New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-04
FINANCIAL MARKET
rs STEEL IN DEH1ND
.4droncing Prices ~fttract
HcarY RcaIiSjng Sales.

II fNt ~ Il tRif~-fft5 :, t'tttD-
Stock market prices moved toward a
higher level IN the best part of tho day,
though outside of the leading issues net
i,,,nroyeneut when recorded was con-
fined to fractions The trading asan
was made 10 in large part Of I'll" opera
tions Of the professional element, COM
mission houses having fen orders toT
public account, while the substantial
Wall Street interests were active only 20
the extent of encouraging better quo
tations for the purpose of making good
market for the liquidation OF stocks
bought on the recent decline. Certain
canitaIists Who devote most Of their time
to speculation were reported as active
BUYERS in various departments of The
list. especially in United States Stefi
common. which was exceedingly active
and by all odds the chief feature in the
DAYS transac tions. but evidence of sell
ing by large operators in all the active
issues was not lacking, particularly IN
the last hour. when the force OF this
liquidation turned many gains into net
losses. Realizing in the final dealings
was heavy. and few of the prominent
stocks closed above the final level IN
Wednesdays market, United STATES
Steel. for instance. ending only 4 up
against a maximum advance of more
than ] point.
Union Pacific. Reading and United
States steel supplied 80 per cent Of the
business in all stocks. steel alone fur
cI,u If
4 total for the entire list of 110.5l.-
Reading and Pennsylvania closed IN
changed from the preceding day the
first named issue showing q loss from
the high price OF the morning of y
points, while Amalgamated Copper
American Smelling, St Paul. New YORK
Central and the Hartman shares. after
q period of aggressive strength, lost all
the Improvement in the final trading,
with small net declines at the close IN
the London market trading in American
securities was quiet but in the general
market activity and advancing prices
were reported in spite of firmer ten
dencv in discounts, the heavy loss IN re
serve by the Bank Of England as shown
In its weekly return and the further loss
sustained Yesterday by the withdrawal /
of 81 0O0 600 gold for shipment abroad
Sterling exchange rates in the local mar
let were higher, with the tendency tow
ard the gold exporting level
The Wall street demand for money is
light. and while there has been some
shading Of time rates borrowers show 70
disrosirion 10 go into the market. al
though at o1t-of-town points better
inquiry is reported and quotations for
accommodation are appreciably higher ,
than they are at this centre The re'a-
tive case in cal funds fails 10 attract
an active public interest in stock specu-
Iation. bat in bull circles it is believed |
that material further Improvement ~
prices will encourage increased com
mission house buying on borrowed I
money on the usual theory that adVanc-
ing quotations represent genuine de-
mand from the substantial Wall Street
interests. Advances II this time repre-
sent manipulation more than actual buy
ing. and the fact that manipulation tor
better quotations is under way merely
reflects the desire of the chief specuia-
tive holders TO bring about higher prices
cor the purpose Of liquidating accounts
accumulated at the low levels made
early in February. Since that time
twenty active stocks have ad-
vanced on the basis OF average 50
points. Reading showing the largest
gain at 1875. Amaigamated copper is
up more than 10 points Union Pacific
more than points and United States
Steel common almost 10 points