New-York tribune., 1909-12-30
FINANCIAL MARKET
4DV4NCE IN STOCKS.
Good Railroad E@mngs-4
Break IN Foreign Erchangc.

The stock market ruled firm during
practically the entire session yesterday,
and at the close net gains, ranging from
fractions to two points or more. were
shown in most of the issues The total
business was little in excess of that for
the preceding day, amounting to under
$4,000 shares, but was distributed
among an unusually large number of
different issues. There were no de-
velopments relating to the Rock Island
incident of Monday. which has already
ceased to be disturbing influence in
the market, for Wall Streets memory
is short, and one of its notices would
seem to be Sufficient unto the day is
the evil thereof" Excellent reports of
November earnings were issued by sew
eral railroads. which contributed to the
strength of the general list. Union Pa
cific reported an increase in gross earn
ings of 81 ,099 1863 and in net of 1897 =
500. Southern Pacific, increase of 81, ,23S. =
So lin gross and SS52,4 in net. and
Erie. TO give one more instance, S693, ,OJ1
increase i'm gross and the surprisingly
large increase of S730.544 in net earn
ings. Union Pacific was the leader of
the railroad group during the day, max
ing a net advance of pa points, while
Southern Pacific advanced a point.
United States Steel common. the most
active stock on the list. made gain OF
rs points, closing a the highest Anal
samated Copper and American Smelling
and Refining common continued their
advance. each rising more than point,
on buying based on the progress re-
ported TO be making i'm the combination
plans and on the strong position of
the copper metal market The Wabash
issues displayed unusual activity. at ad-
Vancing prices. especially the common
stock. the rumors of inclusion of the
system with the Rock Island and the
Lehigh Valley TO form a line from the
West to the Atlantic coast being ner-
sistent, and in the bond department the
feature was the very heavy trading in
the trust company certificates for the
Waoash-Plttsburg Terminal first As
which rose nearly > points: the othe,
securities of this company also being ac.
tive. In Philadelphia the bid price al
Lehigh Valley closed 81, points above
Tuesday.
1here was continued absence of de
mand for time funds, and rates for al
maturities were unchanged The cal
loan rate touched 5Ia per cent. or :
slightly lower level than that of Tues
day, with IA still the ruling rate. The
banks lost a further small amount ot
cash, and the statement of to-morrov
VIII probably not be a favorable one
a development which would, however. h
normal for the last week of the wear
when banks are making their arrange
ments for financing the January pay.
ments of interest and dividends. In.
stitutions of the interior are reported a,
lenders in this market, and the accom-
modation offered by them may be large
enough 10 prevent the sharp rise in tn,
call money rate, which has been recog
nized as a possibility of the last tw,
days of the week and of the year. TIL,
foreign exchange market was weak
rates declining about 20 points from
Tuesdays close, on extensive Offering n
finance bills and of bills accumulated
some time ago in expectation of a de-
mand in the current week much NOR,
urgent than has developed. Grain 1ne
cotton bills were in scanty supply.