New-York tribune., 1910-04-17
ALLAWAY'S REVIEW


buying power shows IN the w.el,,
curity market transactions. v1.
news came last Monday that Nh. -. u'
States Supreme Court had o-ds-.,
argument OF the Tobacco ana g.,
Oil cases there was a wild hurry ~ -.
minutes, which carried up prfcss 50,
tive speculative stocks from ,hrs. -.
points. Beyond doubt this in,-,.s,-.
movement was dus % fright-n.a =.
covering. hut from tn-n on ths -.
reached have been maintained or ~.
than maintained subsequent buv,rv
pearing OF Investment chara-ter
such buying not appeared there v...,.
have been quick retroxraGs rro-, =
Mondays high points. Hence. th~-s -
be conclusion that there - grown !.
confidence In business and fnanc,,i "a.
cles. And the orderly mOveroen. =. :,
market clearly testihes 70 slrno-. ,...-
absence OF speculation-there ts n.r, :.
no public trading on margin.
Such conditions do not warrant ma.
enthusiasm from the Wall Street 49,
of view. but are encouraging 70 paf,s,.
holders OF securities-pres8S. S.ing ba-,.-
times. when tho present political frd,.s.t
and Industrial uncertainties shan T,--.
found solution. Professional Wall s.-,..
Is lCath % forsake its bear attitude. -
tinuing 10 sell stock short upon -,
slightest provocation-reslltan nsry,r.'
ness must be expected.
Leadership remains vested In r.--..
sentative issues United States s,..,
keeps well IN the front Developra.D,,
in the business OF the Corporation ,b.--
no dirninution OF prosperity. Tns
port for the first quarter OF N. v-.-
which viii be made public some ten aa-,
hence. win be a high-wster marx r.rors
II seems certain that holders OF ths oor.
mon stock will be rewarded Tor th.s-
patience by Increased dividend disrbr-
ton. Meantime, II is noteworthy -.
this greatest Ot all corporations corts-
ues the policy Of broad square deaIirz
with it's employees Its plan. tuS, an
nOunced. Of providing FOR disabled en-
ployees and pensioning the aged. breathe
the true spirit OF cooperation and mi.
Ianthropy. Business conducted on rur5
/ lines invites no contest between cap.,sl
and labor and refutes the ort-assrf
( denagogic claim that corporations srs
necessarily oppressive and heartIess Ara
this special provision FOR the benefit a
I employees comes right on the heels o> a
voluntary Increase Of wages. rade, a.
the Corporation states, 70 equalizs as
wages Of worlxmen with the increased
high cost Of living. This is broad, prsc.
tical. business-sense action. f1rnssai-s
worthy example for all corporation, .
follow. The steadfness of the prics .,
I common stock at around five points b.
low the highest level ever reached test.
/ hes 20 investors appreciation Of the rs-
markably favorabls condition and out
look for that security.
The money market has hardened sore
what. but is still easy for both can and
time loans. There Is no present prob
ability of money on loans Commanding
any such price as can readily be secures
BY investment IN high classed bonds a-i
dividend paying stockS-to say noting
of the speculative probabilities Of many
low priced issues In these ctrcun-
stances foreign and home investment is
likely 70 continue on a conservsti7s
scale.
The technical position Of the market &
somewhat weakened by the short cover
ing which followed the Supreme Ccu-;
order It is also adversely affected b.
the very large out t-pOur Of new bond AM
note obligations by prominent ratlrcads
II would scarcely seem 20 be a propitiors
time TO float large issues OF new oblia-
tiOns. in view OF the fact that the publc
for at least the last three years has bee
very shy Of Wall Street commitmslts
Such new issues must OF course be neces-
Sary or their fiotatiOn would not be al
tempted. but that very necessity eXerts
damDeninS influence. which may be ten
pOrary but which Is unqUsst sticnably 3
potent factor in the current situator
There is more or less nervous watehfgi.
ness as 20 how the current emission Q.
new securities viii be absorbed. Thers
il nothing in this sentiment upon whics
10 apprehend any serious market break
but II supplies more than sufficient rss-
son fCr the public hesitation 50 plai1E
manifest.
Apropos OF the public disposition TOW
ard the security market. and signihcsr'
upon many accounts. are certain IN
equivOcaI declarations made By Georss
W Perkins in an address last week a
Harvard University. Inarshaning som
Things 20 Think About" one spscihc
and emphatic statement ~ CIr Perzirs
is this:
The officers Of great corporations
should realize that such concerns ar
more r.sariv public Institutions thsr
private property. T firmly believe tha'
substantial progress IN this direction
being made While the agitation % tfs
? last few wears has been unfair and harm,
( ful n many insta noes. on the other hsn'
il has set business men thlnling. Aa'
/ awakened the business COnScience, am
has brought a new realization OF the ute
that IL IS as true OF business IS it IS o
the individual that there Is no perInanss
success unless IL 10 based upon intesriN
/ Of character
This epitoulizes the doctrine % modsr
business intelligence--the recognition q
duties and obligations. no longer - 2
+ ignored without penalty And cqnss'
/ quence attaches to this particular iHcF
, dent by reason Of the fact that this nlN
, Who breaches Is one who prsctisss--i1
/ advanced policy OF the United Sta'e'
Steel Corporation certifying amply m'
sincerity. What United states Steel y
corporation does must evenrualy :
done by other great properties-for 70 !.
I less vjII De 60 fall below standards -