New-York tribune., 1909-11-09
FINANCIAL MARKET
CALL MONEY HIGHER.
Stocks Irregular, tcith Urd,
ClOsing-Brcdk an Cotton.

Money market considerations played
the principal part in yesterdays dealings
in stocks. which were professional in
character and limited in volume. The
opening was strong. on the announce
ment Of no change in the discount rate
OF the Imperial Bank Of Germany and
on the sentiment that Saturdays Clear
ing House statement. although far from
favorable. was not as poor as many had
looked FOR. and operators who had been
sellers on Saturday. when reports were
persistent that the German bank rate
would be- advanced. were active bidders
for stocks in the early trading yester-
day. Initial prices showed gains running
from fractions 10 a point or more over
Saturdays final figures the most promi-
nent issue being Amalgamated Copper.
the strength OF which reflected its ad
vance in The London market and also
rise in the price Of copper metal in Lon
don. Union Pacific and Southern Pacific
were among the issues showing good
initial gains but the advance was soon
checked by extensive profit taking sales.
following which the market became ir-
regular and dull. In the last hour Anal
gamated Copper advanced sharply on
renewed Tumors Of the impending All
nouncement Of an agreement among the
important producers. the general list
moving with it, but the rise in the call
money rate TO 5 per cent. its highest for
nearly 2 fortnight. brought another re-
.h h- IL ,-lo
irregular. with most Of the issues show
Ing net losses. in the main fractional
The reinsurance given h. tho msinte-
nance ~ the German hanks rate was
supplemented ~ the fact that the Bank
NJ England hsd no competitor for the
{ 5eo.e0o South African gold arriving IN
London and by the advance in he Paris
sterling rate 70 level close 70 that ~
which The metal may he Withdrawn from
Paris hv london. The break in the local
cotton market. too vhich seems 70 have
been unoonnscted with the publication II
the ginning report vas = hullish in
auenoe. suggesting The probs hiiity of }
larger export movement ~ the staple.
Nth . resulting increase IN rhe volume
of Gotten bills
United States Steel con,r-on. l.nr The
rnost active stock IN the list Euprlied
yesterday rather less than its usual pro-
portion ~ the dsily business and moved
With 3 nsrrop- price range. Us frst
TRANSACTION being - 'he best price II
The session. and evidences NJ, Being
wanting thsr distribution b. the pool
vas N progress Psnnsvlvsnis -ss
among the peskest iss'les. losing more
thsn point ~ the day On continued
selling against the rights its decline hav-
ing nov reached : figure eousllins tho
full estimated value Of the rights. In
terns;ionsl Mercantile Marine preferred
was again relatively active. hut its
friends were unable 20 maintain its ad-
vance. Among the specialties the Pitts
burg Coal issues were the leaders. both
common and preferred advancing about
two points on large transactions. for
which no explanation developed.
With the surplus reserve of the ba nl<s
down 10 5000 900 or $1,000 OoO and the
season Of Withdrawals of cash for use
in the interior al its height. and with a
further drain in the form Of shipments
Of gold % South America. more than 81.
500 0e9 having been engaged for export
this week, u is not surprising that the
important Wall Street interests are un-
derstOOd 20 feel that a halt should be
called in the speculation in securities.
All underlying conditions. however. are
satisfactory, and all signs point TO a cor,
tinuation and expansion OF the prosper
its now manifest over the whole country,
among the Indications OF which are the
great activity in the steel industry and
the esgerness OF the railroads 20 obtain
new equipment: and that trend viii
probably be reflected in good time bv
a higher stock market level than has Yet
tecn seen.
ErRlX HnnRApgHrC