New-York tribune., 1908-12-25
FINANCIAL AFFAIRS
MOST STOCKS HIGHER.
Mann L01c Priced Issues IN Demand
Time Money Firmer.

Stock market trading showed material con-
traction In the volume of business as compared
with the operations in Wednesdays transac-
tions on movement of values that presented
great irregularity in the greater part Of the day.
with the final tendency in the leading active is
sues in the direction of lower quotations. Not
vithstanding the downward movement In the
last hour the majority OF shares closed at net
gains though such stocks as American Sn1eit-
ing Atchison. Reading, Union Pacific and
United States Steel common closed under the
final figures of Wednesdays operations. There
was q disposition on the part of the ordinary
Wall Street following to sell the high grade
issues and buy the stocks of the relatively low
grade properties that recently have not shared
to any extent in the upward movement as Tor
instance Chicago & Alton, Colorado Fuel and
Iron Kansas City Southern common and pre-
ferred Mercantile Marine, Toledo, St Louis &
Western and Third Avenue. in which substan-
tiaI Improvement was recorded The railway
equipment shares were in fair demand; also
Brooklyn Rapid Transit and New York Cen
trail The character cf the current buying in
the last named issue suggests that the stock is
being accumulated by people who seldom make
mistakes in market movements The Street has
the idea that Mr.. Hartman soon will become
director of the Vanderbilt company. This idea
is well founded. and the purchase Of New York
Central stock the expectation Of Hartman
influence in the company is well worth Consic-
ering. Up-to-date railroad needed on
the New York Central board. and with Mr..
Brown as president and Mr.. Hartman a
active director the outlook for the stockholders
will be most promising. The selling Of stocks
in the late trading wholly in line with
speculative considerations. The bond market
extremely active. with heavy dealings at
advancing prices in the Brooklyn Rapid Transit
As. Rock Island IS, Mercantile Marine AIS,
Third Avenue IS and Wabash retunding As. the
latter, however closing down realizing sales.
The Wabash stocks also We're down on the same
sort Of selling. Call money unchanged,
while time funds frner. Sterling
change was easier
Stock market quotations yesterday
average were at about the best of the year for
the railroad securities and only slightly under
the best for the industriaIs. furnishing a sharp
and encouraging contrast from the closing
Christmas Eve year ago The current level of
values represents Improvement in actual bust
ness the expectation OF a complete restoration of
normal times in the Industrial world in 1909. the
return Of confidence in financial circles and the
Of money in all the leading capitals. A
year ago call money quoted as high as IS
per cent. as compared with 3Ia per cent at
present, while time funds from to Y per
cent. according to the period, on the day before
Christmas in 1907. against Big to 3& per cent
yesterday. And year ago currency in this city
ruled premium OF ! per cent, the banks
show ed a heavy deficit in reserves. gold was
being imported to strengthen the financial situa-
tion and the Bank of England held its minimum
rate Of discount at per cent in order to pro-
tect its own holdings against the American
demand. Conditions at present strong
that sterling exchange Is at a level that permits
Of shipments Of the yellow metal to Europe with
out material effect upon money rates and the
general outlook is promising that Wall
Street IS operating for a long pull on the bull
side Of stocks, in the confident and we'll founded
belief that in the new year the general course
Of values will be in the direction Of higher
prices. Notwithstanding the great appreciation
that already has taken place in securities in all
departments of the market The extent of this
Improvement IN the last twelve months NAV
be judged by taking a few of the leading stocks
at yesterdays closing and comparing their prices
with the final figures Of December %, 1907 the
results showing as follows: