New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-10

Steel common the recognized unarta.
Ieader-in the week lust past trading q,
this ono stock exceeding % Der cent %
total stock Exchange transactions
Professional Wall Street continues "a
cherish pessirnism. It can ses nothing
ahead but disaster. Im5usd with thea,
ideas. the trading element commits
itseIf 70 ths short size WITH absolur.
audacity. outstanding short contracts
to-day being probably larger than AZ
any recent corresponding period.
Among the adverse arguments prs.
sented are some worthy OF attention. Ths
action OF the New Haven and Erie ran
roads in cutting down employment tes-
tiaes 10 sIacksning business. Recent
political upheavaIs IN widely scattered
districts arouse apprehension The ds-
iayed decisions Of the Supreme Court IN
the American Tobacco and Standard on
cases hang over the market from week
70 week The crop report on winter
wheat upon the face OF 70 looked Us
ccuraging. but analysis shows that IN
creased acreage can be counted upon %
more than Offset decreased condition
and It Is well known that since April 4
weather Influences IN the wheat belt
have been beneficial As the natter
stands to-day there IL practical assIr-
ance OF a winter wheat crop this year
fully equal 70 that OF f9o9-and Spring
wheat seeding IS going on under deal
conditions over a greater acreays than
ever before TILED IL seems safe 70 ss-
sumo that agricultural results for IRIS
year will be fully I'D 20. II not above.
the average OF the last I've splendid
annual results.
There is hesitancy IN financial circles.
There Is vague unrest over possible
Washington Developments. no ons
can make any explicit statement. but
every one hints. As usual IN such cases.
there is a vast amount OF Imagination
ernpIoved IN creating bogiss. The fscr
is that national affairs are N safe. ssns
bands-sporadic eccentrfcitiss disregard
able.
one Of the surest indications az % ths
future is furnished by the money mar
ket. Despite hardening OF loan figures
abroad, funds in New York remain
available both on call and On time az
extremely easy rates-indicating an
abundance OF idle capital which would
turn TO security investment upon slight
announcement. The fact stands out
plainly that whatsoever passing senti-
ment may be American sscurities--divt-
dend pavers-are to-day the cheapest
and safest investments in the world
And that this Is appreciated both a.
home and abroad is evidenced BY ne
auiet absorption OF standard bonds and
stocks whenever speculative raids pro
duce ephemeraI declines. When the
security market grows weak under
speculative pressure there Is not the
least sign OF investment liquidation; on
the contrary, moderate investment ac-
emulation is the invariable program.
Business operations OF the United State
Steel Corporation maintain notable high
levels. There Is now no doubt that the
hrst quarter Of the year VIII show rec
ord-brea king results-and business FOR
ADrfI. so far. continues upon an ascend
ing scale. In the circumstances il would
sesm 70. De conservative anticipation that
the dividend rate on United states Steel
common will be increased at the mset-
ing to be held this month.
OF elements in the market situation
quoted as opposing buOyancy much TIE
most important, cOnservattvely consid-
cred. centres in the tremendous new ont
put of securfties-most OF the tmpCrtaat
corporations. railway and Industrial
alike. calling for new capital some
OF these fresh issues have especially at
tractivs features; but there Is a stupen-
dous total representing only what = or
binary for a fair investment. influences
upon a market FOR similar securities ai-
ready outstanding shows n weakness
throughout the general investment list.
A good many standard bonds are selling
now ~ figures approaching record Tow
prices. Whatever the absorbing po04r'
the absorbing disposition is reluctant
In the investment group Of securities II
IS the seller who az present must mas
the concessions. And what Is true II r.
bond department is quite a. to-csfr--y
shown in the highest class CT Inv est
rent stocks The matter Of quality -
not az issue-for such securities here are
the prime ones OF the world both as %
safety and uer WELD. The aforetinis
complaint Of Indigestion is upsetting
market eauanimity. There is plenty CT
available capital-the situation = thar
normal investment demands slecksn IN
The face Of the excessive security cut
pour. And no fair market criticism an
ienore this fact and ITS natural n
fluencs.
Bear campaigning in the general mar
ket Is promoted not 4 little By attempts
made to disturb special qu0tltons-u-
lUstrated by What goes on IN TIE copper
and smelling stocks notably u west
iughousc Electric Is another eNamp.e--
one that is fragrant. challenslug the m
di-uatiou OF homes. observers on
s!1ughts are made upon MI Westns-
house and his friends. and the TACT -Cit
they choose % igur-e them. IN any pup
lie way. does not diminish the tiSGuet-
ing consequence OF such succu-atN-
program. In iOinins final issues. on
the ultimate conclusions OF investmen'
interests. ~ IS impossible. q course. "
.~r..,fv-- s,,c.,SS F,v r4rrs re<anfluE