The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-10
FTvINcIaL ann COWMERtI,L.
wKDSEsD Ar. Marc.

News 10 market Importance and degel-
opments ~ a strictly financial character
were more abundant to-day than on any
previous day % tho month and generally
these market factors were much more
favorable. Nevertheless or accordingly
In tho afternoon the market. after buoy
ant advance 20 the accompaniment % en-
thusiaHtio trading. sold OF more sharply
and became Snttor than on any previous
day aInce mere vet in the long advance
following the big break early in February
nv a curious coincidence the turnover was
In excSsA OF .OO0.O0 shares for tbs first
time since February 9. when stocks sold
at the low priors ~ the year. and this
coincidence was made all the moro strik-
ing for the reason that the days favorable
Developments were ~ many a. were the
unfavorable Developments and Opinions
then BY Tar the most consplcuous OF
thesr favorable Developments was III" IN
crease Of thu, New York CentFais annual
dividend rate from to per cent. which
undoubtedly had the greatest stiInulat ms
effect upon the trading. Nv spec'iiators
the dividend was une xpec'ed. Tor u had
been forecasted or predicted very mite
IN tho street rImors aud reports for. the
preyiolla week. But tho published state-
ments OF earnings for several months pas'
have fully disclosed the ability OF the man
aRement to increase the dividend rat"
without deviating a particle from the con
sentative policy long pursued by ana
the increases of dividends by subsidiary
companies have 90 added to the company
income that its dividend could he increased
without taking penny from the Operating
earnings The company's income from
the extra dividend declared by the Lake
shore and Michigan southern last week
il Of a. sci. more than sufficient to meet the
a,Ie,t ,onaI pavment caused by the increase
Of dividend bv the dominant company
The increase was thus regarded all the
more favorabIv since Il could not he sub
lected 20 the criticism that the manage
rlent was diverting earnings OF the raj
road from the moneys required for IN"
important Improvement work which ~
under wav. A. AN expression of conf
dencr in the future by very able and con
sentative financiers the action OF the New
York Central directors was al-" c"nS'd-
cred noteworthy And a. their action
Indicated the prosperity ~ the railroad
business. 80 the annual reports ot the
American Tobacco Company and IN"
Slo~.-Shefficd Steel and Iron Company
indicated ~ abundant prosperity IN IN
ci,lstriaI lines The former showed an m
crease az LES OOO in net earnings over
1905 and earnings equal to SOiI per cent.
on the common stock. as compared WIN
a. pcr cent in the previous wear. ~hil"
Slos. sheffield reported eaTningr equal
To as per zen; On the common stocA.
a. compared with tai per cent
IN the previous wear. Western Union
earnings, as officially estimated for the
current quarter. were also consider
ably in excess of those for the CORE
spending quarter last year That these
and other minor demonstrations Il
the earning power oG th- bag corpo-
rations were appreciated by investors
was shown not only by the heavy pur-
chases Of stocks but by decided advance
in the recent Improvement IN the BOND
ma rket. An Offering of Al.O0.Oo James
town. Franklin and Clearfield bonds.
which are guaranteed 10y the Lake shore.
was absorbed two hours after the sale
Vas opensd The forthcoming New
York city g., per cent bonds, dealt IN
on the the curb when and - issued.
wera more active and stronger than Was
the case Yesterday. which was the first
t.ay % trading in them. This improve
ment in the market for high class bonds
Was due IN great measure To the keen
demand for American bonds abroad:
and this demand VAS also reflected IN
one Il the most gratifying Developments
Of the dav a decline ~ sterling exchange
rates TO point nearer the parity Of ex-
change than demand sterling had reached
beFor. this wear Making exchange nv
the export Of securities offers some com
pensa ton for tho otherwise unsatisfactory
Of the country = export trade.
In addition 20 ,hese developments the
practlcal closing Of the testimony IN the
suit for the dissolution
Of the Union Pacific system attracted
favorable comment, IN the assumption
that the Government has not made out
a. strong a case a. many expected
Altogether the day teemed with favor
/, ble news and u was NJ, surprI@tng that
snecuIators seized the occasion a. a
proper opportunity for realizing SALES
they were sales Of this kind. representing
taking II profits by men long % stocks.
that brought about principally 'he re-
dictionary movement in tbs late trading.
nough news 81 an EFFORT IN bring about
A general strike m IN" state Of Pennzyl-
vania accustomed -orne little alarm az
that time The stock Of the United states
steel Corporation. though tins company
EMPLOYS little union Labor. may have
been particularly affected 10y IN" reports
n labor Troubles Otbarwtz. REPORTS
from the steel trade were distinctly Ia
vorable Pig iron production for February.
according 20 the authoritative trade
papers. was greater than IN any previous
February and AZ a higher daily rate than
"a January marked Improvement vas
also reported IN the orders from the
railroads for rails. bridges and cars