New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-12-22
FINANCIAL MARKET
GAIL MONEY FIRMER.
Stocks Irregular Srith 4ctiUe
Issues Generally Lo5rer.

Activity IN yesterdays stock market
was confined 70 a fsw issues. while price
changes as . rule were within narrow
limits. with the general movement pre-
senting no definite tendency in either
direction While there were few i'm
portsnt declines. efforts 10 bid up prices
mot with enough stock 10 discourage the
idea thar materially higher levels could
be brought about on the days opera
lions, the larger interests evidently
being opposed 10 the development 81 az
tivity for long account, though they
showed no inclination 20 help the advo-
Gates of lower quotations. Consolidated
Gas again advanced. but lost its inn
pr0vement IN the afternoon. while in the
majority Of cases where gains were re-
ported IN the morning final prices were
al net declines as a result Of profess
sionsl pressure, which. however, was not
effective m attracting liquidation. The
public was not in tile market. outside
interest IN stock speculation has been
lacking for many weeks. and there Is no
indication Of buying ~ the moment by
people Who viii receive dividends and
interest in January. Buying from this
source doubtless would be under way II
prices were not 50 high. a. there would
be no difficulty in securing accommoda-
ton based on the January disburse-
mcuts-
United states Steel common was mod
crativcly active IN view Of the dulness IN
most issues. without important huctus-
lions ir its price Insiders apparently
are satisfied 10 lei tho stock move within
o narrow range for the present. and ac-
cordiug 10 some authorities are acCumu-
lating z IN expectation OF carrying its
quotation 10 par in the new year. a level
that would be justified only on the Ger
taluty Of an increase IN the dividend 10
2 per cent The United States Steel
Corporation Is preparing for the largest
volume Of business in its history in 1910.
and II is believed that its net earnings
in the first half Of the year viii amount
20 more than Ss.l.ep0e0 or q the rate
Of almost - PER cent annually on the
common stock. Beginning on January I.
deliveries OF finished s.eel will be on
higher price basis. some buying Of such
stocks as American Linseed and Viz
ginia-Carolina Chemical was reported.
while the International Harvester Issues
made further progress In their upward
movement Utah Copper also was
strong. being helped by the official an
nouncement Of the completion OF the
deal between tie company and the Ne
Vada Consolidated.
The money market n firm al rates that
have prevailed for several weeks. with
no indication OF a material change in
either direction. except, perhaps. over
the end Of the year. when call funds may
rule al higher level for a brief period.
TIE demand for both call and time ac-
commodation is inactive. but the posi-
ton OF bank reserves does not encourage
the expectation Of cheap money for a
long time ahead. especially as in the new
year there doubtless VIII be a heavy in
quiry for mercantile and speculative pur-
poses. az Well as al inquiry from the
railroads In connection with the financ-
ing OF new capital issues Light trad
ing ia the stock market is helping 10
preserve stability IN money. but from
the gossip one hears In financial circles
securities operations will not continue in
small volume FOR any great length az
time. despite the probability az a rela-
lively high level for loans In 1910 some
traders are looking forward 10 a return
~ money 20 the low rates that marked
the drst half 81 the current year. but
close observers 81 tie conditions affect
ing the loan market Will not indorse the
theory that loan accommodation will b..
available In the next six months 81 easy
figures. Money Is too active In the
channels 81 trade 10 warrant cheap rates.
Business IN foreign exchange yesterday
Was dull with no material movement IN
quotations. 40 engagements Of gold for
export were made. and the general course
az the market indicated that The larger
mari n lie rt.11irfnlenfs of reFsalft.,vs g.