New-York tribune., 1909-09-19
The Financial World.


where. Professional spectators have done ths.v
utmost TO create adverse opinion Their a.
swers are uniforu-uniforrnly pessirnistic TsAv
see no good anywhere; they prophesy dIsasta,
continually Their records as prophets are M,
helped by events-for the stock market ftsslrhs,
this week been answering every doubling n.
quiry.
Aud the stock markets own answer IS ansva,
easy to understand. There isn't any waste a.
rhetoric in it--just plain figures make It m
And this Is the way the answer OF the narke,
runs-answer unappealable and final; Upon ths
New York Stock Exchange this week five ana
a half million shares OF stock have been dealt
in. More than two hundred different issues have
contributed 70 this great total. And az the end
OF the week Just one stock has gone down over
two full points-and that stocks total transac-
tions a single hundred shares Stocks that ad-
vaneed two points and more number scores
Exhibit like this-answer plump to pessinisn's
challenge-has no need for any aid or emphasis
II was not in particular groups. not in any
special part Of the market. that the weeks in.
spiriting record has been made-the whole lis,
has participated-the market we have had has
been a market which is TO be regarded as nat
uraI and wholesome from the very best Of view
points. Among the standard railroads Northern
Pacific is up three points. Great Northern nearly
as much. ST. Paul over eight New St Paul
financing Is thus anticipated Alton rises over
five points and Chesapeake and Ohio three--ths
Hawley issues having appreciation now which
shows In new phase. large international pur-
chases OF Chesapeake and Ohio being made. The
anfracite lists buOyancy includes nine points
gained by Reading. with eleven for Jersey Cen
trail: and Erie begins participation. It being noe
improbable that there may be early revelation
OF the especial reasons that have inspired ths
accumulation IN two separate quarters OF Erie
preferred shares For some reason that is SUIT
cient to himself one important Wall Street
anancfer now personally holds over $4,000 shares
OF Erie preferred He isn't a philanthropist
lie doesn't like risks. He has 20 know before
he makes any such investment as this he has
made in Erie. In the industrial list many stand
ard issues have been active, advancing ANAL
gamated and Smelling have risen substantially
the short interest m these stocks being arss
and airnsy International Harvester reflects
approaching dividends American Malt pre-
ferred is benefited by new elements Cnlted
States Leather preferred rises three points on
n trfng transaction. attesting the sturdiness
Of the interests marshalied TO maintain It's dlvi-
dend equities All the metal issues nave I'M
nroved United States Steel common gaining
nearly five points IN scoring new high records
day after day Republic Iron Sloss-Sheffeld
Virginia Iron making similar moves upward.
Vulcan DEFINING common is up seven points.
Little by little there is gained some cOmpre-
hension OF the extent 10 which the outside pub
tic has become interested (by actual investing)
in the security ruarket-and eoincidently,
there is learned. too how direct and how pow
erfuI the influence Of this element can be in the
shaping of markets course and destiny When
1t was discovered in the stress of last years
panic times that at the very worst Of stock Ex-
change confusion stocks were being confidently
bought bv the public-bought In odd lots" but
thus bought In the aggregate by wholesale-few
even of the most impressed observers we're able
10 make commensurate calculation CT what that
movement could signify. for OEly now the
potency OF il begins to be fairly revealed Those
independent buyers Of 1907 and 1908 have not
been sellers: they hold in the prosperity of ths
nresent what they were brave enough 70 take
amid the risks demoraIzatfou what then
they recognized as bargains have attested their
judgment: hut what thus they took from Wall
Strset-this is the factor supreme-was insis-
nihcant beside what this same investment ap-
preciatlng public has since absorbed. 1t has
been much the fashion TO applaud this outsids
buying: but What il really represented in mag
nirude few Of the applauders have even family
suspected In some parts OF the market IL has
become a force potential even TO the point %
approachInS dOyninance-as amidst the events
Of the past feverish fortnight there has been
graphic exemplifcatiOn.
The new public" that Wall Street now reck~
ons With differs totally from any other noa-
professional element that was ever introduces
into a market on any considerable scale As u
refused 10 be cOwed as il insisted on following
its own courage when all Wall Street was on
the run so now It proceeds upon its way saris-
fed with its own observations its own calcna-
tions its own conclusions.
he ME a
States steel shares make is this identical pub
lies" conJTi5OtiOn-the Steel quotation d4y %
day surprising higher and higher records osts
mainly tmerely) this same "puoltcs man. -
tatiOn- Here. finally. Is PuoHc 'ia' A~'
In Il signifyiug address delivered over ysa'
ago George w. Perkins pointed out the exran-
sion in the lists of stockholders OF our NEST
important corporations. Pennsylvania railroad
shares. for example. we're owned by a multltuds
Of investors more than formerly United states
Steel shareholders had iucreased stupsndously'
This was Informative. illuminating-eui tA'
record reaches further row Evidence appears
daiIv when Union PaQiHc's transfer books
closed this week COR the coming 1hhl,'' SleS'-o-
there was exceptional uUsJratiOn- ~ - , Az
hitherto been the fashion IN tAat Qual ~, ~ - 80
much heed to what might be the Siht4l Sto,N t,
holders" attitude; but now that cttsS'I'Os
includes multitude that none can ov >" siN--
safely 70 ignore.
a further Incidental illustration O eNnse-
quence now recognized appears n neWspaRS'
publication of this week advising s10SAn0tlS
in q lesser Stock Exchange property 70 H1
their stock holdings transferred into theH p"N
names. 50 as 20 be able 20 vote peFsona1N' -
refers TO the Vulcan Detinning Company' WH''s'
stock shows signs OF advancing. Ss EeeeAsN
forecast in this review. II there is 70 oe eon'
sV,t. -yafNr rX1l