New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-07
FINANCIAL MARKET
Stock Trading Confined to 0per-
ationS of Professional Element.

ationS of Professional Element.
Stock market prices showed moderate
strength until the late afternoon. when
the general list developed 2 sagging
tendency as a consequence OF unim-
portant selling by the professional ele-
ment The buying in the earlier opera
tons was without significance. except as
showing on effort 10 run in the shorts.
in United States steel, which
1T one time sold more than one point
above its closing Of the preceding day
and al a level that showed an equality
with the preferred. assuming tho next
dividend to be ~ the rate of = pcr cent
The chances appear TO favor that rate
in the course Of the current year. and.
based on the present quotation for tho
preferred. which is = far moro attractive
investment than the common. the latter
stock has either fully discounted \ =
Der cent basis Or else tho price Of the
senior issue is entirely too low. Earn
ings n the United states steel Corpora
tion arc increasing, and the concern IS
earning far in excess of = per cent on its
common stock. but this fact does not
warrant tho idea that its surplus Is TO
be distributed TO the holders of these
shares The preferred is a solid high
grade investment that VIII always 70
ceive its por cent annual dividends.
The UPS and downs Of the steel trade
will govern the rate on the common
Tho larger part Of the days small
total Of business was supplied by Anal
ramated Copper. American Smelling.
Reading. Union Pacific and United
states Steel the last named furnishing
more than one-quarter Of all transac-
tons These issues. with the exception
of Union Pacific. closed AZ net gains.
while throughout the list advances were
common. although last prices were under
the best of the day. Pacific Coast com
mon on light dealings advanced moro
than :; points on the announcement Of
an extra dividend and the understand
ing that an extra l per cent would he
paid quarterly until the amount Of the
reduction i'm the rate in 1905 and 1909
was made UP Interests identified with
the property state that the stock viii be
placed upon 10 per cent basis at the
completion Of the payments Of the extra
dividends The Pacific Coast Company
shows marked Improvement IN its earn
iucs. gross receipts for the last eight
months amounting TO S5.35l.4l9. against
81 .213.547 ia the same time in the pre-
ceding year. and net earnings TO Sll2G-
41g. an increase Of SJG7. 691.
Recent gold exports and the prcba-
biifty Of further shipments Of the metal
have been effective in bringing about
slightly frmer tendency in time money
rates. hut call funds continue to rule At
the relatively easy basis that mas pre-
vailed for many weeks The local banks
show no disposition TO put out money for
fixed dates At current rates. while they
are not buying commercial paper 10 any
extent. tho out-of-town institutions being
the chief factors in Ibis department OF
the market at the moment The demand
for accommodation is not AZ active as
the indications Of "a few weeks ago sug-
gested ID would be AT this time. and,
though general conditions affecting
money apparently are working toward
higher quotations. Wall street evidently
does not believe that these conditions
viii develop into factors Of disturbance
unless current quiet stock market specu-
lation should run into an extended bull
boom. tie chances of which appear eX-
tremely remote. There IS no outside in
tercst worthy the name in the present
operations Oh the Stock Exchange. In
vestment dealings are restricted 10 small
totals. capital seems 60 be tiuid a. a
OF the various uncertainties
IN the general situation, and the posi-
ton Of the bond market is one Of great
An enormous output of new
securities since January j, which TO only
n small extent have been distributed.
tends 70 make the market for established
issues sluggish. while the possibility OF
liquidation Of American investments
held abroad as a consequence II the
London financial situation. which is far
n ID PROMISING and which has compelled
the Bank OF England 10 pay a premium
Tor American gold eagles. helps 10 dis
courage buying 1T current prices.