF ths
market there will show pressure Ter ths
next few weeks. until the tura .. ths
year at least--in the Sugar Trust ths-s
is probable example, II is urged BY many
cool Observers Of the market that in a
variety OF cases there has recently been
resort 70 manipulation 70 provide
strength not warranted by public inter
est. Aside from Sugar this is insisted
upon with regard 10 the Copper Trust
AmaIgamsted Copper. Foolish spscuia-
tors. finding u inexpensive 10 b talsa-
tive. have been distributing lots OF silly
stuff and nonsense representing th1t
there impends a wholesale ccmCrehen-
sive amalgamation cf every important
copper producing company-not rhs COP
per companies OF America merely but NJ
copper companies OF the world Nal
street has been filed with this sort et
eXaggeratiCn. And. boiled dcwn-crys-
tallized into actuality this VERY week
the whole net result OF 10 al IS that TWO
or three mediocre properties ~ wnich
the Messrs. Guggsnhsin and James FaA-
lips are concerned are proposing 70 eon-
solidate. What was proclaimed IS q
mountain is barely an ant Hill And u
Amalgamated Company isn't IN Y az an
Yet il is unwise for SpeCulatcrS % DC
selling Amalgamsted short on any rns-
ory that il is not earning the dividend !,
pays. Amalgamated stock sells areunu
$50 per sharc-and its dividend Glsou-Se
ment is s. per year--a market price an
a dividend return which makes the stocA
rather a luxury to the ordinary buyer
In so far as Wall Street ruTOors "a. ~
Amalsamated deals at Washington lis
talk is not merely foolish but crfInlnaA
There are no AT Washington CsaiS