The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-01
NEW YORK STOCKS
CONTINUE TO RISE
Highest Record Prices on
Many of the Leading
Rails.
COREY'S INTERVIEW
GAVE CONFIDENCE
Crop Outlook and Industrial Ac-
tivity Factors-A Few eau
tionary Signals.

tANAA~%a - to-ANN-~
NEW YORK, Aug 1.-The market IS
going under a full head of steam ana
the indications are certainly Favorable
for further improvement The neces-
sary stimulus is found in the glowing
stories Of the bounUful harvests that
are being gathered and ripening for the
gathering; in the continued ease OF the
money situation. great industrial actlv-
lty and business prosperity The drop
ping of the curtain on the specldl ses-
sion OF Congress. a practical certainty
of the next few days, is another IaNol-
able omen. for business interests nav &
only dread OF Congressional actloh' anu
want nothing more than TO DS let sc
verely alone Railroad earnings are
showing the most gratifying increases
the natural result OF improvement IA
mercantile lines.
For d time last week there was
show of hesitation, of desire 10 get
better line on the crops before buylns
stocks at their current nlgh pliCeS, ~
an Interview with President EOregs "a
the United States Steel Corporation, IuI-
nished the wind FOR the imitation OF the
sales. and since then II mas beeh easy
sailing for the bull market
Interview Bull Card
It was but natural that this interview
should awaken enthusiasm. If the big
gest business corporation in the cOun-
try in the steel and iron line (as we'll
as in any other Hne) hnds the situation
entirely satisfactory and improving and
its president predicts a continuation o.
the prosperity, with its zenith IN t5lp'
il ought 10 be effective.
This interview pun ginger IN the en-
tire market. Of course, there were
pools operating here and there and TINS
added to the Zest. Pools in Reading, IN
-AtchisOn on the great crop probabilities,
IN New York Central on the theory d
au lgamation of the lines OF Wnlch
il is premier, the NanderouJs. rms
latter stock moved up 81 points neJ dur
ing the week. while Reading turned q
profit over last weeks closing OF Us
New York Dock and Knickerbocker Ice
OF Chicago made sensational gains or
T points each. While these gains were
being recorded other stoCAs advanced
an average OF nearly points, steel
common rs and the preferred Us.
With the strength there was
natural broadening OF the whole mar
ket Walters in brokers rooms ceased
TO DC inactive and placed orders very
generally. The West oecalne more Dull
ism than ever. and Lcndon look more
favorable view Of the situation. MT
Morgan's return TO Wall Street was but
an incident among the many
Some Steel Facts.
The increase in the dividend OF tho
common stock of the United States Steel
Corporation was expected, although
there were some hopeful ones who look
ed for a 1 per cent rate, but the con-
servatism that has characterized the
management was favorable TO modest
increase. The price OF the stock may
have discounted the Increase, but not the
position of the stock IN years to come.
From 1902 to 1907 the United States Steel
Corporation has increased the value OF
its tangible assets by Sizes, $50, 172-that Is
il has used this from net earnings
for Improvement and additions This
vast sum. with the exception Of Sz0,oOJ.-
600, has been taken from the enormous
earnings Of 1868, 06 and '0I While
other corporations, industrial. and rail-
road, have been issuing bonds against
improvements and 1etterments. this or
ganiZatiJn has used Sl63s532 ~ Tor en-
laTgement. purchasing Of competitors
and the upbuilding OF the great indus
trial city OF Gary, IND. And these mill
1919 reilly belonged 10 the common
shareholders With the steel business
in the best possible condition, as prom
ised by 1910. with the needs for such
large expenditure largely reduced,
doesn't II stand to reason that the com
mon stock OF the Steel Corporation viii
nav handsome dividends TO its share
holders? Much Of the fiOtatiOn water
has been squeezed out Of the capitalism
ton Of the company actual value has
taken It's place. II is big enough
corporation 10 handle itself IN times OF
peace and prOsperity-Ot adversely as
well. Then, too some Of these days the
preferred stock viii probably be retired,
and the great surplus earnings viii be
applicable. a mucn larger figure than
at the present time. TO the common
shareholders. Standard on methods
largely dominate in Steel matters IN
so far as the conservative conduct of
the business is concerned. Standard oil
money Is said TO be the largest inter
est identified with the corporation at
this time.
Union Pacific Over $500 Mark.
Union Pacific has been rising and fail
ing, backing and filling for many months
in its efforts TO reach the 500 a share
mark. Tt is over the magic line now
and as a result thereof viii lose much OF
its speculative activity. II costs toe
much for interest charges TO trade IN H.
and ii Is believed that ir VIII gradually
become an Investment stock. closely
held. Southern Pacific has ldgeed DlI
during the week indeed the disposition
OF the Street has been 10 get into
stocks that have not had great buiges
and in this movement the Hills have
been more oTsless 20 the front, also Bal
Western, and Ontario ana Western
Northwestern, and many minor rails
Then, too. the movement IL Reading, lT
New York Central, and IN Steel. com
mon, has attracted much attention and
diverted interest from the Harrlmans
Money continues cheap for Immediate
and slxty-day loans. The crop move
rnent in the West Is progressing, bui
the West seems more than ever able 20
ret along with but little assistance from
the great monetary centeI-iudeed II
also has money for stock speculation
business demands. and a few autOmO
biles thrown in.
The Other Side
On the less favorable side Of th'
nnsrekt one hnds the chief argument L
be centered around the current higl
prices II must be admitted. even by tn
most enthusiastic bull. that the ois
tribution Of stocks has not been verl
generous as yet. that the large holderl
who bought stocks in the panic times
and forced them up during the ions
period OF depression and 7llll hlBueI
with the first signs Of recovery, sta
81 ms ID. H-Hea