New-York tribune., 1909-11-05
FINANCIAL MARKET
STEEL STOCK STRONG.
Money Easier, Though Banks
Lose to Sub-TreaSury.

A resumption Of active bull operations
ir United States Steel common was re-
sponsible for temporary improvement in
the general market yesterday. the ag-
gressive transactions in this issue exert
ing a more reassuring effect upon specu-
lative sentiment than the heavy buying
Of Amalgamated Copper on the preced-
ing day. owing 10 the difference in the
character OF the leadership i'm the two
Issues. Amalgamated Copper. a . per
cent stock. is selling almost as high as
United States Steel common, a per
cent security. and though the first named
is classed as A Standard Oil speciality
the int rests identified with the Standard
Oil properties have not been buyers Of
T. at its present fancy price. while in
the case Of United States Steel the chief
buyers on advances have been the
people connected with the so-called
Morgan property. AS a / per cent issue
Steel common is selling for all il is worth.
but insiders appear TO be taking the
stock on the notion that the corporation
will be able to place it on a . per cent
basis in 1910. AS the iron and steel
industry apparently is TO enjoy a long
period Of expanding business. there is
reason 10 believe. on the basis OF the
results OF the last quarter, the United
States Steel Corporation will be war
ranted I'm advancing the dividend TO D
per cent. which would Justify par for the
stock. An outbreak Of furious bull specu-
lation I'm the issue al this time, how
l.. -,
view Of the strain that such an opera
ton may impose upon credit.
Industrial shares, as a rule. were in
better demand than the railroad securi-
ties, the copper, steel and railway equip
ment stocks being especially strong
features in the early afternoon. when
the general market showed its best
strength of the day. Reading enjoyed
a sharp advance, following decided
strength in Lehigh Valley in the Phila-
delpia market, but lost the gain in the
closing trading. while throughout the list
OF railroad shares final prices were well
under the best and at net losses in the
larger number Of cases. Pennsylvania
ana New Haven rights were actively
dealt in. Colorado Fuel and Iron again
was decidedly strong: also American Cot
ton oil. on which the dividend was in
creased 10 > per cent. and Laclede Gas.
in which transactions for the second
consecutive DAY were unusually heavy.
Heavy profit taking marked the course
of New York Central which ended at a
net loss Of = points. Amalgamated Cop
per also sold down I'm the late trading
on realizing operations. Money rates
were easier in the local market. but
London discounts were frm, while the
Bank Of England did not make an
especially good showing I'm its weekly
return. though its cOncition reflected the
effectiveness of its . per cent minimum
rate. Sterling exchange was lower.
bclpcd by a better offering Of bills from
increased merchandise exports For the
yreek ended "Wednesday exports from
New York showed an increase in value
of si.Ca934l over the preceding week
and S44S7. $40 over the corresponding
tine a year ago.
The local banks have lost upward Of
3. OOO on their operations with the
Sub-Treasury I'm the current week, and
II is likely that cash holdings in to-day's
usual estimate Of the movement OF cur
rcncy viii show material contraction.
while unless there has been a substantial
reduction ia loans the Clearing House
statement tomorrow viii hardly make a
favorable exhibit as compared with a
week ago Fortunately. the demand for
accommodation against stock market
commitments Is not active, and il is be-
lieved that ia tie event of a quiet specu-
lation in the course 0f the next few
weeks there will be no cause for uneasi-
ness over the monetary situation. The