New-York tribune., 1909-07-14
FINANCIAL MARKETS
ACTIVE STOCKS WEAK
Selling Chiefly for Professional Ac-
Commissioning Rates DO1cn.

Stock market prices were heavy IN the best
part Of the day, with last quotations at net
losses in the larger number Of issues. In the
early dealings selling was active enough to bring
about material reductions in several of the more
important issues. notably in Reading and Anal
gamated Copper, the only feature Of strength
being supplied by the wabash shares, which
were bid up on a revival of rumors regarding the
possibility Of the Wabash road passing to new
control. There was. however, no more evidence
that Wabash is TO find new owners than there
vas in recent weeks. when the Streets rumor
mill figured out that the company would be
taken over by the Lackawanna. Trading a
rule was made UP of the transactions of the
professional element, commission houses having
few orders for outside account though the ad-
vance IN Wabash attracted a small amount of
public interest in the issue. The selling press
ure in the morning apparently was based the
idea that the market was ripe for such an oper-
alton, but the direct argument presented by the
floor element for lower prices was the persistent
strength Of cotton on further reports Of damage
TO the crop. At the moment conditions suggest
Z short cotton CROP but II is too early in the
season to grow pessimistic over the final har-
vest The decline in Reading due more to
the elimination Of the short interest in the stock
in Mondays operations than to any real liquida-
ton. while the same thing applied TO the ma
jority of shares in which there were transaC-
tions. There was some selling by holders Of
Western Maryland and Wheeling & Lake Erie
who did not care 10 run their chances In reor-
ing developed IN Illinois Central on the report
that the dividend would be advanced to per
cent Earnings Of the company in the last year
and ar present do not foreshadow a higher divi-
dend rate If the conservatism that marked the
progress OF the company under the Fish man
agement is to be followed. United States Steel
common opened at 20, q new high record but
failed TO maintain the improvement. closing at
q substantial net loss. Last prices generally
were above the poorest Of the day on late COW
ering by the shorts.
Iron and steel trade conditions far stronger
than they few months ago, and the vari-
Gus plants are working basis near to nor
nal. with indications pointing to output rep
resenting full ca pacity early in the autumn Last
spring the most optimistic people in the trade
did not look forward to anything like the i'm
provement that has developed while early in the
year the situation was so unpromising that in
we'll Informed quarters the passing Of the divi-
dend the common stock Of the United States
Steel Corporation was thought probable. Just
now Wall Street is convinced that the dividend
will be restored to 4 per cent level at no re-
mote period. and is backing it's theory by liberal
purchases of the stock at the highest prices ever
recorded for the issue. The advance in Steel
common has discounted the marked change that
has taken place in the steel industry. even on
the assumption that the stock will be placed in
the per cent class before the end of the year,
but Of course this fact does not warrant the
prediction that its quotation will not move 10
higher range. though at 20 the return on
per cent basis would be about 513 per cent,
which is fair measure of the value Of the Sc
curity as the Junior issue of an industrial com
pany II is not improbable that IN years to
come The business of the United States Steel
Corporation will be large enough TO warrant
more than 4 per cent on the common stock. but
in the mean time there doubtless will be fuctu-
ations in its price that will enable buyers TO Sc
cure the issue at more attractive figures than
those now prevailing. For perament investment
United States Steel preferred offers as satsfac-
tory opportunity for people who like indus
trial stocks as any issue the list, even at its
present quotation, which represents a yield or
more than ~ per cent. In recent months there
has been some good buying Of the Bethlehem
Steel securities. and there is reason TO believe
that the shares of the new Southern Steel and
Iron Company will find a market with interests
identified with the iron and steel trade owing to
the substantial character of the companys busi-
ness and the standing OF the men who make up
the board Of directors.
Additional engagements of gold for export TO
Argentina were made yesterday IN the face Of a
sharp decline in the foreign exchange market,
bringing the total on the movement since Janu-
ary TO more than 1000 600. Offerings OF bills
were heavier than recently reported owing to
the appearance Of exchange against future grain
shipments, and the weakness in sterling rates
therefore encouraged the belief that there will
be no more transfers Of gold to Europe in the
current season. Money continues easy, and no
change is expected in the immediate future in
the course OF loan quotations. though conditions
gradually are moving along lines that fore
shadow higher price for accommodation be-
fore the end Of the summer. So far in the current
month the government expenditures have ex-
ceeded receipts TO the extent OF So 424 against
IS 5635S4 in the same time last year on ordinary
revenue account, while. including payments on
the Panama Canal and excess public debt ex-
penditures over receipts. the deficit for the month
amounts TO $6,3s2640. as compared with $12,204,
SIS in the Corresp ponding period in 1908 The
actual working balance in the federal Treasury
is s22. .30l 343 with a balance in national banks