New-York tribune., 1910-01-09

any kind IN London or at Continental
financial centres
In less conSpicucCs manner there vas
attempt to arouse fear concerning an al
legged hostile attitude of labor towards
the United States Stcel Corporation
Demagogie broadsides were Illuminated
from accustomed sources attempting 20
incite discomfort But these fell fiat
Nor is there matter OF surprise in such
result when il is borne in mind that
the audience addresSed-thc Cmployss
of the United States Steel Corpora ton
arc 10 a large extent. and to an extent
growing larger all the time partners IN
the Corporation by virtue ef their own
ership of stock acquired year after wear
under very advantageous prodt-sharing
offerings. Sane men do not strike
against themselves. As previously point
ed out in this review, the present situa-
ton confirms the wisdom of the practical
and literal attitude under the Perkins
plan OF the company toward IFS en-
ployes. Cnquestionably other corpora
tions VIII not fail 70 benefit by the object
lesson 80 conspicuously apparent. And
IL may we'll be that this is the beginning
of the solution of differences between
capital and labor. Where the interests
OF both are identical the action Of both
should be comparatively harmonious
As concerns United States Steel COM
mon stock all attacks upon its market
value so far find swift defeat. II may
all +,
have been induced by it's practically
steady rise OF more than fifty points,
may well be that short commitments 10
a large extent have been entered into
just on the theory that a stock which
goes up must also go down-but from
whatever source the selling has come the
important fact remains that there has
been more than corresponding buying
power, and at no time does the stock re-
cede more than a few points from the
highest price it has ever reached. As BY
common consent Steel common has come
10 be regarded as the market barometer.
and its sustained strength irnparts con-
f1dence to the entire security market
justly so.
Coincldent with Steel strength ara
similar conditions marketwise in the
great trunk line railroads The Harri-
man issues, with Pennsylvania, New
York Central. AtchiSOn, ST. Paul. Ralri-
more & Ohio and the Hill stocks. all
keep firm and close up TO best prices.
downward fluctuations representing
nothing more than ordinary tradinS
ecuIation-inveStment interests re-
manning unimpaired
Security market outlook is brightly
hopeful There is no threat or disaster
from any fundamental quarter C,ToD
result for 1909 is now a matter Of his
tory. Tor 1910 there IS every prospect
of even better results. All depa rtnents
Of industry report healthy increase Of
business. In the commercial world re-
liable mercantile agencies report rnors
than ordinary seasonal activity. Moth
ing can interrupt the onward march OF
prosperity save some utterly unf1rssee-
able disaster-such disaster from the
present point OF view being quite un-
conceivable
A factor which must be reckoned with
is the inevitable Observation-Disclosures
begun-of the enormous interest and
dividend disbursements of the first OF
the year. There is 10 possible wav in
which this money can be so prodtsh1,-
employed As in the purchase Of first
class American railroad and Industrial
securities. OF course such reInvestment
is not carried on in hurrah fashions
conducted with prudence and method
but II - an undouhted present sustain
ing element not to be ignored
Illustrative OF industrial activity is the
large volume Of orders now being re-
ceived by the International Steam Pump
Company. From railroad and other
sources the company Is flooded with
orders. That its products are os a
nature that can IN hard times somewhat