New-York tribune., 1909-07-13
FINANCIAL MARKETS
LIGHT STOCK TRADING.
Steel Common at Best Price on
Record-Erchange and
Money Conditions.

Professional traders were active in bidding up
stocks IN yesterdays market, but there
little real accumulation. outside Of a small
amount Of buying for few commission house
operators who believe that securities should be
bought all advances. Heads Of commission
houses are advising their customers to buy on
reactions but the latter as q rule only to
take stocks on the rise and the professional
lacking Of prices therefore attracts q certain
volume Of outside buying limited margins.
The more important market interests were not
factors in the advance yesterday, but they again
supplied stocks at the attractive figures recorded
in many cases at the best Of the year. as, for
instance in United States Steel common, which
was helped along by the generous advice from
speculative quarters that the dividend would be
increased at the next quarterly period. Doubt
less the stock will be returned TO a per cent
basis in 1910, and possibly in the last quarter
of the current year. but people who can afford
to buy outright getting no wonderful bar
gain with the issue at its current market value.
with per cent promised In many Wall
Street houses the opinion prevails that Steel
common will eventually sell at par, but predic-
tions that such a price will be attained are
modified by the belief that the advance to 100
will start from a lower level Active bull ma
nipuIation was reported in the standard railroad
shares and the advance in Pennsylvania.
Baltimore & Ohio, Illinois Central. Union Pa
cffic and New York Central the selling appeared
to be better than the buying feature of the
general operations that has been noticed in the
easily to bull operations. advanced more than
points to the accompaniment Of variety Of
rumors none of which apparently had any more
basis in fact than those that have followed the
movements in the issue in the last six months.
The Reading is a company with valuable assets.
but the stockholders continue to receive per
cent only, while the people who buy the stock
of the road at the present level secure a return
of less than 21a per cent. The market closed
dull and off from the best prices Of the day.
oP+ +E7a
Though foreign exchange rates are under the
high level prevailing e week ago conditions in
the market permit heavy shipments of gold to
Argentina and would encourage exports Of the
metal TO Europe If there were available sup
ply Of gold bars at this centre. There is still
scarcity of commercial bills, despite moderate
increase IN the number offering as compared
with few weeks ago. and as imports of mer-
chandise continue heavy the current amount OF
exchange is far too light to meet requirements.
the latter. however, being offset TO some extent
by the willingness Of foreign bankers TO leave
balances here. Money Is easier at London than
in the local market and with exchange at high
figure there is inducement for the drawing
of finance bills Reason for the continued firm
ness In sterling Is found in the report Of exports
10 staple products in the month OF June. the
figures showing a falling off in shipments of
breadstufs and cotton to the value of $6,498,944.
comparison being made with June a year ago.
For the fiscal year our exports Of domestic prod
ucts showed a reduction from the preceding year
of 1O6312,337, of which grain supplied $S4697.-
543 and cotton s20399.2s5. The decline in our
export trade in grain and cotton has been due
more 70 the increased demand for consumption
here than to any other known factor, though
high prices have helped to check the outward
movement and as our population is increasing
rapidly our surplus farm products available for
sale TO other countries promise to decrease ma
terially unless the acreage can be enlarged and
the farmers produce more TO the acre than they
do at present. That they will be able to increase
their yield an acre appears probable from the
scientific experimental work that is being car
ried on along this line in various parts of the
United States And that there is room for an
increase in acreage is reflected in the govern
ment's last crop report. showing gain in the
amount Of land planted to corn this year Of
more than 100000 acres. The period of low
prices for food products, however. doubtless is
entirely OF the past. There is money in the soil
for the people who will till it with their brains
as well as with their Drawn.