New-York tribune., 1910-10-09
ALLAWAY'S REVIEW


ers whom they advise that there is pros
pect OF market Improvement Upon thin
account no material showing is exhib
tied in market transactions, but there
is almost universal agreement among
conservative brokers thar the public Is
ready to participate IN market activity
whenever there shall be some trusty
signal that the time for such particips-
ton has arrived Even this indication
OF a changed public attitude Is encour-
aging Hitherto the controlling DISPOSE
ion all the while has been 70 sell. %
Iiquidate. 20 get OUt-no matter what
professional market advice might bs.
That sentiment veers around 20 the en-
couraging side counts a good deal Il
shows at least that where hitherto there
was aggressive peSsimlsm there now
shows a receptive optimism Ihey Who
only a little while ago were intent
wholly upon selling stocks are now De-
coming disposed 70 buy.
Canvass OF business condition factors
discloses pretty generally what Is agree
able Business IS better than ordinarily
estfmated-uniform increase n railway
(
enough. Commercial reports are en-
couragtng: current orders are large. COZ
Iections satisfactory. In the industrial
world nothing Is disturbing n any way
that has more than temporary susges-
ton The iron and steel trade IS E1cR
assaiIed By statisticiaus and theorists OF
the animated sort; but what Is sEresJ 3
that the iron and steel trade record
stavs much better than these bear an
aIysts keep prOclaiming And. mean
time. stated upon the very highest on
cial authority. the United states steel
/ Corporation is finding IN present colCi-
tions results OF the right sort We have
I a tremendous short interest Z steel
stock Professional spectators are
| against IL. They prate OF dividend re-
ductl0n- They must have something
I however prOblematICal. however silly
| wherewith 70 uphold their arguments"
/ Il is energeticaIly attempted by the
I bear contingent TO introduce doubts into
/ the market based upon political cOnrin-
+ gencfes. 1Ir. Roosevelt figures C0nrin-
ualIy in this political hodge -podge-and
I in a hundred ways Roosevelt purposes
and Roosevelt prospects are hIppodromed
by the criticislng manipulators- Gen
tIemen who most indulge in this per-
fornance. who are gravesr in their an
aIysfs. feverishIy distraught over the
/ outlook. are for the most part folks who
never had political conviction Of any
sort They have merely hit upon 2 text
with which 70 attempt a diversion And
there could hardly be surer indication OF
the prevailing equaninity in Wall Street
than Is afforded IN the calm cOntenln-
ing OF this inspired programme The
. public isn't interested IN the stock mar
ket-Or al least for many months has
not been fnteresIed-and even less does
il seem 10 be possible 20 interest u ID
this new scare head-lining- Not II q
score OF years have politics ana nnan-e
been as far apart as al present
As TO the crop situation. each days de-
veIopments confirm assurance OF abun-
daut harvests finding ready and profit
able rnarkeJs-pleasing contrast 70 rns
possible fear OF disaster which appeared
during the period OF crop maturing
Threat to agricultural prosperity has
disappeared. Il becomes certain that
the American farmer is 20 continue MS
career Of wealth prOducriOn-a basic
fact which must sooner or later md re-
I hectiou in the security market as II
every other field OF national activity.
In this condition the anticipated agr1-
/ cultural discomfort so much predicted
during the summer fails 70 maJerl2llze.
need not De apprehended- The farmer
is safe for another year-rhere need 0e
no wo-ry over any propaganda WHICH
/ excited agricuItUrIsJs viii wage LPo1
the contrary. what IS likely IS InaL
/ Western legislatures VIII be even asked
by their local citizenship 70 arrange
+ programmes OF HberalIty for investors
/ Yet barely rwO or three months ago "a-
/ Street was harassed by what seemed
/ certain 10 be the dire effects or reFW1-
I grangerism-dark outlook based upeA
/ crop shr1nkage and agricultural peluI1.
And as 70 the money market. none o.
the bad things apprehended come q
pass The crops are moved insofar a
i Eastern financing Is concerned ana l-1
flow OF funds will now be L1lS way
What moreover. is OF controlling con
I sequence is that Eastern bankers are
nnalIy willing 10 look az things opO-
ntstcally.
Bond market improvement CONTINUES
This Is true particularly as 70 purcnasss
made over the counter" from wan
II Streets banking houses Here Is acruai
investment demand which lnva-laoy
precedes speculative activity IN the s.
c11rirv market after long periods or
lethargv such as the market mas e1SQeri-
enced for so long. the hrst sign or re-
viving interest appears in the oona
market Bonds have been severely ds-
uressed-actuaIly haven't had any mar
ket at aII-fOr months past Market -.
them has been absolutely cCuS-S.7o
Gilt edge four per cent urSr C1ortSasS
issues or our best railroads have o-Sn
hawked around iu the lower 99s- SdlsS
10 any substantial extent have neen llI
possible Now this changes. There
inquiry. really aggressive denanl- Io-
investment bond opportunity E'o--o"ils
.this-takfne past market experience la1
precedent-an improved srocA rnaEA'-
will be a natural sequence
ConspiCuous in current market St-snsln
are the local stocks OF Greater New N0rS-
The immense population increase steae-
ily lifts UP the revenues OF every com
pauv engaged N the local transportation
business The Third Avenue system. INC
lInterborough systems. the BrooAIyN
Rand Transit system. each and al, VIII
out anv EFFORT on their part. reap tHs
dement's OF a constantly growing Nero
pOlita1 growth The outlook TOR al =
"a of ~hA v1oSr favNrah HE rlaTAClcls