New-York tribune., 1909-10-05
FINANCIAL MARKETS
STEEL At NEW RECORD.
Eariy Strength FoIIo5ocd by Reac-
tionS-W0neY Rates FTmcr.

Transactions in stocks were heavy throughout
the day i'm the leading issues. with the chief
dealings in United States Steel common. the
Hartman shares. Reading. New York Central
Atchisou and st. Paul. with steel the leader in
point Of strength. At one time the price of this
security showed an advance Of more than 3
points. as compared with Saturdays final quo
tation. the heavy speculation in IT and the evil
dence of the transfer Of q large amount of the
stock TO relatively weak hands causing hesita-
tion in other parts OF the list and a general de-
cline in the early afternoon. which was followed
however by a frmer tendency before the close
Last prices showed in the active list a few
more net gains than losses. London was
heavy seller Of Steel. its sales being estimated
al $4,000 shares. Foreign operators seldom make
q mistake on this market. their profit taking
generally being reported al a level near the top,
but in local speculative circles the impression
prevailed yesterday that substantial further
rise might be looked for I'm United States Steel
common before the price would be allowed 20
halt in its upward movement. Commission
houses are demanding large margins on this
issue, in spite Of the remarkable recovery in
The iron and steel trade and the certainty of Il
better dividend on the stock either at the next
quarterly meeting or in the early part OF 1910,
and traders in the security are SO convinced
that nothing can check the advance that they
are willing 10 pay the sums required IN order
10 be on the long side OF the market In the
afternoon operations realizing was active in
all parts OF the LIST. especially IN Atchison Union
Pacific. United States Steel and Reading but
offerings appeared 10 be well taken with pre-
olcuous AT the close of a continuation of the
rise. Notwithstanding the hr1ner tendency in the
money market. New York Central was strong
feature on buying based on The Improvement
IN the companys earnings in the month Of
august gross receipts showing for that time "a
gain Of S006, and net a gain of S1S2645 All
roads in the New York Central system made
favorable exhibits. Sloss-S Sheffield and Central
Leather We're strong and several of the special
Ties moved 10 higher levels.
Little selling developed rs a result of the pub
lcauon OF the government figures on cotton,
showing one of the lowest condition PERCENTAGES
ever recorded Ginning returns up TO September
- indicate that either tile crop is being mar
Eeted with exceptional expedition. owing 10 the
higher prices, or that the crop has been nder-
estimated in quantity and that the final yield
VIII De- mucn larger than condition figures fore
shadow. The amount ginned TO September %
was within IS 600 bales of the best preceding
record ana the value OF cotton ginned since the
- ginning ol the cotton crop year approXimared
$l-5oO0-0e0 against S102 600 600 IN the same time
last year and approximately One-tOurth Of the
cotton ginned between September / and SeDtern-.
later ia the year may become an importsu m
factor in the exchange market but SO far II has
had no appTeclable effect upon sterling rates
winch are abnorfnally strong for this seasen. II
the needs of foreign countries are as urgent as
reported IL bull circles IF the cotton market
mere soon should be material increase in tho
outward movement Of the STAPLE bur according
10 last weeks official reports of visible supuIies
inc stock in Great Britain is 623 900 bales
and the total European stocks $4,000 bales
against - 900 bales year ago. Liverpool's
supply Of American cotton is $4,000 bales COM
pared with $4,000 bales il 1905 The total Wis
llie supply is 24S3.02S. Of which 2,lO5G2g bales
are American Estimates based on the govern
meut figures Of this Years total Weld of cotton
run from 1G5G0GG0 bales TO more than y 600 600
bales, and though many OF the best posted men
IN ihe trade believe that prices eventually will
20 mucA hlgher they point out the possibility
o.. lower quotations Tor a time as a consequence
ol lhe rapid marketing Of the product TO take
advantage of the prices now prevailing In yes
tfTdays market the government report was mot
fthecled 10 any great extent IN the movement
q trustworthy indication OF higher rates for all
az no distant period. In view of tbo
advance in quotations for call funds. which ar.
now above the price of sixty and ninety dav
J- quotations distant options showing the great
est strength. Heavy selling developed on the
ai4l advance, Dealings ia yesterdays market
for bonds were large
In the time money market q better der,erd
Is reported Tor oveT-the-year loans borrowers
loubless accepting Saturday IS bank sts1ernenr as
commitments and about on level With Janu-
1ly loans, the wisdom OF protecting ones SELF
With time accommodation al this time is an
parent especially as all signs point To dearar
rates Tor demand money in the course of rho
Next iew weeks Stock market spcculators an
taf wiling 10 pay amy price for money if theV
't-lete they cen make profitable turn in So
~ li Lttles' ana ln al parts of the country where
" aA street houses have connections publIc On.
-fhtprs are buying shares on margin ON the
-i4.'iy tLai the powerful interests In the stree
"tl protect the market against bear attaci,r
aHu uIal as long as industrial conditions con
- ~ Itiieot increasing prosperity there csn
- no material decline ia quota ti0us United
states steel rs being bought by the uubIIc Tbis
''.,." possesses merit and it's dividend douhfles-
"4H DE- Increased. but these two facts do MOI
''~1-Sue nc pOsAibllliy of a tremendous amount