New-York tribune., 1909-05-23
The Financial World.

some new high record is quoted-recszss----
from such being small
Noteworthy among current events IS thA ~,
ing of Chesapeake & Ohio upon a I per -,
dividend basis. Also the advances OF I per -
each in the dividends Of Atchison and Atla,...
Coast Line. But even more signifcant-.s.
these railroad dividend increases were an -
pected-is the advance from IS 70 S6 per ssas.
IN the dividend Of Calumet and Hscla Th. :
convincing proof Of betterment in ths co,ss.
metal trade Conservatism has long eovs-..,.
the administration Of Calumet and Hecis. -
It is unthinkable that this dividend iacrssss
would come were it not amply justified l.
sound copper securities. Not only IN cspoAr a.
In steel and other Industries conditions stssSiic
tnlprove-the natural sequence TO revival Of cpr
ffdence and assurance Of ancther excellent pr,,
wear As frequently upheld in this columT
basic facts must eventually govern secnri{-
"a 6srlCet n1ovenlent-and basic facts could 49, -
more irspiriting than now Beyond doubt@ss-
v-avs barring unforeseeabIe caIan1ityAths es,Is
try stands on the threshold Of a prosperity ers
which will outrivaI any that has preceded
Professional Wall Street does not incline T.
belief in coming prosperity For some reason
hard TO anaIyze the Wall Street mind is stli
Obscur6d by nightmare, believing, or professins
to believe that there can be nothing ahead b5s
dire disaster. When pressed for the why d.
wherefore Of this belief response is vague Ths.
there is some sincerity in the bear mental an
titude is certified 10 by the zeal and canaor with
which every advance is fought. BY the attauzs
TO discredit any and al good news, by tho
strenuous effort TO find something pessimiStic IA
whatever happens
Arropos Of this bear tendency is the crit
cisrn' Of Mr. Harriman's forthcoming trle
abroad Mr. Hartman is represented as cross
ing the ocean to borrow money for his rail-
roads. This is loudly proclaimed as a valid
reason for Selling Hartman Pacifcs. How ia
liciously absurd, That Mr.. Hartman sees the
opportunity 10 place certain bond issues n
Europe is simply evidence Of Mr.. Harrtaass
c1earsfghtedness vast accumulation OF Idle
funds in foreign centres has been brought about
during a protracted war scare These funds
are available on long time and at even lover
rates than can be had in New York Further
mora IL is well known that bond purchases IL
France OF England ordinarily are permanent IL
-estrnents-dO not come back upon the rnarkz-
on account Of any little passing fuetuaton r
prices To create additional foreign ownership
IL American securities is the best kind OF in
surance Of values Incidentally, II may be a.
sTr7ed that while NIr. Hartman is condustins
his foreign negotiations he would not be dis
pleased to see strength IN quotations for his
stocks But" say the bears, prices are toe
sonbfstrv Certainly prices are high compared
with panic quotations, but when measured By
any known test Of value and yield the majority
OF prices are stiu below due co-1r1ensurata
le--aI Panic urices were necessity prlces@Aad
nothing 20 90 with value. and this IS just as
trIIA Of the Hartman Pacifcs IS Of many ether
standard securities.
Logical upItft continues IN steel common Da-
after day original new high records appear
There is no establishment in this 70 those who
have aisested the facts 50 often set forth y
THIS column. steel common IS not advancing as
a gamble, but as an exceptional Investment
whether or not its dividend shah be advanced
this year It IS certain that II could BE aa-.
vanced under the most conservative conStrue-
F---~ ?, ar-r- "a
ead for Improvement amounting 70 transforms
tfo1 Of Duluth and Pittsburg plants must oe
approaching an end. From now On the great
.r,r-ats of the CORPORATION must become avail.
able for common stock dlVtCen2s u IS Jast
q question OF time That IneTe Is woe reai
izafioY, of this IS evident from the widespread
buviue by small and large investors-buglnS g
The lesser steel companies Eesp pace Wtts
the great Corporation u prosperity res1F1-
S1Css- -Sn4r7eld attracts market atrenGor--
.,torrhilv So Even ". the depth Of panic de-
preston SIoss- -SheA1eId Kept right on dong
rr0dtabIe export business, and now c-aL =
domestic trade comes to new lie there t3h =,
no doubt Of its future 1na ste-- OuSi-9sS
type and test OF national We.! dong, eA-s-.7 A-s-
with sure stUrdl1eSs- AEc ne--rd rs ---a- S
trial renewal is the ROW certain 1cct tA1t @ 1oal-
danI harvests will once more biess tAe cot---ts5
and at q tine when profitable pr-ceS G-7 lSS--1- $50
TO- eyeryf hing The farmer can raise. Wall stree
will do well 70 take fUEdarnenI2-s lL4L2 no
serious consideration. 10 abate t1r WINS y
its goblin chase OF chimer1s-
Allied with steel ana copper are the lead a.c
smelling industries. They are experiencing tise
same sane betterment. Marketviss THIS IS n'os'
evident in the demand for National Lead stoeA
THE noverfllI interests controlling National Lead
are thoroughly satisfied with the trade s-tualoh
and the financial condition OF the conpans-
Even on its present dividend basis OF Per eenl
current. quotations are below money yleld-ano
that larger dividends are eventual IS pracrlcaiS
Concerning the Smelling properties thsi-
T1rosperltv. OF course, depends upon mining -
perity. of which there IS sign OF NeisL --sG.. -
ment The mining business IS S@tl1-S 1Ir
from wildcat nlanipulatlcn and oecoLll--s = .Ea
business proposition Take, IoE VSt1---s.l' 80. -
tfoldreId Consolidated r0Perties-produ-lic lic-- =
creasiny On a wonderful scaLe-EJ--l1-@ L---'
poets frightened
!, considering the market position q indns-
trial stocks IL must be taken into accounl va
the panic compelled revolution OF mary ou7i
ness methods Economies both Of physse2l oy-
Grafton and financial administration were -o1So-
Industrial COMPANIES are now reaplng the oe-@-
f7r of the severe lesson learned \ c9ll@4ii-yy.s
illustration Is seen IN the AEyeE-c1- -
t,cn.usry. which feu during haro LlI1l1-
such straits that preferred dlvldends ESlS +.
peHed 70 be suspended The preIer-e 90 - ~
noyr receiving its whole 5 per ceLI. anu aAlu[= -
accumulated deferred payments VIII Do S---7.S-
up with.
High priced securities continue conspicu0u.
The HiH stocks, assuming new activity nay - =
merit alone be easily advanced others We
can at short notice become buoyantiy active -
cIude Pennsylvania. New York Central Ge-i-i~-
Electric Westinghouse and Pullman ana ana
stock stlll quoted ~ lower range, ott Ql-ls liss.
20 move up to the higher ranks, IS <1H.ei < -
cotton Oil Low priced stocks entitled % sss- e
come prominent. and leaders Just or ~
merit. include Southern Railway. AezlC1i .-S--
ri0I,ai aod PocIl Island though the latter stoeA
nov. seems TO encounter inside selling On S'--'
advance.