New-York tribune., 1909-07-27
FINANCIAL MARKETS
SPECULATION QUIET.
Most Stocks Close at Net Losses
More Gold for argentina.

transactions in Yesterdays stock market Were
light I'm volume throughout the nNe ioe I
business ON q movement of prices that sho"eo
,,,i,,ror+ant changes at the close. Extreme oNi-
ness in speculation quite often Is followed pS q
sudden demonstration of activity, ana ttdue''
believe that the signal for expansion IN oeaii'te
viii he found in the action of the Cniled otale9
steel directors on the common stock dlVloehu'
- ,,,o++er which yav the dividend goes. Wfile
they also believe that the course OF the o'eei
shares will govern the entire Iist TOT 'iine
though in banking quarters it is thought tiiat d
no remote period the chief governing ihnuellce
on the stock Exchange will come from the money
market The operations yesterday were coIillileu
in large part to the small dealings OF the room
traders and those OF an unimportant cointIissI"i'
house following with the chief speculative III
terest in American Smelling, Reading ANA
yau7ated Copper the Rock Island shares, Chloh
pacific Southern Pacific and United states steel
tho last named moving within a range of l point
with the general tendency in the dlrecuoh Oh
lower level while throughout the list irregularlty
was the only feature Last prices as q lu'o
showed unimportant net losses, Steei common
and Amalgamated Copper suffering the most
Much of the selling of Steel common came from
the two best known floor traders on the eN-
ct,arqa Western Union and Mackay Companies
stocks were strong and the old rumor OF a con
soIidation of the two telegraph companies was
reviyed without however bringing forth any
intination from the interests concerned that
ANYTHING of the sort is intended. Transactions
in bonds were as uninteresting and as light as
those in stocks.
The directors Of the United States Steel Cor
noration will meet to-day TO take action Oh the
,,,ar+erl1, dividends and to consider quarterly
report of earnings, which promises. from tie
known progress made by the iron and steel trace
in April, May and June. 10 be most encourag-
ing document though ii should be borne in nina
that the increase III the business of the corpora
+ion has been upon relatively low prices. The
level AT which sales are now being made is well
above that which marked the establishment or
the open market last February, and by the end
of the year the general selling level Of finished
steel products doubtless will be on the basis pre-
vailinR prior TO the beginning Of the so-caled
price war Production Of steel is growing, and
the increase in the quotation on wire reported
Yesterday will be important factor in adding
to the earnings of the United States Steel Cor
poration in the current quarter, as the American
Steel and Wire Company is one of the chief sub
sidiaries of that concern The outlook for the
iron and steel trade in the next twelve months
is most encouraging, and it is not unlikely that
at this time next year the United States Steel
common shares will be substantially higher
dividend basis: but there is considerable doubt
in the minds Of the best informed people In the
Street over the wisdom of making larger dis
tribution at the moment, and in conservative
circles il is not believed that the directors or
the company will depart from their usual wise
nolicy of siren gthenng the concerns resources
TO meet the demands of insistent spectators
who declare q larger dividend is warranted at
this particular period
There was no change in money rates in yes
terday's market. The demand for time funds
was confined almost entirely to long naturities.
while the light stock speculation was responsible
for great inactivity in the call department. Out
side demands for accommoda tion however, are
likely to increase from now on, an indication of
which was presented in Saturdays bank and
trust company statements. showing e material
expansion in loans over the preceding week and
q moderate loss in cash Sterling exchange con-
tinues under the level at which gold could be
exported TO Europe. but the market remains
favorable for further shipments to South Amer
ica with conditions suggesting additional en-
gagements in the current week to the s1.250,00o
taken yesterday by prominent bank. There
has been preceding time in the history of
the country when New York has sent so much
gold to Buenos Ayres as reported since January
l, the reason for the large movement being found
in exchange market situation that permits
London TO settle its obligations in Argentina at
the expense OF this country. which has been
the wrong side of the exchange account for many
months