New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-26
FINANCIAL MARKET
STOCK PRICES UP.
Further Gold Exports to
Canada and Brasil

Higher prices for American securllie'
in the London market and the presence
NJ q good sized short interest mere en-
couraged Improvement in the early oeai-
ines on the local exchange YESTERDAY
while throughout the best part or the
FIVE hours of business marked strehs'n
,-ae shown in all parts of the active llst'
with the chief gains in Amalgamateu
Conner American Smelling, Reading
T-niop Pacific. Southern Pacific, Penn
svlvania and United States Steel COM
mon. There was little commission
7ouse buying for outside account, and no
suegestion in the advance of resump-
ton of bull activity on the part OF the
larger interests. which apparently are
willing 10 see lower levels, but are giving
s,lpuort to the market in order TO pre-
vent the development of q runaway bear
~neculation. The decline last week
failed to bring in any frightened selling
1,1- holders of securities yesterday. and
traders exhibited a spirit of caution IN
covering contracts in the face of general
hear sentiment in the Street. Moreover,
they were unwilling to maintain posi-
ton on the short side, owing to the pos
sibiIitv of an advance in the dividend
rate on Steel common to-day to a D per
cent basis, instead of the generally cX-
rected per cent declaration.
If the directors Of the United States
Steel Corporation place the common on a
4 per cent level there will be no reason
for a further advance in the stock at this
H. H.
; per cent par would be justified for The
issue. although in view Of the various
factors working against a sustained adj
vance at this period of the year the
market effect of ; per cent level might
not develop for many weeks to come.
Pennsylvania stock was strong in yes
terday's trading on the idea of a new
issue of stock and valuable rights to
current owners. while the rise in Anal
gamated Copper and other active issues
was based almost entirely on technical
conditions that warranted an upward
movement after the sharp losses in Sat-
urday's operations. The general market
closed strong. number of high grade
investments are now at a level that re-
turns > per cent or better, including
Union Pacific, Atchison and Baltimore
8; Ohio. The general investment market
is much more attractive than il was
few weeks ago. owing to the readjust-
ment that has taken place in market
values. a fiat rate Of > per cent pre-
vailed for time money, while the foreign
money outlook was more reassuring.
Further engagements Of gold for ship
ment to Canada were made in the local
market yesterday; also an additional en-
gagement for South America, making a
total on the movement which began last
Thursday of S2.7J000O Sterling ex-
change was somewhat easier, but the
opinion prevailed in foreign banking cir
cles that shipments of the metal would
be made TO London in The current week
unless a material change should develop
in the character of exchange conditions,
which already permit the settlement Of
London obligations in Brazil at the ex-
pense of this market, which is not in
favorable position TO finance an impor-
tant outward flow of gold without marked
effect upon money rates at this centre.
The statement of actual bank conditions
as of Friday night in Saturdays Clearing
House exhibit, was not favorable to the
theory OF increasing reserves here in the
immediate future, but the course of stock
market operations in recent days holds
out the promise of an absence of acute
disturbance in money. owing to the
check that has been placed upon reck-
less bull speculation and to the tendency
Of local banks to decrease loans through
forced liquidation Of securities carried
on borrowed funds The effect of the
Bank Of England's high rate of discount
and the transfer OF loans from the Brit
ish capital 10 New York however. has
yet 10 be reckoned with. and in view of
this factor and the long period Of over
speculation here it is not likely that the
general movement of stock prices for the
present will be in Favor OF The advocates
of higher quotations..