New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-12-01
FINANCIAL MARKET
STOCK PRICES RALLY.
Call Money Rules at . Per Cent
and Prospects FaUOr Con-
tinued Frmness.

Heavy sales Of stocks in the forenoon
dealings were so we'll absorbed that
traders changed their positions TO the
bun side OF the market in the early
afternoon, and under the influence Of
covering of shorts and buying by sub
stantial interests prices ended the day
at net gains in the larger number OF
issues Efforts made 10 create the I'M
preston that the people SO long identi-
fed with the operations in United States
Steel common were parting with their
holdings fell fat as "A market factor,
notwithstanding the open selling by d
House often identified with the trans
actions of Steel insiders. while further at
tCmpts TO lower the quotation for Amer
lean Sugar Refining met with only un-
important success, weakness in the
shares al the opening being followed by
a strongers tendency before the close.
The general course of speculation re-
fiected ! topheavy bear account and i'm
proved sentiment among operators vino
Lelieve that stocks are a good purchase
on all declines TO hold for materially
higher prices. Well informed interests.
however. do not look for aggressive
transactions for bull account i'm the
current month owing TO the position of
the money market, which is distinctly
unfavorable To a large movement of
funds into speculative commitments.
The copper shares were helped 10y
strength in the London copper market
and by the extensive. unWieldy short in
terest in them, while the general rail-
road list showed some response 10 the
reports Of increasing earnings, especial
~ those Of the Union Pacific and the
Southern Pacific. Union Pacific for the
first four months Of the fiscal year shows
a gain in gross of S3,6Js.GG7 and gain
ia net Of S2.l3S 1S4. against gain in
gross by the Southern Pacific for the
same time Of S5.3Us939 and gain in
ret Of S3,5li.254. Earnings by both
companies in the month of October were
heavier than ia any corresponding pc
Rod in the history Of the properties.
Less uneasiness was felt in the specula-
tive community yesterday over the re-
cent Standard oil decision and the pos
siLility Of recommendations in the
Presidents message on Industrial COM
binations. a little more intelligence on
the effect OF court orders To corpora
tions to obey the laws and on the atti-
tude Of the government toward corpora
tons apparently prevailing i'm Wall
Street circles. Rock Island preferred
again was a strong feature and the gen
eral market closed firm. with particular
strength in the issue just named. Union
Pacific and Amalgamated Copper.
Call money Was strong throughout the
Eve hours Of business. ruling al per
@ nj. while time funds were firm AT un-
changed quotations. Foreign exchange
was somewhat higher and not far from
the level at which gold could be ex-
orted 10 Europe, though in foreign
Lanking quarters little attention was
Taid TO the possibility or an outward
movement Of the metal To London. Fur
Their engagements were made for Argen-
tina anc for Canada. and transfers OF
currency were reported 10 the Pacific
Coast for the account of local hanks.
The banks have lost heavily on their
oIerations with the Sub-Treasury so far
in the current week. and present indi-
cations point To an adverse showing ia
Saturdays Clearing House exhibit There
appears no immediate prospect of z ccs-
satiOn II the shipments Of gold 10 South
foreign exchange market. that enables
London To settle its obligations in Argen-
tina at the expense Of New York.