New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-10
FINANCIAL MARKET
STOCKS IN DEMAND.
Technical Condition Of Specu-
Iation Forces Prices Higher.

Higher prices for American stocks IN
the London market were responsible Tor
the strength shown on the local exchange
at the opening, when gains Of from III
to . points were recorded throughout the
list OF active issues Buying IN London
anpeared 70 be for New York account
and the character of the operations sug-
gested to bear traders the wisdom or
covering their contracts, especially IN
such stocks as United states Steel.
Reading and Union Pacific, in which
heavy selling pressure was reported IN
the final dealings in Tuesdays transac-
tons. Evidently the weakness in the
last hour Of the preceding day convinced
the larger interests of the necessity OF
active support, and that there was
concerted movement to prevent democrat
izatton in prices was reflected in the
heavy buying orders sent to London be-
fore the opening Of the New York mar
ket and ii the large purchases here by
houses that represent the chief capital
lists IN the country United States Steel
opened with 10000 shares at prices run
ming from 7612 TO 1873, against 7514, the
closing price on Tuesday; Reading
started with an advance of . points,
Southern Pacific with one Of "a points
and Amalgamated Copper, American
Smelling, Chesapeake & Ohio, Rock ISL
and and Wabash preferred, which made
a poor showing in the recent decline
with gains OF H. per cent and more.
There were only unimportant reactions
in the morning, while in the afternoon
further advances were recorded.
Maximum gains in the last hour Of
business ran from 2 to 4 points, and at
the close something approaching a bear
panic was under way. The upward move
ment was due entirely TO technical mar
ket conditions and not TO investment
operations, though there were substan-
1ial purchases for Investment account
Investment operations DO not cause ad-
vances Of from ! TO ! points Such
gains are based on the demands OF cor
rered shorts and the sEdlful work Of the
so-called big interests, who have unhrn-
tied banking facilities at their command.
There is no guarantee that the advance
yesterday foreshadows the development
Of an active bull movement and accord
tive and best informed men IN the
Street large margins should be provided
IL all operations for long account, de-
spite the fact that prices are from 70 TO
80 points under the high level OF 1898.
The. market has been oTersold, but this
does not preclude the possibility Of FUR
Their declines, especially as the advance
yesterday went a long way toward elm
mating the technical weakness that
worked in favor OF the bulls Irrespec-
tive OF speculative Considera tons. stocks
IN most cases are a good investment
purchase.
Molev rates remain a. an easy level.
The demand for accommodation is not
active 81 the moment, but the banks
look for an increased inquiry from
Stock Exchange interests as a conse-
ouence Of the attractive level al which
securities may now De bought and as
result Of the spring demand for funds
from mercantile quarters Stock E.
change declines doubtless have had
sentimental effect upon business, but ac-
cording to reports received by the COM
nerclal agencies there has been no i'm
pairrnent Of trade. Ease in sterling eX-
change rates IS believed TO foreshadow
a change in international commerce in
favor OF this country and TO reflect
actual buying of American investment
securities for foreign account. In view
Of the long period OF declining exports
Of naerCha ndise and heavy gains IN i'm
ports a movement OF foreign exchange
quotations toward the gold importing
level will be most accepta bic 10 the local
financial markets.
The governing committee Of the Stock
Exchange has made public a report OF
subcommittee on the operations in con-
nection with the Hooking Coal and Iron
scandal. The document is not at all
satisfactory to people who believe that
the exchange is permitting practices
that injure legitimate speculation. In