New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-03
FINANCIAL MARKET
METAL STOCKS GAIN.
Monetary Conditions Indicate
HIGHER Rates for Loans.


market were accompanied by an enlarge
ment in the volume of business as COM
pared with recent daily totals, though
the larger part of the gain was supplied
by a few issues, notably United States
Steel. Reading. Union Pacific and Anal
gamated Copper. Commission houses
had few orders for public account, the
dealings as a rule representing the oper-
ations of the professional element and
selling by substantial banking interests
of securities bought at the low levels in
the early part of February. Bull traders
profeSsed to see in the rise in prices the
beginning of a general movement toward
higher quotations, and the fact that
United States Steel common was the
chief feature of the market strengthened
the conviction iii speculative circles that
Morgan people were accommodating stocks
10 hold for materially better figures.
Doubtless the interests named were
heavy buyers Of United States Steel and
other issues on the recent decline, but IN
the best informed quarters Il is not be
lfeved that the leading capitalists are
taking securities at advancing prices
Their lines we're bought at cheaper levels.
and their interest in speculation probably
is now confined TO giving the stamp Of
approval to manipulation that will bring
about an attractive market for bull
profits.
All the metal shares We're strong. with
pronounced advances in Amalgamated
Copper. American Smelling, anaconda
and National Lead. An increased de
lnand for copper was an effective infiu-
ence in shaping the course Of the copper
issues. while reports that the merger cf
the Butte mines soon would be an
nounced also lent a helping hand Al
though the general market developed q
reactionary tendency around the delivery
outbreak OF bull activity that left last
prices at or near the best of the DAY,
net gains running from / to Pa points,
with the greatest advance in -Amalga-
mated Copper. This stock. Reading.
Union Pacific and United States steel
supplied more than onc-hsif of the total
dealings in all issues. The elimination
United States Steel Corporation encour-
aged the belief in speculative circles that
no opposition would develop to an in
crease in the dividend rate on the com
mon at the next dividend period. as the
impression had prevailed that the Rock
cfeIlers were not in favor of further in
creased distributions.
Money market conditions suggest :he
DEVELOPMENT Of higher rates for loans be
fore the close of the spring season, es-
pecialIy if foreign exchange should move
to q level that would encourage gold
shipments to Europe. Sterling quotations
show an advancing tendency, and with a
better price for money offerings of bank
ers' bills may be expected. but even if
Europe should become an active lender
here the demand for remittance may in
crease to an extent that viii make an
outward movement Of the yellow metal
imperative. At the current rate of in
creasing imports OF merchandise and DE-
clining exports the United States viii
have heavy debit balances 70 settle
abroad IN the course Of the next few
months unless Europe should come into
the local market as Il heavy buyer OF
American securities, and in view Of the
fact that in 1905 this country sent more
than 100000, Geo gold to other nations
further heavy shipments in the current
year will tend TO weaken the financial
situation at this centre, especially as
there Is no indication that imitation IL
the currency through an increase in the
bond secured paper currency viii not
continue. A better demand for loan ac-
for mercantile account is
reported, and the present buying Of COM
mercisl paper is more active than re-
corded AZ any other time in the present