The Washington times., 1909-07-16
STEEL SHARES NEW HIGH RECORD
IN ASTRONG STOCK MARKET.
HARRIMANS FIRM.

NEW YORK, July 15--Steel shares
overshadowed in Importance all other
stocks although there was a good
sundertone to the whole list. and there
was not a thing in the news of the
day that was not encouraging. The
story of the betterment in steel and
iron business is dominant-it is insistant.
From all sides. from Pittsburg, Chicago,
Tennessee and elsewhere the tale is one
of smoking chimneys and increased pro
duction. The earnings of the United
States Steel Corporation to be published
July p are expected TO reflect this i'm
provement in excellent shape. Indeed
the Street has come to believe that the
common shares will receive at least a
3 per cent annual distribution with ex-
cellent prospects.
II is known that the Morgan interests
hold extremely bullish views as 10 the
future of the property. But this is not
all Those who have noticed the in
creased demand for steel. the passing
of wood es a material for cars and
coaches. the coming of the automobile
and hundreds Of other uses. have come
to the conclusion that il VIII not be
very long before the preferred stock IS
retired somewhere around 40 a share
and the sommOn come INTO lis own,
after waiting the passage Of TIE years
of using profits to make improvements.
IL is this hope that is inducing the lock
ing of the Steel shares. On its dividend
il is too high by many points. On its
immediate dividend prospects it is too
high, but on its future the stock looks
cheap. Nearly one-fOurth of yeStef-
days trading was in Steel and today
the proportion was maintained The
only sign Of an i'll wind Is found in the
strike of the tiuplate workers, and this
is becoming serious enough To give IN
diCatiOn of a speedy ending
Expect Public To Come In.
Some of the big Wall Street interests
are confident that the public lassitude,
the utter indifference of the public to
stocks and the stock market would pass
away within the next few weeks, under
such news as viii make everyone bull
ish Perhaps 1t will, bur the public is
hard 10 please and it has a long mem
cry, barking back many years.
The crop outlook is excellent and viii
sell at higher prices The action of the
foreign exchange market is less favor
able I9-point rise being recorded The
National City Bank is shipping S1.750e 900
gold coin 10 Argentina.
Gains Average One-HaIf Point.
The gains were generally about =
point There were no losses to speak of.
The improvements were largely confined
10 that group that has blazed the way
for weeks. Southern Pacific. Union Pa
cif1c Steels. Copper. and Rock Island
ST. Paul was barely steady. President
Earring Is said TO hold very optimistic
views on crop prospects. The Wall Street
Journal is authority for the statement
that the earnings for the fiscal year
ending June 30, would show a triffe over
Z per cent for both classes of stock
steer common opened al ia rose q
little. sold of 10 70M then rallied to TI7s
and was very strong. Predictions Of
IS before 10 are freely made Union Pa
cine gained -, Southern Pacific s. to
1854. Pennsylvania was = higher, there
nelng a relation between the big steel
business and Pennsylvania earning
power. The great bulk OF the trading
was In the stocks mentioned. with
numerous t44z point gains elsewhere.
New Highs On Steel.
New high prices were made on Steel
preferred and common entering the sec
ond hour of the afternoon. while the
rails remained steady and business in
them grew more quiet with every
chance Of increased activity in the last
hour. This has come TO be the rule
rather than the exception. activity well
along till noon, then dulIness and a
lively closing.
Steel common touched 727s. the highest
ever; preferred, l2S1s, the highest ever.