The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-10-03
US. STEEL COMMON
LEADS THE MARKET
At % 7-8 1t Still Has MANY
Friends Who Buy 1t For
Investment.
SOME RAILS TOPPYs
OTHERS VERY FIRM
High Money Is a Factor Under
tone of List Is Still
Favorable

During the past week the rest or the
list was completely overshadowed by
the advance Of Steel common, and this.
TOO. coming on top Of previous better
rnents that seemed 70 preclude the pos
sibility Of the upward movement con-
tinuing 1t Is fact that the whole
country is today talking higher prices
for steel common. even though the
shares that 4 few months ago were
dragging around q and 45 have now
reached value Of 923s a share The
very stock that commission men were
afraid might sink below 20 when <
would have been hard 10 hold, has been
the leader of the whole list taking
the position when Union Pacific be
came tired; taking up its march =
higher prices. when Reading settled
!. back and refused TO go further toward
higher figures.
And each new high but inspired Wis
50 was predicted at 50 II was easy 10
read a title to 90 and at 9e% there are
those who predict crossing OF par
in a short time.
Careful and conservative men have
circulated the trade with showing OF
the wonderful records Of the Steel cor
poration since its Incorporation, and
par is as freely predicted for the COM
mon stock today as 20 was few weeks
Readers OF this column have been wise
~ advised II is fact that many in
vestoTs have been taking on Steel COM
mon both for the certainty Of 4 pei
cent, the probability Of per cent. and
also on the belief that one Of these
DAYS in the more or less distant future
II will be the only Steel corporation
stock issue in existence.
This docs not mean that prOft-taking
las not been going on in steel common,
as II has IN many other stocks. FOR there
are conservative traders who are salts
fed with good profits. snd the profits
fnCf 1s4r~ nrT inv
Some Of the conservative houses on
the Street have taken a measure OF
alarm AZ the monetary situation, and
are advising their customers 10 stay out
OF the stocks that have had the largest
advances and 10 concentrate their bust
ness on the buying side in the cheaper
grades that have not as YET. advanced
in comparison with Union Pacific,
Southern Pacific. Reading, or any of
the big leaders of the list. But all OF
the stocks mentioned have made new
advances and the volume OF business
IN them has materially Increased.
Talking Segregation.
Wall Street is actually talking of the
segregation OF the Hartman roads, a
plan which the late T. II. Hartman
deprecated. The positive statement as
10 probable recommendations that
President Taft would make 10 Congress
have been host on the Street IN the ef-
AWiA 10 rNh dlAAt NnAANo mere anu tAAEAF
-Ntchison reported the best earnings fol
years. and IL is confidently expected
that the return 10 per cent dividend'
is but few DAYS away
Conservative observers or market con
iitions do not hesitate 20 warn thei1
customers that the price level OF toda,
IS too high; that the gains have made
market for thousands or shares 81
stock liquidatcd by bull interests. Tha
the money market is not in the hes
condition possible. and that. while bust
ness Is good, the decreased value OF thu
corn and cotton crop. and the eNpan
sion Of credit in the security market a
home and abroad are signals Of more
or less vaiHe. and should not be ignore
entirely
That tho market is i'm control Of In,
big interests is self-evident, and Il Il
only a question OF how long they vii
be able 10 hold out against the highe
money rates The impression that { pc
cent is The maximum rate seems TO bl
grow Iig, and IF the rate doesn't advance
above this figure the bulls may continue
their control. There is one thing lackiul
n the making Of a strong uDwarl
movement, and that is "A short interest
n was reported that many shorts IN
Steel conz1on settled privately. but 1
hardly LOOKS probable that the most con
frmed bear would dare 70 have tempted
providence with flyer on the short sid'
~ Little steel during the sensational
advances Of tho Last few weeks. Their
IS not an extended short line in anythin:
but with tho first sign OF weakness n q
probable tHHt the bears would get bus
snc make tho most of their Opportunity
IndustTials Favored.
TIE industrials have been greatly IA
vored in the last week and are likely q
nc I'm favor during the week 20 come
We hear Of pools i'm SmClter ana Copper
hut 81 those pools actually exist the,
are not making much hcadwav. The I'm
dependent steel shares are NATURAL,
helped by the sharp upturn IN the Cor
poration shares The Gas shares ar
doing well. ana so are most % the in
dustrials-
While higher money rates are DrObabl
IN the markets OF the world while TN
continued upward movement I'm the sc
curitieS may be checked here and Their
throughout the list. II IS admitted tina
the outlook Is not dsCOuraging.
Declines Would Bring Orders.
4 mo1crutt q cline m values would b
tae signal for renewal Of buying opeI
ations 7; Is net within the pTobabiiI
ties that tire list should have any sever
setback. conditions that are not real
| favorable are not unfavOrable.