New-York tribune., 1910-03-08
FINANCIAL MARKET
STEEL STOCK STRONG.
Time Money FTmcr and
Sterling Rates LOrer.

Prices for stocks enjoyed marked i'm
provement in yesterdays market on ac-
tive buying for long account and cover
ing of bear contracts. Substantial inter-
ests encouraged the upward movement
and commission houses reported an en-
iarged demand from the sO-called pub
lie, the latter being especially prominent
in United States Steel. which sold at a
level 13 points above the low record Of
February on transactions amounting 70
more than 2S0,000 shares. Favorable re-
ports from the steel and copper industries,
showing an increase in specifications as
we'll as in orders. induced excellent buy
ing of the metal shares. while the same
advices were effective factors in helping
the entire list, which exhibited greater
buoyancy than on any preceding day in
several weeks. The railroads are plac-
ing increased contracts for new equip
ment, the agricultural community is an
active buyer of farm implements, and in
almost all lines a heavier demand from
consumers is noted Stocks that appar-
emily looked dear at lower prices are now
beginning to appeal to buyers at higher
quotations, and people who were wise
enough TO buy on the collapse in the
market early in the last month are TAX
ing good sized profits on the current ad-
vance. The investment demand for mort
gage issues is more active. and the ease
with which banking houses have dis
posed of recent new issues naturally
strengthens confidence among specula-
bull eide of the market, irrespective of
advances already recorded and the prom
isc Of higher rates for money.
Another Monday without a Supreme
Court decision in the American Tobacco
case was less of a factor in promoting
bull speculation than the evidence Of
growing strength in conditions affecting
the actual worth of American railroad
and Industrial securities. It was argued,
however. in some circles that d decision
in the Tobacco suit against the com
panv and unfavOrabie developments in
the labor situation would Interfere with
the prospects of 4 bull movement of large
proportions in the coming spring. The
fact that la abor in Philadelphia SO far has
made no substantial response to the call
OF strike leaders TO stop work as a mark
of sympathy for the traction employees.
and the tendency III various quarters 10
submit differences between labor and
capital 10 arbitration, suggest that the
general course of our industrial activities
will suffer no serious setback because of
current unrest among employees of Ger
tain corpora tions. II is n noteworthy
fact that the Lehigh Valley Railroad has
voluntarily raised the wages of passen
ger train engineers. The general mar
ket gained in strength in the afternoon,
and at the close net advances of from l
to more than , points We're common.
United states Steel. Reading, United
States Rubber and Union Pacific doing
the best in the active list
The current course of money move
ments as disclosed in Saturdays Clear
ing House statement showing actual
conditions as of Friday night does not
suggest the maintenance of present rela-
lively easy rates for loan accommoda-
ton for any extended period OF time IN
deed, ii is not improbable that higher
quotations viii develop in the near fut-
ure. owing To the increased demand for
funds ut interior points, to the contem
plated new financing by corporations. TO
the enormous loan expansion by banks
outside New York, 10 the growing inter
est in stock market speculation and TO
the probability of further exports of gold
from this country. The spring demand
for money promises TO be active and the
tendency of domestic exchange already
indicates substantial flow of currency
from this centre in the next few weeks.
General business is making good prog
ress in al parts Of the United States
and the disposition Of corporations to
PIT out new security iS-uca. Hhirn arr