New-York tribune., 1910-01-27
FINANCIAL MARKET
COPPER SHARES UP.
Call Money Declines to 9 Per
Cent and Sterling En-
change Firm.

Stock market prices opened strong at
sharp advances in the active issues from
the closing of the preceding day, buying
by bargain hunters being a. feature of
the early operations. The demand from
the shorts was heavy, and the larger
number Of traders worked on the bull
side. while the chief sellers were the
people who bought on the break in Tues
days transactions and commission
house customers who took advantage OF
the initial gains to market stocks on the
theory that sales should be made on all
advances, in view of the possibility Of
the development of further manipula-
ton for lower quotations. In the first
hour of business advances from the low
point OF Tuesday amounted to 3A in
Amalgamated Copper, 2Ss in American
Smelling, 314 in Northern Pacific. 25s in
Reading, 37s in Southern Pacific. 31a in
Union Pacific and 31a in United States
Steel. Recessions from the highest in
the morning were unimportant. while In
the afternoon the entire list showed re-
newed strength. with marked improve
ment in Anlalgamated Copper, the Har-
IlIuGn SldIcSy hSddilS c1iiQ - iiICo SldI0S
Steel. Hooking Coal lost 8 points, clos
ing at 13.' The reassuring announce
ment from Washington that there would
be no change in President Taft's policy
regarding the corporations as outlined
in his recent message to Congress and
the conservative action Of the United
States Steel directors on the dividend on
the common stock were effective factors
in rallying e, heavily oversold market.
Stocks are in much stronger hands
than they were a few weeks ago. and.
as usual. the larger financial interests
are In a position to make big profits as
a consequence Of their heavy purchases
On the slump. Doubtless a considerable
amount Of their holdings will come upon
the market on further improvement, as
much Of the stock taken on the decline
represented purchases made to prevent
acute Generalization, and the outlook
for an extended period Of sustained
strength u prices is, therefore, sur
rounded with great uncertainty. The
general investment situation has not
been weakened by the fall in quotations,
and from all indications the present
relatively low levels prevailing will at
tract investment capital to the market
which now affords buyers the oppor-
tunity of securing solid American secur-
tiles at prices that return a yield we'll
above the current range of time money.
Bankers believe that the lower quota
tions will attract foreign money to this
market, while they are looking forward
to larger outward movement Of food
stuffs and cotton as a result Of the
cheaper prices in the grain and cotton
exchanges. And there is some reason to
believe that the ultimate consumer is
about to come into his kingdom. Legis-
lation against high costs of living looks
well in theory. but 1t is doubtful IL it will
supply practical results. Natural laws
are pretty well calculated to correct ex-
cessive costs, and the fact that con-
sumers are revolving against high prices
furnishes a feature of the wording of
economic principles.
The advancing tendency in the copper
shares was based on the understanding
that definite steps for a merger of the
larger copper companies had been taken.
Trade interests are satisfied that such a
com bination will be within the law, and
they are confident that the copper in
dustry will be materially benefited by
the coalition soon to be effected The
of the Butte properties ought to
reduce the cost Of copper production.
The pesslmism that marked the course
of trading in Tuesdays market was sue
ceeded yesterday by various optimistic
reports and suggestions regarding the
future. including a rumor that the divi- |
dends on both the New York Central and |
the Pennsylvania stocks would be in