The citizen. (Honesdale, Pa.) 1908-1914, 1909-11-03
Hurrah for Prosperity-Pass IL
Around.


New York, Oct. 29.-Steel manu-
facturers here state that at no
time in the history of the steel in
dustry have they experienced such
deluge of orders.
Since the first Of the month new
business has broken all past records
for similar record. This will be
double the shipments of the COM
pany. Consumers seem to realize
that 1910 will be the banner year in
the history of the industry, and as
result are anxious to cover re-
quirements. In certain lines the
Steel Corporation has sufficient busi-
ness on its books to keep its plants
in operation for the mex, five or six
months. The Lackawanna Steel
company is swampted with orders
and has been compelled to turn down
some good business in rails on ac-
count of congested conditions. The
Republic has all the business it can
handle and is making no aggressive
campaign to increase it's untitled
tonnage. The Pennsylvania, Cam
bria, Bethlehem and other compan-
les are in a similar position. The
belief prevailed that there would be
a lull in buying after September 80,
but, instead, the industry has been
given a further impetus and it looks
as though heavy buying would con-
tinue we'll into the latter part of the
year.
Certain of the steel companies
with offices in New York are asking
S1.6O per 100 pounds for structural
steel and steel plates for delivery
in the first half of next year, and are
experimenting no difficulty in selling
their future products.
The regular quarterly meeting of
the United States Steel Corporation
falls on next Tuesday. Wall Streets
final estimate of earnings for the
third quarter is between $35,0O0,-
600 and 4O,O00,000. Unified ton
mage is figured in excess of 5,OO0,-
600 tons, and the belief is general
that the common stock of the United
States Steel Corporation will get
l per cent. for the quarter. In this
connection it is interesting to note
that the earnings of the Steel Cor
poration for the current month will
run close to S15,0O0,O00, or at the
rate of $18O,00O,000 a year. This
means that the Steel Corporation is
showing a surplus at the rate of
100000 after all deductions
including perferred dividends. This
surplus is at the rate of nearly 20
per cent. on the common stock. In
other words, the corporation in the
event of a l per cent. dividend will
be paying at the rate of 100000
a year to common shareholders, or
just 20 per cent. of the yearly sur
plus rate. Union Pacific earned to
for the year ending June 80, and
the stock is selling at 200.
Steel is earning more on it's COM
mon than Union Pacific and the
Steel common is selling around 80.
This comparison is made by certain
bull speculators when the bears be-
gin to argue that steel common is
too high.
The opinion prevails that the un-
filled tonnage, on the books of the
Steel Corporation, by December 81
will have reached 6,5OO,0OO tons,
the largest since the latter part of
1906. Representatives of the Steel
Corporation declare the untitled ton
mage is sound, as all speculative and
doubtful business has been elimin-
ated. Most of the selling of Steel
this week came from London. Trad
ers abroad have been bearish ON the
New York stock market, which is
natural when the fact is taken into
consideration that they sold their
securities under the belief that high
er money abroad would create
sharp slump in America.