New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-10
FINANCIAL MARKET
Stocks Are SeI|inga4to 13'Points
Above JuIy's Low Levels.

Stock market prices moved toward a
higher Ieael in yesterdays operations on
the local exchange, maximum advances
among the prominent issues running
from IL To 3 points. with the chief i'm
propemeut in Amalgamated Copper,
American Smelling, New York Central,
St. Paul, Chesapeake & Ohio, Union Pa
cific. United States Steel and Reading.
It Is understood that the Reading oom-
panv Us earning from all sources bal
ance avail able for the common stock
large enou Oh to warrant an increase in
the dividend, but for the information of
people who may be looking forward to
the establ lshment of the stock on a
higher dividend plane it may be said that
there rs not the slightest possibility of
such a development this year, and prob
/ ably not next year. Operations who are
/ counting on bigger dividends on various
stocks in the near future are doomed to
/ Gisappointment There will be no gen.
| eraI advances in dividend rates. while
/ there may be some reductions if the rail
roads continue to exhibit declines in net
earnings, which are beginning to reach
alarming proportions.
! At the high figures the leading issues
/ presented an advance Of from D to Ii
points as compared with the low records
made in the last week of July. but IN
spite OF this improvement and the ag-
gressive operations in some quarters for
better quotations important bear inter
/ ests showed no great anxiety TO get out
/ of their commitments on the short side
! Of the market Although there was some
! EXPANSION in the volume of dealings as
compared with the transactions Of the
preceding day little outside business
was reported, either for speculative or
/ investment account, the larger part OF
the buying being for professional inter
! ests who believed that the market was
entitled TO further Improvement on tech
nicaI grounds. on the betterment in the
copper industry and on optimistic ad-
vices from the farms. The general mar
ket closed strong at or near the best
prices. New York Central and Sloss-
| Sheffield being among the features in the
| late trading Sloss-Sheff1eld viii receive
its regular quarterly dividend.
Trustworthy reports from the great
agricultural section of the country ana
the observations of Eastern railroad
presidents who have been travelling
through the West suggest that the cOndl-
ton of corn and other crops, with the
I exception of spring wheat, is better at
present than indicated by the govern
| ment figures which represent conditions
as of August /. It is stated that steady
announcement has taken place in corn
since that date. and it is therefore be
| liaved that with favorable weather in
/ the rest of the season we will have a
/ , opQ 600 900 corn harvest and something
better than an average crop, even if
there should be moderate deterioration
! in condition in the future. This view
! of the outlook was taken in the stock
and commodity markets yesterday, and
/ from the action of securities prices it
was thought that the Street was about
to enjoy a modest bull boom. Strong
stock markets in August are not I'M
usual: indeed, they always are looked
/ for if the first Of the month crop state
ment extends the encouragement OF any
| thing nearly resembling bountiful har-
vests. Money generally is easy in
August. and inst now call rates are ex-
| trenely low, n factor naturally in favor
Of operators for higher prices. though
the relative strength in time accommo-
dation and the apparent unwillingness
Of the banks to make concessions to Dor
rowers discourage the idea that cheap
call money viii extend into the fall.
The banks want their funds within
reach, and while spectators may now
| be able To secure all the demand accom-
mediation they desire, they should bear
in mind the coming needs of the interior
and the position that on" banks are in
to force liquidation in stocks through the
| calling Of loans. The local banks are
strong. and they do not intend To i'm
peril their strength by promoting over
! speculation in securities.