New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-14
FINANCIAL MARKET
Stocks Up in Face of Firmer
Rates for Money.

An active market IN NniCn prizes
showed substantial strength throughout
the five hours Of business, prevailed on
the Stock Exchange yesterday. Weak
ness in the wheat pit on favorable
weather and crop news and lower quota
tons in the general commodity markets.
together with the well founded belief
that the United States Steel directors
would place the common stock on a D
per cent basis, were important factors,
encouraging bull sentiment IN specula-
tive circles and attracting a certain
amount Of buying orders from the So
called public. Large traders who for
several weeks have shown no disposition
to commit themselves to either side Of
the account are now more in evidence in
Wall Street, and they appear to believe
that with the tobacco and OIL decisions
postponed for an indefinite period the
way has been cleared for an aggressive
upward movement in prices, in spite of
low bank reserves and the prospects Of
better rates for money. Their attitude
Yesterday naturally encouraged opera
tors Of limited means to buy securities
on borrowed money, but their opera
tons failed to increase investment trans
actions or 70 convince chronic bears that
the time was ripe for the inauguration
Of al active bull campaign. More than
4 three-quarters Of the business I'm all
stocks was supplied by ten issues, United
States Steel alone furnishing more than
/ Cne-quarter. its total amounting to up
ward Of 10000 shares. Last quotations
were at or near the best Of the day, with
net gains Of from ] TO 2S4 reported
among the prominent securities. The
Hin and Hartman stocks, Brooklyn
Rapid Transit. Reading, American
Smelling. Amslgamated Copper and
United states steel exhibited the best
strength.
Money and sterling rates az this centre
I showed no material change yesterday.
although greater activity was reported
ia the commercial paper market and
little talk was heard Of further ship
ments of gold 10 London. In foreign
banking circles. however, II was thought
that market conditions might move in
/ favor Of exports Of the metal, either by
steamers sailing on Saturday or by the
Lusitania next Wednesday. The ability
Of London TO draw gold from this coun-
try has caused a better feeling I'm finan-
cial quarters a. the British capital, and
IL Is not unlikely that the Bank Of Eng
land will show substantial Improvement
IN its weekly return IS compared with
last weeks poor exhibit, Notwithstanding
the fact that IN yesterdays fortnightly
settlement rates were as high as they
were two weeks ago, the Contango on
American securities in the carry-over
being 81, per cent. against A. per cent
quoted 10y the banks on Stock Exchange
loans only = small account open was
disclosed on either side. II the Bank q
England should raise its minimum rate
OF discount to-day the advance would be
contrary to general expectations.
open market discounts 81 london are
frner. and Il does not appear probable
that weakness will develop il the near
future, while IL Is possible that with q
continuance OF the active speculation il
rubber shares the general loan market
AZ that centre VIII develop conditions OF
a disturbing character. And II Is q
moral certainty that 81 olr own stock
market runs into big hill affair much
higher quotations for accommodation
,s,ll develop. Conservative banking In
terests are not ia favor OF a heavy bull
speculation IA securities at the present
time. gnd there IS reason TO believe that
their influence VII De used TO prevent
anything in the nature Of boom.
though they evidently are not committed
70 tho bear side 81 ID, market. There
are some stocks thar fully measure In
thei- market value their actual worth.
while there are others that are entitled
90 better quotations. Pacific Coast com
mon stock Sc practically on 10 Per cent
bass. and sells ~ III Unicu Pacific
sock pass 10 per c-Lt and sells IN the