New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-19
FINANCIAL MARKET
STEEL ISSUE STRONG.
Increment of Money Shoes
Slight Gain an Bank Cash.

stock market prices were strong
throughout the day on a relatively light
volume ~ business. activity being con-
fined 20 a few prominent issues. as. fCr
Instance United States Steel. Union Pa
cifc. Reading. Amalgamated Copper and
Norfolk e. Western. the last named
being a leader i'm point ~ advance. The
upward movement was not accompanied
by stimulating news developments af-
fecting the intrinsic value Of stocks and
bonds. but sentiment in speculative
circles was exceedingly bullish, and pre-
diCtions OF further material improvement
were made in spite II the fact that at NJ
remote period a substantial advance in
money rates appears assured. Doubt
less many operators are taking ad-
vantage Of current relative ease in loan
quotations 20 bring about a more at
tractive selling level. but il is worth
noting that notwithstanding the success
Of bull traders 20 lift prices consider
able short interest exists in various ac-
live issues. with no indication % cover
ing az prevailing quotations. I'm factors
governing investment values there is lit
tle reason for the theory that stocks are
good short sale az present. though i'm
money and foreign trade conditions and
i'm tho uncertainty over the outcome of
pending litigation against corporations
oouragement.
can money did not get above :: per
cent yesterday. while foreign exchange
was easier than reported i'm Thursdays
market as a consequence 81 offerings of
bills against European purchases Of
American bonds Time money rates
continued 20 exhibit a hardening ten
dency. hut estimated movements OF
money i'm the week suggested the inn
probability Of an immediate important
advance in quotations. The reported
movements % currency show a gain in
cash 10y the city banks Of almost S4oh-
0ssA, due Ia a gain on interior operations.
which. with receipts ~ new gold. offset
the loss 10 the Sub-TreasuFy Of more
than SS,e0e0 The gain from the in
terror came chiefly on receipts from
nearby points. and Was not surprising. i'm
view 81 the efforts Of the local institu-
tions 20 increase their supply Of liquid
funds in preparation for the forthcoming
issue Of New York city bonds Ship
ments 20 the Middle West and 60 the
South were moderately heavy. II is
probable that the outward How of cur
rcncy in connection with the usual spring
demand fran the agricultural section 81
the country will Increase in the weeks 10
come. and the fact that Out-of-toWn
hanks as a rule are heavily loaned up
creates the impression al this centre that
Withdrawals Of interior hank balances
here will be- large i'm the spring months.
Union Pacific enjoyed a maximum ad-
vance Of more than = points on class
q buying that indicated something ~
scare among minor hears. while the
same thing was noted in Amalgamated
Copper. Reading and United States Steel
The last named supplied almost one
quarter of the total dealings in all issues.
favorable sentiment on the stock being
induced by the splendid showing made
By the United States Steel Corporation
in its last annual report. which 90 many
minds foresladoWed an increase ia the
dividend GA the common az the next
quarterly meeting - the directors As
the iron End steel trade did not begin TO
show normal results until the second
haf of l:HE1, the earnings equivalent 60
little more than 10 per cent on the
Junior issue certainly warrant the be-
li,f that in the current year tile concern
can pay . pcT cent ON the common stock
and yet show something like from 10 a.
H. per cent ia addition Strength ga
American Sugar Refining stock was an
interesting feature Of the day. traders
buying the issue on thc well founded
theory that only a company - enormous
financial resources aud earning ability
could Iay out more than SlwsntnEb from
earnings in settlement 81 claims against
81 and NOT De- compelled 90 pass or low or
DIVIDENDS. Norfolk Western in the
local market and i.ehigh Valley ON the
Philadelphia IcNchsnEc both sold at Tho
hest lriccs ever recorded for the issues
ahe advance in Norfolk & Western was
accompanied by grcoi activity iu the
toad's 81, 1yoriiblc bOn2l. AAich ad,snc,d
Lci :, point-