The Washington times., 1915-12-12
Prosperity Evidence
GipeS Trade Impetus
Manufacturers and Financier Push Business Plans
With Confidence-Spec uIation Subsidies, Al
though Security Values Droop.

will be. removed in q measure the
temptation TO indulge IN too RISKY spec
ulative ventures at home"
SpeclatiOn Subsidies.
The unregponslve attitude Of the stock
market IL pointed out by the Neto York
World as follows:
Anomalous as 1t may seem, the
strongest financial situation that the
country has ever attained has been
attended by q complete subsldence 6f
speculation in the stock market ana q
downward drift In security values in
the face Of the lowest rates for money
that have ever been recorded for this
season OF the year. This tendency 70
lower levels has; moreover, not been
held in restraint by news Developments
that ordinarily would have turned the
current OF values in the opposite direc-
ton. During the early part Of the
week many OF the leading copper CONF
panies, rehecting the remarkably
dustry, announced the forthcoming dis
tribution of extra dividends TO their
stockholders. The quotations for their
securities made practically 30 response
to the good news at the time and sub
seauently declined In sympathy with the
THE United States Steel Corpora
tons monthly report Of unified tom
mage. considered to be one Of the uloet
reliable indices OF conditions In TIE
steel trade. as we'll as i'm geusrAl 6ual-
ness, exceeded by several hundred thou
sand tons Wall streets most optimistic
forecasts, yet its only eject was 70 IN
duce q brief covering movement, which
was suspended when It became evident
that the remarkable showing Of the
corporation was not inviting any pub
lie support to the common stock. Based
ON the volume of new business It ~
receiving, the increase in the price Of
its products, and the testimony % eX-
perts in the trade, the statement that
Il is now earning at the rate Of more
far in excess of all previofs records,
may be regarded as extremely e0neer-
vative. Considering the outlook for
the next twelvemonth. United states
Steel common is a much more attract
i've investment than when 1t YVES paying
its five per cent dividends, With q re-
spectacle margin Of safety. ana YET,
for the time being at least, the public
is not attracted to the stock, when u
normally its favorite speculative me-
dunn"
Steel Trade Conditions.
Much has been written relative to the
Improvement In the steel trade. but the
major portion of the comment has dealt
with the business of the United States
Steel Corporation. The NetO York Press
fnds that the independent companies
! are also doing larger business than
ever before. 1t says:
THE marked recovery IN the iron eno
steel trade in recent months from the
depression that prevailed In 1914 and
in the greater part OF the nrst tonr
months OF the current year - not con:
fined to the business OK the Oniseo
states Steel Corporation. All the tnde-
pendent companies report larger opet-
ations at present than ever before r.
corded at this period Of the year. ";
H. Bonner. VINO IL beconalnR ols ~
because OF his ownership IN the cam
bria Steel Company, which 70 % % tns
nucleus OF big steel eombinauons e3Se
the Cambria ComDanyB pronS. ~
/ best year in the compauy's n4toty'
| NEUTRALITY-SUSPICIOUS. the poor results %
tanned in the hrst half OF 1Slbs