New-York tribune., 1908-01-10
enlisted.
Closing prices of active bonds dealt In. with
STOCK MARKET OPERATIONS.

On the heaviest volume of business transacted
in several months, the stock market yesterday
advanced sharply from the beginning, such net
gains being recorded at the end of the day as
51s points in Reading 3l4 in Union Pacific. 3 in
Baltimore & Ohio, 25s in St. Paul, 3 In Deia-
ware & Hudson and q in Northern Pacific.
The strength of the market was attributable
mainly to the ease in money, the rate for call
loans not going above 51a per cent, while time
funds although the rates for the various matu-
rites up to six months were only shade under
Wednesdays at per cent, were IN such apun-
dant supply that money brokers were once more
seeking to place them with Stock Exchange
houses most of the time money offered by them
being for out of town account. The lowering
of the discount rate OF the Bank or france from
4 TO 3h per cent an influential factor IN
STRENGTHENING bullish sentiment here, as Il was
taken to repre- sent the opinion of fnanciers IN
whose Judgment the highest confidence Is placed
that international financial conditions are de-
cidedly improved The Bank of England dld not
reduce its rate, which remains at per cent,
although its proportion Of reserve TO liabilities
has increased in the last week 1888 per cent and
is now 4S15 per cent, much the strongest snow
ing made for this date in dozen years. Ihe
maintenance of the per cent rate was not
understood here, and was considered as possibly
due to the stringency in Germany, Whlch tne
Bank of England might be called upon to aid
in relieving; another view being that the banh
was accommodating funds in preparation for re-
paving the S15.000,000 which 1t borrowed from
the Bank of France several months ago
The rapjd upward course of the stock market
was accompanied and accelerated by consider
able covering of shorts. There were ne sales
of Iackawanna, which on wednesday closeo
at 500, completing a three days advance IN
which il rose 9212 points but the other coa!ers
were active Delaware & Hudson gaining an
other ) points while even the Erie issues all
made net gains of more than a point Ihe chleI
advance was in Reading, IL which strong bun
pool is understood to be working. and when
was put up at such pace as 10 alarm the
bears and induce large covering Of snort con-
tracts In various specialties pools were ac-
tiveIv marking up prices, and the outward indl-
cations were of a desire and an intention to
enioy for time the delights of an oid-fash-
ioned bull market Few, however, believe that
prices can be expected to continue much longer
on their upward way. and sharp recession at
anv time would not surprise observers of market
conditions.
A lively speculation was carried on in the
late trading in Brooklyn Rapid Transit based
11non the expectation of increased business Tor
the system as result of the opening OF the
new tunnel under the East River, and the stock
closed almost at the best of the day, making a
NET gain of 25s points. A net advance OF five
eighths of / per cent in United States Steel COM
mon and 21s in the preferred, both issues Closing
at the top, gave encouragement to the buii
nartv for the Steel issues have been tagging.
and If is the popular belief that stock market
advance which is genuine must include these
stocks London was, as for many days pre-
yiouslv a seller of stocks in this market and
reports came from that centre of much unset
tEement and distrust of American condltions
being caused among British investors through
the receivership of the Chicago Great western
Railway