New-York tribune., 1910-04-13
FINANCIAL MARKET
U. S. Steel Holds Firm on Talk of
Increased Dividend.

Ihe course OF stock market prices In
yesterdays dealings did not encourage
the expectation that a big public demand
was about TO develop as a consequence
Of the Improvement recorded in Mon
days operations. There was some fur
ther covering Of short contracts in the
initial trsnsa ctions and active efforts TO
induce an outside inquiry for securities,
but there was no important response
from commission houses that do a large
out-of-toWn business in periods of ac-
tivity. and no buying by the banking in
terests. The outstanding short account
evidently Was quite thoroughly covered.
following the announcement on the first
day Of the week that the American To-
bacCo and STANDARD OIL cases were 10 be
rearguod, and in the absence OF this sort
II support prices as a rule moved toward
lower level in the closing hours Of
trading Yesterday under the influence Of
a resumption of operations for the de-
cline. ON the strength displayed in the
morning distribution was reported, small
spectators being the chief buyers,
though in United States Steel buying by
substantial interests was recorved. the
movement in this issue reviving the
theory that at the quarterly meeting of
the directors two weeks hence the COM
mon stock of the corporation will be
placed upon per cent basis. II is
understood that in the first quarter of
the current year earnings available for
dividends on the common were at the
rate Of IS per cent a year. and il is be-
lieVed that in the current quarter net
earnings viii run close to $4,000. 900. or
nually. steel common made the best
showing in the final dealings, while
Amalgamatcd copper supplied the chief
weakness. declining more than two points
from the high point of the early market.
New York Central acted we'll and was
helped by the agreement for the arbitra-
tion OF the dispute between the company
and its employees and by the successful
sale by the Lake Shore of large block
Of short term notes in Paris. The gen
eral market ended with prices tending
lower.
Crless sterling exchange rates advance
materially there viii be no more gold
exports shis week further than those ar
ranged for to-day. except. perhaps. en-
gagemonts by baDkers who may be will
ing to send the metal out at little or 10
profit Tho demand for remittance yes
terday Was inactive. and as a conse-
quencc sterling rates showed a heavy
tendency. with quotations below the level
at which gold could be- sent abroad. even
with The high figure reported for Ameri-
can eagles in the London market Re
cent estimates that the Bank OF England
would take s25.000.OOO gold coin from
New York have been considerably modi-
fod. owing to the decline that has taken
place IN the price Of sterling in the last
sew days and To the Improvement in re-
sources apparently enjoyed by the Brit
ish bank since its last weekly meeting.
when an abnormally low percentage of
reserve to liability was shown in the re-
turn II should not bc taken for granted.
however that the outward movement iS
over for the season This country is
still heavily in debt 10 Europe imports
extent than reported Of exports. and the
money situation in London. though
stronger thau noted week ago. never-
lHolres is somewhat unsettled. with good
,hauccs of diSiurbsuca Il the speculation
in rubber shares H. allowed 10 continue.
D. the local MONEY market the demand
for tim. accommodation * light buI
iatcs are maintained at si4n4i5 o,r
cent basis. "a bile quotations for call funds
:ro rirncr than at any lime since tn
carly part ~ January. with the exception
e Wc.k ag". when Tor a brief period
as high as per cent nas asked for d.
mand loans Most of the current borrow
ing j. being lone ina the call department
pf the market. 80 far in the current
Nc,k tho local banks have gained IN
their operations with tho sub. Treasury.
and The course 81 domestic eN,hang.
rates does not warrant the expectation
that the Clearing House institutions are
losing currency uo the interior