Evening star., 1909-06-06
"HAPPY TIMES" AHEAD
E. H. Hartman Applies New
Expression in Forecast.
STEEL SURPRISES STREET
Vigorous Resumption of Activity in
Pittsburg Mills.
MORGAN's GOOD WORK IN PARIS
Buying of New York Central Fea-
lures Current Railway
Transactions.
STEEL SURPRISES STREET
GOOD WORK IN PARIS
Special Correspondence of The Star.

NEW YORK, June D, 1879
The security market continues to advance
under the domination OF BILE facts ana
the expression in high quarters OF extreme
ly optimistic opinion. Very significant are
the utterances OF E. H. Hartman as he
sails for Europe. He predicts new
outburst of speculation and the arrival
Of HAPPY times" AS refinement on
the usual good times" Mr.. Hartman Is
to be congratulated on his choice OF ex-
preston. Talking to large audience or
newspaper men just before he sailed. ne
was coy concerning his mission abroad.
He would not state that he intended to
float large issue Of Union Pacific bonds
in France, but every one knows that
that is the main object of his pilgrimage.
That he can SO float them goes without
saying, for French banks are just gorged
with idle funds heaped up on the fear OF
Balkan war. And the advantage In
placing loan in France is that 1t be-
comes practically permanent, the French
investor not running on trifiing recessions
or taking trifiing profits. That Mr.. Har-
riman will want his pet stocks-Union
and Southern Pacif1c-to look as good
as possible during his educational cam
paign abroad Is very sure. and his fine
far-western hand is already discernibe
in the market movement of the issues as
sociated with his name. Hartman is no
fool-certainly a most practical OF prac-
tical men. as certified to by no less a dis
tinSuished authority than Theodore
Roosevelt.
The course of United States Steel COM
mon surprises professional Wall street.
The average trader cannot understand
how a stock capitalized at over 100000.
600 can walk up just as easily as any lit
tie ordinary security. In this case size
has nothing to do with the question. The
water has long since been squeezed out
of Steel common. Not drop was left
when 1t fell some years ago to sas Every
buyer unable to hold on was wiped out
in that lamentable and memorable bear
chaos. From that time until the present
day the course of Steel common has been
that of steady recuperation. The sick
child was successfully treated and has
been waxing onward to sturdy manhood.
Steel Mills Busy.
There is even now rumor that the
corporation contemplates retiring pre-
ferred stock at 40 and substituting
bond issue. Should such action be taken
it would, of course, add much conse-
quence to the market position of the COM
mon stock. But whether this be true or
not there would seem to be nothing in
sight to prevent common stockholders
from now on enjoying the benefits of the
vastly increased earnings which loom
ahead for the steel corporation.
SO vigorous is the resumption of activ-
ity in the steel manufacturing business
that the Pittsburg mills ran full blast
Memorial day. Orders for May are said
officially to break all records since the
organization of the corpora ton. 1t is no
fanciful dream to imagine Steel common
paying constantly increased dividends un
til 1t shall take rank among the great
investment properties of the world.
Appreciation of this fact comes from
Paris. The Paris bourse is to admit, or
has admitted Steel common to full listing
among it's securitieS-the first case OF
an American common stock receiving the
Paris hallmark. Our French cousins are
very conservative and would never take
such action unless they were pretty sure
of the ground they are treading on. 1t
is said that their educator in this par
Morgan. If Mr.. Morgan can keep on
such good work he would better stay
abroad.
Copper Business Cheerful.
Coincident with steel prosperity there
appears cheerful movements in the cop
per metal business. 1t would seem that
consumption has caught up with produc
ton, and that the price of copper metal Is
pretty sure steadily to advance In such
case there is large room for market i'm
PloNciicIi III llic price VI AlIidi6dHdttu
Copper, not to mention the other sound
copper companies which are actually do
ing business or those which have in their
treasures ample capital for practical de-
velopment. Both on the stock exchange
and on the curb there would seem to be
reasonable certainty OF active awaken
ing in copper securities
The end Of the deal in Chicago in May
wheat came quietly and logically There
was no attempt to bleed the shorts The
GaftlinO u-uc noII
with corresponding quotations in all the
wheat markets of the world. Since the
end of May steady strength of later op-
tons In Chicago and elsewhere seems to
confirm the statement OF Mr.. Patten that
high prices for wheat are not due to
manipulation, but to worldwide demand
for that cereal Assuming this to be so,
h1gh-priced wheat can mean nothing but
increased agricultural prosperity increas-
ed railroad tonnage and stimulus to every
branch of industry and commerce.
In circles which take their tone from
Edwin Hawley there is all kinds of bull
talk on Chesapeake and Ohio. Consid-
ering how successful Mr.. Hawley has
handling Of Colorado Southern, Toledo,
st. Louis and Western and Chicago and
Alton. serious air is lent to what is
whispered from his offices concerning
to be his purpose to make this road an
important link in a big trunk line sys-
tenn. If so. then. of course its present
market quotations are petty. But there
is always considerable speculative ele-
ment to be taken into consideration in
HaWley ventures.
New Bond Flotation.
There is talk of a new flotation of
bonds by Missouri Pacific. and it is said
that resumption of dividends upon the
stock awaits such fotation. If sue
cessful. then Missouri Pacific will again
become dividend payer. The stock is
quietly strong, seemingly In a waiting
attitude. Missouri Pacific, properly ad-
ministered, can become a profitable
earning proposition. instead Of a Gould
scapegoat.
is a feature of current transactions. The
public at large has not yet grasped the
whole significance of Mr.. Harriman's
entrance into the New York Central di-
rectorate. To paraphrase an old say
ing: Where Hartman sits. there is
the head of the table" His influence will
be found predominant in New York Cen
trail Just the same as in any other prop
erty in which he shares control. In o.d
could control 80 per cent of any stock
he could dictate its management-of
course. by sheer force oof personality
We are inclined to think that Mr.. Harri-
man can do likewise on about l per
cent basis.
There is evidently a good deal of At
Gibson for sale around 10. Should this
stock be absorbed, Atchison will go
good deal higher. for it is certain to
next fall Actual earnings of Atchison
approyimate Ia Der cent and there is