New-York tribune., 1909-09-29
FINANCIAL MARKETS
NEU' HIGH FOR STEEL
.ltchis0n 1LSO Makes Nczc Record
Restricted Trading in General
Outlook for Money.

United States Steel common and Atchison
common were the centres of interest in yester-
days stock market. both advancing To new high
record levels on extremely heavy trading the
227.0O0 Steel and the 177O00 Atchison together
representing more than third Of the days
large total sales of l.131, 600 shares Steel com
mon continued to be taken in great blocks, many
sales Of 1000 shares more being recorded
and rose 10 SOS. closing Is down, with a net
gain Of . points; but the identity Of the inter
ests that are thus bidding up a per cent stock
which Is now within sight of par. and the divi-
dend rate OF which must be raised to = per
cent To justify in any measure such a price
continued 10 b. among the mysteries of the
street. Republic Iron and Steel enjoyed an un-
usual activity, advancing more than % points
Atchlson was heavily bought on reports Of
coming increc-e of its dividend with v-biob
We're revived rumors Of combination with the
Pennsylvania Railroad COMPANY tho stock or
which also was in large demand at advancing
| figures Reading and the Hartman Paci6cs were
ule most active issues apart from the stocks
already named. making gains Of from II n
25s each; and the Erie issues. which suffered :
had break on Monday, were conspicuousIv
strong, advancing nearly = points each on tho
denial Of the unfavorable r; nors affecting the
properly standard railway stocks like New
York Central, St Paul Baltimore &, ohio
Northern Pacific and Louisville & Nashville
shared in the general advance although on a
restricted volume of trading. a condition which
characterized the general list i'm which tho
sales OF ie" stocks ran As high as 10000 shares
each The market a rule opened IN from,
Mondays final prices and the tone durinp, tho
session was strong, although at the close there
were a few declines. chiefly among III, special-
ties.
An active demand for forward exchange is re-
ported in the sterling market, and from : 10 10
points above The prevailing level has been l,aid
10y interests hat apparently bcIieve forei,.n
"Hciailge rates VIII not enjoy The customary dc
"Hne !" inc current autumn. The idea is well
rounded. exports of food products and general
merchandise continue To make "A Door co,nnari-
son with this period year ago when the ,,o,,,
lnent was not heavy, and while active sbjrr,s,t,
Z" COTTON are looked for Just soon a the new
crop comes freely 10 market there IS no Ger
iainty that the demand abroad will be urgan;
enough 10 attract a heavy export inquiry here
at l3 cent level for the product ,,otto,, l. =
good producer of exchange under normal condi-
lions, but the high prices at this centre and the
current light demand at European points do not
hoio out me nope of a big shipment in ths near
lutnre Grain exports last week showed a fail
! inS off from the corresponding time = wear as,,
! of "-@o'A~ bushels. while imports of general
merchandise again reflected material innro,,e
ment over l'NS. with the indications pointing
10 another adverse trade balance in the current
month In June July and August in,norts ~
ceeded exports 20 tn value of more than S15
"op" ana for the fiscal year ended Tune 20
The excess Of exports showed a decrease from
the year before amounting to S3l5 253 23S
the actual excess reaching 1851, 17S BIG. which
was more than offset by other factors that on 70
( make up the international financial account
This country not only is in debt TO Europe on for
cien commerce operations but il also is heavily
1 indobted 10 foreign capitals on direct loan ac-
count. with the prospects for the negotiation Of
further loans less promising than recently re-
ported owing 10 the hardening in foreien dis
counts anu the increasing Continental dena nd
for gold at London In the last three weeks the
large consignments of South African gold have
been secured by Russia, while in the same time
the Bank Of England has lost a considerable
amount Of metal TO Egypt and South America
Money rates at Berlin and Paris are a,ove those
at the British capital and about on level with
those reported in the local market
The mercantile demand here is Increasing and
only an absence of aggressive speculation for
higher quotations I'm the stock market al mis-
centre win prevent a stim price for accommOda-
ton Fortunately, there is no active public de-
mand for securities. The larger interests an
pear 20 be opposed TO the sort OF specuIafion
4 that would exert a strain upon the money mar
let and there are unmistakabIe signs OF a
pressure OF stocks for sale all advances n
Is believed that stocks are not in such strong
hands as they were few weeks ago and n is
probable that In the event Of any adverse de-
Nelopment many present holders would not no
apie 10 protect their accounts against a decline
conservative commission houses are not advis
His the purchase OF securities except ON declines
aiiu ohiy then on large margins Conditions nm
"'iiSins actual values are strong huf ,nost
STOCKS are too high TO attract investors c.ooa