New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-13
ALLAWAY'S REVIEW

This business week Of FIVE dave -
notable for extraordinary fluctuations I'm
the security market. with scarcely annre-
cable net change results-hnal prico,
showing but slight irregular changes
The chief characteristic was effort a,ter
effort by a large and powerful bear party
tn force liquidation and smash prices
Stories were told and retoId Of the COL
lapse Of big speculative pools, Washing
ton terrors harped upon 70 nsuseating
extent, much ado made over the fnvas-
tigauon OF the Hooking incident; but All
these tearing down tactics proved IN
availing 70 induce permanent decline.
Further Investment liquidation did not
appear.
Significant II the fact that on Satu--
day. with the New York market closed.
there was in London broad and active
trading in American securities az rising
quotations. There is often clearer view
from far than from nearby: evidentI-- IN
these times NJ such apprehension con-
corning the future of American business
and finance is felt abroad az Is profaesei~
To be felt in certain Wall Street circles.
United States Steel common stock This
security powerfully appeals To the thrifty.
foreign investor ever on tho lookout FOR
good interest on his MONEY with reason
able hope OF increase in capital value.
Now, at ruling prices. Steal common
yields over five per cent and there is no
foreseeable likelihood Of its present divi-
dend rate running any risk OF reduction
while there Is reason to anticipate div
idend increase for the business OF ths
company continues 10 mount 70 higher
and higher prosperity levels. There IS
no slowing up anywhere. as indicated by
the weeks purchase BY the United States
Steel Corporation of 10000 tons Of Bes-
semer pig iron. That the Corporation -
actively in the market for raw material
upon 50 large a scale is conclusive proof
that it's managers are providing for
larger manufacturing business. or
course. If the current gossip be true that
a certain pool accumulated immense
holdings Of steel common beyond its
financial means and which il was forced
to liquidate the recent decline in Steel
common finds easy explanation. and Ot
course the downward movement natu-
rally would be accelsrat ted BIZ quick pro-
fessional following Feasibility 70 this
story is lent by the quick fve-POint re-
covery from the low price of *. But any
such speculative action as this. or any
other purely speculative action. can have
no permanent influence upon market
quotations for the stock, and OF course
can have absolutely no influence upon its
value. its earning power or its dividend
WELD
Steel common. as often pointed out n
this review. is and must remain barou-
eter Of the security market The bUsi-
ness Of the United States Steel Corpora
ton faithfully reflects the CouutTyS trade
conditions. Those conditions, based pri-
mSIIv on rema rk4ble agricultural pros
perity. are flouTiShing nightly as shown
in constantly expanding steel business
And il Of course follows that prosperous
agriculture a nd prosperous industry must
mean prosperous railroads. token ~
which the splendid showing OF New 1ork
Central for last DeCenlber-indeed. Tor
the whole year Of f96e-is significant
testimony, New York Central trafHC
being OF the widest general character.
So il would seem that when the 1ogs 81
doubt shall have been dissipated from
Wall Streets atmosphere steel common
will again be found leading the rebound
movement. guiding the way 10 Testora-
ZION OF sane and sound measurement n
quotations by values instead OF or
Whims and fanCieS- No market can ever
be wholly free OF adverse influences. oul
that the Street has been making noun
t9ins ont of u70lakilIs since the first ~
this car * tho opinion of careful mar
ket students and OF serious business
leaders.