New-York tribune., 1909-12-16
FINANCIAL MARKET
READINGS NEW RATE.
Sterling Exchange Strong,
Suggesting Gold Exports
to London.

Trading in stocks was light in volume
In the larger number of issues on
movement Of prices that generally
tended in the direction OF higher levels
without. however. important net gains
i'm the general list. In few shares sub
stantial Improvement was recorded. and
speculative sentiment as a rule was bull
ish over the prospects for the market In
the rest Of the year. though the attitude
of the public gave little encouragement
20 the theory that an active outside de-
nand for securities was about to de-
velop. The advance in the dividend on
Reading common to a per cent level
and the establishment of Lehigh Valley
common on the same basis strengthened
the Wall Street theory. which also is
quite generally held in business circles,
that long period of railway and indus
trial expansion has set in. while the ac-
tion of the Reading directors induced
better prices for Reading stock. despite
the fact that the issue already was SELL
ing at a figure that more than dis
counted the higher rate. Reading is sell
ing at a price that returns about 3l2 per
cent on the new dividend basis Lehlgh
Valley common. also a 6 per cent stock.
returns about per cent. and Atchison
common. another attractive q per cent
stock. only a trifie under per cent
United States Steel stocks were not af-
fected by the war" which the American
Federation of Labor desires TO wage
against the big steel corporation. Steel
manufacturers treated the appeal or MI
C,omners and his associates with indif-
ference. and ridiculed the idea that the
ar,algamated Association could tie up
the mills of the United States steer Cor
noration. The Amalgamated Associa-
,,on apparently has been eliminated from
,be affairs OF the corporation as prac-
,,callv every mill of the concern Is WORK
inc non-union. with no indication OF un-
rss, among the employees, who are re-
oeiving better wages to-day than ever
,,eforo Maid bv the United States Steel
combination. IL is worth reporting that
since it's organization the United states
Steel Corporation has disbursed approx
matelv Sl.lOO.ov0.OO0 to its employees IN
wages. and that upward OF 2S,vVo en-
Moves hold shares Of its stock, worm IN
the market more than S3OOeo'oo. steel
common was strong i'm the late after
noon. and the entire market made a bet
ser showing than at any other time In
,be dav. much Of the buying being for
traders who had sold short earlier in the
day, especially in Steel and the Harri-
man shares
notwithstanding a large increase in
exports of merchandise from this coun-
try in the last month, showing an eK-
cess over imports to the value of almost
s55 90 900 foreign exchange remains at
an abnormally high level for this period
Of the year. with no indication OF an
easing Of rates in the near future to a
point at which gold could be brought
from abroad The United States is still
IN debt 20 Europe. and London continues
10 settle it's obligations in South America
through the medium Of the local mar
ket. while II there should be a further
slight advance In sterling here IL would
be- possible 10 send the yellow metal
direct TO the English capital. II is en-
20 note. however. the improve
nenl undef way ii out ih"iShahuis" tx
port trade, and 10 know that the pur-
chasing power Of the country is enor-
nous as reflected in the steady gain in
IMPORTS, which in the last month
amounted to S:}6.416. .7G5. as compared
with the same time last year against d
gain in exports Of ST.. .sG2.5ls. The ex-
ress OF exports over imports for the
eleven months ended November 80
amounted 10 S2ls.s3s. l03. compared with
an excess in the corresponding period in
1908 OF s553.55l. .0l5 Exports In that
time showed a decrease month by month
until October. while imports moved the
,ther way. with q total increase for the
ELEVEN months OF $685.. i9G.44l. against a
ast decrease In exports In the same time