The sun. [volume] (New York [N.Y.]) 1833-1916, 1909-05-24

Dubineb8 TeeCne3 Jno tam0 comparative
stage as it has done in former years the
possibility Of larger dividends still will
become by no means remote. Beyond
this there is another especial factor OF
which there has been but little talk In
Wall Street. A movement Is on foot
which Is making progress toward a
consolidation into q corporation some
what resembling In general plan that Of
the United States Steel Corporation, the
larger or most Of tho larger steel concerns
now classed in the independent ranks.
Such an arrangement would by no means
contemplate tho idea that this second
great corporation should be taken over
by tho United States Steel people. but It
is apparent at q glance that tho creation
Of such an organization would be for tho
interest Of the United States Steel Corpora
ton in every way. 1t would bring into
tho general trade . greater degree Of
unity and conference Of purpose and would
DO to tho advantage Of the United States
Steel Corporation In variety Of directions.
The greater activity in iron and steel
Is also accompanied by q larger con-
sumption Of copper, and 1t Is estimated
with much assurance that the report
of copper stocks on hand by the leading
producers to DO issued next month will
show a very considerable decrease. Ado
crease was indeed anticipated last month
and q reduction in stocks did actually
OCCUR through the large quantity Of copper
placed on the Lake Superior docks n
sold for delivery, but which did not pass
out Of stock until 1t wal .aiPpod
on tho opening of the Great Lakes navi-
CATION on May s. The best indication
Of the course Of events in tho copper
trade Is tho action Of the ultra oonserva-
tive Calumet and Hecla management
In increasing tho quarterly dividend
rate from IS to 50 q share. Neither docs
anything occur to blur the record Of
increasing earnings made by tho rail-
road companies. Large = additions to
last years gross receipts continue 10 DO
reported each week by tho country's
leading transportation lines, and last
week two increases in railway dividend
rates were announced, these being sub
stantially tho first events Of the kind
since the 1907 panic. h Chesapeake
and Ohio's annual dividend was raised
to 4 Der cent. and Atlantic Coast Line
stock was put back to . per cent. Tho
action taken by the latter company en-
phasizes the character Of railway his
tory since the depression Of the year before
last. In January, 1905, the Atlantic Coast
Line paid its dividend only In tho form
Of certificates Of indebtedness, which
were selling ut such . price that the divi-
l>-l --tl 800 In ToNf ~ n HAItnrAd rata
To-day the dividend ID paid in cash and
at tho old rate Two things made the
stop possible: Oh the rapid picking up
Of business in and Of itself, and the other
the increased efficiency Of railway a
asement brought about by the spell
Of hard times which the railroad COM
panies and the entire country passed
through. These companies to-day, from
tho better and moro faithful working Of
their men and by reason Of their generally
moro efficient operation, arc enabled to
transaot an amount Of business fully 30
per cent. greater than formerly without
increase Of expenditure. 1t 10 this that
has kept our railway companies from
entering the market for equipment earlier
in the year. There should be no one 90
foolish a. to suppose. however. that an
increase Of railway prosperity means
for any considerable length Of time q
decrease Of orders for car and engines
and steel rails.
Gold exports went on last week without
raising the rates for tho use Of money
at al and In spite Of talk in pessimistio
quarters about imitation. the opera
II 1---A~-t- l.-n 81 49, m
1t II now pretty we'll recognized that
the one cause Of these exports 10 the
conjunction OF our ~diminished SALES
OF agricultural commodities abroad and
our increased purchases Of merchandise,
chiefly Of raw materials for manufac-
turers' use in foreign countries. Most
people who have looked into the matter
that from now on our exports
corr and wheat to foreign lands will
in general continue to decrease. Our homo
OF these products 10 so great
that We are nearing the point where We
shall not have any surplus quantity to
sell to other nations. In the present
year, however. the prospective shortage
the foreign crops 10 30 great that it
seems altogether probable that Europe
be an enforced buyer Of our grain
in the fall, nc matter how high the price
may be. Meantime. as regards our en-
imports, II past history means any-l
thing at all they are indications Of pros
perity. President Taft's formal declare
ton last week that he expected to have
the new tariff in his hands no later than
June 20 was comforting. Agreeable signs
Of restiveness by the lawmakers them
selves over the delay In the matter are
also exhibited. A spell Of very hot weather
just o might not be liked perhaps by
the farmers. but what blessings it would
work in the District Of Columbia!
FINANCIAL AND COMMERCIAL,