New-York tribune., 1909-07-15
FINANCIAL MARKETS
MOST STOCKS HIGHER.
Speculation Made Up Of Traders
Operations Monetary
Conditions.

Stock market trading was made up Of the
operations Of the professional element and in
most issues the volume of business was con-
fined to rninportant totals. Even in the promi-
nent speculative favorites there was no indica-
tior OF activity for either account, price changes
as a rule showing about as light an interest in
speculation as reported at any time in the cur
rent period Of dulness, Reading. United States
Steel Wabash preferred. Rock Island. Amalga-
mated Conner and St Louis & San Francisco
second preferred furnishing the only instances
that reflected a disposition the part Of trad
ers to make important commitments. The ad-
vance in the last named security was based on
the we'll founded report that it soon would be
placed upon a I per cent dividend level
consequence of the substantial Improvement
that has taken place in the Companys financial
condition. The bonds also were strong, while
Rock Island moved up in sympathy. In the
early market the larger number Of shares were
heavy at slight reactions from the closing Of the
preceding day followed in the AFTERNOON by
better tone throughout the list. without the
compartment, however, of anything in the way
of aggressive strength. Commission firms had
few orders on either side of the market and out
side of a small amount of buying Of railway
mortgage securities no investment business was
report ed. both investment and speculative houses
practically being deserted, with not enough in
their mails TO pay the days expenses. Toward
the close something akin to activity developed
in United States Steel The Street coupled the
contemplated early return Of Mr.. Morgan from
Europe with the next dividend on United States
Steel common, and made itself believe that fol-
lowing the arrival of this eminent fnancier
preparations would be made to place the stock
upon higher dividend basis. Strength in the
cereal markets was not factor In stock deaf
iEgs
The favorable position of the countrys busi-
ness and the promising outlook for a long
late an important demand for stocks, though
high grade manipulation serves to maintain
prices at about the best level of the year. In
1908 stocks began to discount the return Of in
dustrial prosperity. Prices moved in the eXpec-
tation Of the factors that subsequently devel-
oped. and now that prosperity Is assured
fact further material improvement in quota
tions apparently depends upon the appearance
Of some new bullish influence calculated 10 in
duce an active outside demand for securities.
The general market is in position that would
be easily susceptible TO adverse developments.
Tie technical situation is not strong. and while
the larger interests are anxious to preserve sta
bility I'm prices around the present range il IS
conceivable that in the event of higher rates
for money there would be enough forced Hquida-
tion 10 bring about lower level throughout the
market especially in the fancy priced railroad
shares which have advanced TO a point that in
the majority of issues represents but small
return to current buyers. The increased activity
in all lines of trade the promised large harvests
that will not sell at cheap figures, the gain in
the general cost Of living and the high wages
paid TO labor will make important inrcads upon
our surplus supplies Of capital at remote
time the result of which should he reflected in
sitter loan quotations. unless this country can
sell enough Of its products to foreign nations Ia
bring in large shipments of gold. which does no;
appear proba ble owing to the increase in the
demand for home consumption from our rapidly
expanding population. For years this country
mas been creditor nation far exports OF
staple products and general merchandise
concerned but against favorable trade bal
ance there are offsets, such travellers eX
penses abroad. interest payments on American
securities held in Europe and payments on
freights to foreign merchant vessels. all of which
have been greater factors than usual in the last
twelve months in the settlement of balances
a consequence of the falling off in exports from
here and the increase in imports. On trade ac-
count there excess Of exports in the
fiscal year ended June 80 of s365 900 600, one
month estimated. against excess in the pre-
ceding year of $66S457,103, and as it is figured
that offsets against the merchandise balance
were much heavier than the excess of exports
explanation Is quickly found for the large ship
ments OF gold from the United States since the
frs: OF the year, amounting TO more than $40
00e,000. The country viii gain from new gold
production. and there will be enough money for
the legitimate requirements of business. but the
indications point 20 a dearer cost of Rccommoda-
ton in the late summer and autumn and active
liquidation Of loans that carry speculative stock
accounts. Further engagements of gold coin for
shipment TO Buenos Ayres made boIh In
the local and London markets yesterday.