New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-13
FINANCIAL MARKET
Wall Street Sentiment More
BlIIIish Over General Conditions.


Trading in stocks was light in volume
throughout the five hours OF business,
total sales amounting to 213.93l shares
of which the larger part was suppileo
hy Reading. United States Steel and
Union Pacific Prices as rule moved
toward a higher level in the best part
of the dav under the lead of pronounced
strength in Reading and Union Paclnc'
in which there appeared to be a 1a1f
class of buying. especially In the latter
which, according to the best Informed
mon in the Street. is slated for a big
advance when the hoped for sustained
inward movement is we'll under way
II is not unlikely that in any advance
that may develop in the course OF the
next few months both Union Pacific
and Reading will show the greatest i'm
rrovement among the prominent specu-
Iative fayorites. The fact that these
two stocks rose yesterday encouraged
covering in all parts of the list py the
confessional element but the movement
failed to attract an outside inquiry lor
securities Commission houses had no
more buying orders for speculative OF
investment account than they were aple
To report last week, notwithstanding
their we'll founded statements in their
market letters that the low level Of
nrices and conditions governing the in
trinsfc worth of American railroad ana
industrial stocks and bonds warranted
purchases for the rise in the current
market
An encouraging development OF the
dsv. which was not without faVora Die
effect upon speculative sentiment was
the announcement of the sale by the
bankers who recently took over the So
called Pearson Farduhar holdings IN
Rocl. Island of the stocks involved to
responsible financial interests VINO III
the future will have an important voice
in the management Of the ROCK lslahu
system. The Rock Island is a great
railroad property that needs the direct
ing care of business mon IN place OF
sneculators who would like to make II
? Stock Exchange plaything- Covering
Of shorts in Union Pacific doubtless was
tasad on the character of the buying
and on the sudden realization Of the fact
Z that = ueClSlcl ilipbfAttS
handed down In the suit Of the govern
nen1 10 dissolve the misnamed Union
Pacific Southern Pacific merger until
carly in the spring of 1911. There was
sor,a selling of the issue last week on
tho idea that a decision would be rem
6ered in October The arguments i'll
the case have not yet been heafu-
United states Steel issues were not al
@ao+eS nv the statement showing a
beay-- falling off in untitled orders IN
the last month.
Unified tonnage on the books OF lhe
| United States Steel Corporation Is Close
/ TO the low record at the end or Septeul-
! Der. 1904. and If the current f1gures are
faithful reflection of the business De-
ing handled by the concern the oally
average of new orders is only ABOUT ~
rer cent of capacity. Since the hrSt Oh
| the current month no evidence has been
PRESENTED 20 show that September is 10
he a nariod Of marked recovery IN the
iron and steel industry. as the railToaos
are not placing heavy orders, white
building operations involving steel con-
etruction are much smaller than recently
reported. conditions governing buyers
needs being against contracting, except
on a hand to mouth basis. ACTIVITY III
mig iron at present is found only III
snots. The best feature Of the genera
iron and steel trade is the commence
.~r,reesad by the leading interests in the
o,tlook for new business in the months
n come and the absence Of suggestions
If lower dividends on the common stock
If the United States Steel Corporation
which appears to be on per cent
basis permanently, with the prospects OF
aDtra dividends In periods OF unusually
heavy business. In spite Of the nghter
earnings in the second half OF the year
,ba corDoration will have ample funds
10 continue its < per cent rate. especial
IL AS in the first six months the entire
dividend for the year was more than
earned. The country's material wealth.
viii be increased to q tremendous extent
as a result of the sale OF its crops AT
good prices, and the effect Of thus
heavier buying power is likely TO be
seen in a marked revival Of activity In
iron and steel later in the season ana
in the new year, with corresponding I'M
,,rovement in every line OF Industry.