The Washington herald., 1909-11-05
WALL STREET NEWS
Strength of Security Market
Asserts Itself.
INDUSTRIAL STOCKS ADVANCE
Feature Of the Business OF the Coun-
try Is the Immense Expansion I'm
MsnufacturInE-Prof taking Sales
Reduced-Liquidatio Causes Seat
tered Declines in Railroad Bonds.

New York. Nov. 4-That underlying
strength Of the security market that has
been so pronounced during the period of
recent market dullness asserted itself
to-day in a more positive form. In
the last week or ten days the market has
acted. taken as a whole. like one in
(which an advancing tendency was with
difficulty held In check by some species
OF artificial restraint.
This restraint was, Of course, the
money situation. and il is clear that
II doubt on the subject was now en-
tirely removed the rise in prices. which
to-day seemed to break out irrespectively.
would have been carried on with decid-
edly greater vigor than It was.
Advance wns Manifest.
1t is true that the advance in the mar
ket to-day embraced principally the in
dustrial stocks, but for this reason il
should be manifest to those who pay
an ordinary amount OF attention TO the
current course Of financial and business
development.
The feature OF the business OF the
country just now is the immense ex-
pansion IN industrial lines, which IN the
case Of iron and steel and many other
trades is surprising all previous records.
There is every indication the picking up
of industry viii continue to enlarge and
next year viii be the banner year thus
far in the country's business life
In Que course all this Will swell the
earnings OF the railroad companies no
less than those OF manufacturing plants
but for the time being &c Is the railroad
companies that are spending money and
the manufacturing companies that are re-
ceiving it.
Moreover. the countrys industrial or
ganizatlons are not subject as the rail-
road companies are TO tho meddlesOme
and harmful influence Of the Interstate
Commerce Commission and governmental
supervision. 1t may we'll be that the re-
sumption Of the strong concentrated buy
Ing Of United States Steel stock which
was the feature OF stock exchange trans
actions to-day. was caused by the publi-
cation Of yesterdays statistics showing
that the pig iron production in the coun-
try is now the largest ever known.
Great Year Expected.
Coupled with this. Is the semi-oficial
assurance that the amount Of business
now being done by the Steel Corporation
is also the greatest I'm the corporation's
history. InaSmuch as the prices that
the IRON and steel people are now COM
mandinB for their products ara stiu but
little on the average below those of the
good" years OF the past. the belief is
certainly not unnatural that the chances
strongly favor a further increase in the
dividend on United States Steel common
stock at the end OF the present quarter.
Profit taking sales toward the close
OF the market to-day. reduced somewhat
the gains previously made, but the promi-
nent industrial shares still closed at
large net gains.
In tho railroad list especial attention
was attracted by the rise in Rock Island
preferred stock. Liquidation after the
recent announcement Of new stock issues
on the part OF various railroad companies
led. however. TO scattered declines in
these quarters. SO far as the money
situation further unfolded itself. 1t was
favorable to values