The Birmingham age-herald., 1909-07-26
TONE IS CONFUSED
 IN STOCK MARKET
Some Market Experts Believe
 Prices Are High Enough
TRADE FEELING CHEERFUL
Reports of Earnings For Past Quarter Are Very Favorable But Disposi- tion to Wait on Tariff Re-
 vision Is Evident.

New York, July 25.-The appearance of lntermingled strength and weakness in the stock market last week kept the tone eonfused and had the effect of causing some suspicion of the market position. The course of the speculation hinged largely on technical considerations, tho news of events still showing improve ment In what makes for prosperity. The stock market itself however, was not free from signs of strain from a pro- Ionged advance and from the effect of maintaining prices at the highest level achieved. The action of United States Steel was a main influence in creating this impression. The price failed to hold the high level at 73. touched at the end Of the previous week, although the new advance in Union Pacific served for Q time to sustain that stock and Union Pacific and United States Steel shared between them the dominating influence on the whole market. The assumption mad grown in stock market circles that the dividend on United States Steel would be increased on Tuesday of this week. This was fostered principally by the
 
 ried in the market.
 Reports of the earnings to be shown for the past quarter were highly favorable and feeling in the trade was cheerful and highly confident. While expectation has veered away from the dividend increase the effect on the market price of the stock of leaving the dividend unchanged re- mains subject of conflicting surmises The approaching termination of the la- bors for tariff revision will mark a period that has been looked forward to with calculation in every branch of trade, in- dustry and speculation. This long time calculation leaves little probability that any sudden and precipitate action or any violent effects will be produced by the actual continuation of the event.
 In the steel trade the heavy orders booked have brought about price advances and an expansion in the rate of iron pro- duction that approaches the country s record. In the copper field last week saw some improvement which suggested quick ening of demand for copper. From the circles of mercantile trade In general ad- vices indicate that there has been a dis position to await the actual enactment of the tariff law before embarkng on any large ventures.
 In the field of the money market there are signs of stirring of commercial &C., tivity. Mercantile paper Is not yet in large supply but bankers are inclined to hold out for higher discount rates in buying 1t. The time money market also gives evidence of the coming require ment in the marking up of rates for the longer periods. carrying over the end of the year. The continued confidence over the crop outlook adds to the promise of increasing demands for banking facilities The heavy outgo of gold to South Ameri- ca is having some effect in restricting supplies and the fall in interior exchanges on New York marks the subsistence of the stream of relief from that direction The sustained ease of the present money situation Is strikingly illustrated by the fact that national banks have already re- turned to the national treasury the great CT part of the installment of $1s,0oo.0 900 of government deposits called for August 15