New-York tribune., 1910-05-11
FINANCIAL MARKET
Further Sales of American
Securities Abroad.

Stock market prices made further
nrogress toward q higher level in yester-
davis trading on a moderately active
volume of business. made I'D in large
part Of the operations Of the professional
element There was, however. a better
demand from the commission houses for
outside account, while evidence Of sup
mort from substantial Wall Street inter-
ests was not lacking. especially in the
Hartman and Hill issues, which. with
the copper shares and the local gas
stocks. showed the chief strength among
the prominent securities. Consolidated
Gas enjoyed a net gain of 318 points.
while Brooklyn Union Gas closed more
than 3 points above it's opening figure on
huving that appeared to come from inn
portant sources. The latter issue may
be classed among the stocks that are
selling on 8 cheap level. based on divt-
dend return and actual value. Improve
rnent in the demand for copper, an
nouncement Of the placing Of z large
amount of Baltimore & Ohio notes
abroad and the passage Of the railroad
bill by the lower house Of Congress were
effective factors in attracting trading for
long account in the afternoon dealings
and in inducing buying by operators who
put out short lines In the morning on the
theory that the trregularity and absence
of active buying at that time fore
shadowed a material reaction. The Lon
don market was strong. but arbitrage
houses sold on balance on tbs local ex-
change. A few weeks ago Wall Street
sold stocks on the idea that the admins
tration's railroad bill was not in the best
interests of the transportation COM
panies, while it bought stocks yesterday
on revised estimates regarding it's i'm
portance as q market factor, majority
opinion in the Street fayoring the theory
that there was nothing in the measure
to which the railroads could take ex-
ception, while 1t contained features that
eventually would tend to strengthen the
position of the transportation business.
United States Steel, though the most
active stock on the list. showed the
smallest net gain among the leading
securities
No material change marked the course
Of the local money market yesterday.
while monetary conditions in Lcndon
suggested the possibility of a reduction
in the Bank of England rate at the week.
~ meeting Of the governors Of the insti-
tuition to-day. The contango on American
stocks at the carry-over in the London
Stock Exchange fortnightly settlement
was 5 per cent, against per cent two
weeks ago. and the banks charged AZ
per cent on Stock Exchange loans, as
compared with 4&4 per cent at the last
preceding settlement, the lower quota
tons naturally creating the Impression
that the support extended to the market
on the death OF the King included the
protecting Of the open speculative &C.
count According to advices received by
international bankers at this centre, the
organized support of. the British market
in recent days has been stronger than
ever reported In an emergency in mod
ern times, and II is quite evident that
the character Of this support has been a
most important factor in our own fnan-
/
total absence Of frightened 1iquidat ton.
In the foreign exchange market uncer-
| tainty over the course Of quotations for
sterling has brought about something OF
q deadlock among operators, and while
many brokers are counting upon lower
rates there are traders who are quietly
absorbing bills on the theory that the
amount Of American railroad bonds to
| be placed abroad has been, overesti-
mated and overdiscounted, and that a
sharp upward movement soon will de-
velop. In addition TO the sale OF Bait
more & Ohio notes abroad, announce
uaent Of which was made yesterday, the
report that the seaboard Air Line would
offer q substantial amount OF It's adjust
rnent bonds in London was confirmed.
! Sterling exchange closed 10 points down.