New-York tribune., 1909-12-08
FINANCIAL MARKET
BEARS IN RETRE4T.
Securities Strong on Good Sup
port and Short Covering.

Transactions in stocks were light in
volume on a movement Of prices that
generally tended in the direction OF
higher levels. While there was little
commission house buying. purchases We're
reported for the account Of substantial
Wall Street interests 10 a moderate ex-
tent IN United States Steel. Reading,
Union Pacific and American Sugar Re
fining. the last named issue advancing
more than points and acting in a man
ner that suggested accumulation on the
recent decline by people Of means who
realize that in spite OF the companys
dishonest practices IN the past the stock
Is a sound investment security The po-
sition OF the American Sugar Refining
Company viii be strengthened by the gov
ernment's criminal proceedings against
certain sugar men, particularly as the
action Will show the contrast between
former and present methods authorized
BY the concern and serve 10 encourage
the best business morals in the conduct
OF It's affairs in the future In the late
afternoon the general market gained in
strength, the rise being helped by active
covering by the shorts, who apparently
were considerably upset over the strong
character Of the support reported.
The independent steel stocks responded
10 the advance in United States Steel.
especially Bethlehem Steel shares. which
Il Is understood are in stronger hands
to-day than AZ any time since the or
ganization Of the Bethlehem Steel Cor
poraticR. Business in the steel trade
promises 70 break all records for De-
cember in the current month. but some
caution in future buying is now reported.
owing 10 the uncertainty over prices. and.
10 & certain degree. 70 the feeling that
an overbought condition may develop.
Speculative sentiment was encouraged
BY the Presidents message, which con-
tanned recommendations highly crafty
ing 10 the financial community. while an
increase in the preferred dividend Of the
81. Louis & Southwestern and the gov
ernment's report on the position OF the
winter wheat crop. showing an estimated
condition OF 95.S per cent, against S5.3
per cent al this time last year, also
strengthened the market outlook from
the bull point OF view. The increase IN
the St Louis & Southwestern dividend
was IN line with information recently
printed in The Tribune. and according
70 the directors was fully warranted by
the gain IN earnings and the excellent
prospects for a permanent per cent
basis.
The local traction shares. excepting
Third Avenue. were well bought on the
apparently well founded theory that
Morgan people Will be dominant factors
IN the city traction situation in the fut-
IRE. and the Morgan argument that
las developed since the passing OF the
Equitable Life control-that is. that all
the large financial interests are working
Ia absolute harmony for the betterment
of American railroads and industrial cor
porations through their ownership OF
banks and other financial institutions
was advanced as adequate reason for the
purchase Of any stock on the list. The
total OF dealings. however. did not reflect
any anxiety on the part OF the public TO
get into the market II may be OF inter
est 10 the lambs 10 know that generous
old bulls want them 10 buy stocks ar
once. as Mr.. Morgan hopes TO give Wall
Street a merry Christmas. Stocks closed
az or near the best OF the day Call
money ruled AT 47s per cent. and sterling
rates were unchanged from Mondays
high level More gold was engaged for
shipment 10 Argentina. the banks showed
a further loss on their operations with
the Sub-Treasury and additional sums ~
money were transferred 20 san Fran
rierO