New-York tribune., 1909-12-31
FINANCIAL MARKET
STOCKS IRREGULAR.
Decline on High Call Money
Rate- Foreign Erchangc
Weak.

Opening at a moderate advance, the
stock market yesterday displayed A fair
degree OF activity and strength until
around noon. when the rise of the call
money rate to Z per cent caused a cur
tailment Of operations, and in the last
hour irregularity and weakness de-
veloped. the close showing more net
losses than net gains. The copper stocks
We're the feature of the early trading,
but closed at fractional declines. The
principal advance, apart from one or two
very inactive issues. was in Brooklyn
Union Gas, the ~ point rise in which
was accompanied by reports of a
melon cutting Wabash common was
again heavily dealt in, advancing more
than a point. and the concurrent upward
tendency of the Wheeling 81 Lake Erie
issues and the continued heavy transact
tons in Wabash Pittsburg Terminal
securities. in the bond department. gave
fresh color to the reports of a coming re-
organization of the Wabash system, in
which the Wabash itself would be
brought into an alliance with the Rock
Island system. Rock Island itself. after
tagging during the greater part Of the
session, advanced as the general list de-
clined, and closed at a net gain of more
man points. In general. as on Wednes-
day. the chief Interest of the day's mar
ket was in the specialties many of which
We're marked up by the pools operating
III lhehh' Little business was done for
London account in this market. total
transactions amounting to only about
five thousand shares
Inc advance in the call money rate to
per cent the highest figure in almost
TWO years, was natural reflection of
the preparations which are being made
by the financial institutions for arrane-
ing for the heavy dividend and interest
disbursements of the first of the coming
year The highest level previously
touched in the current year has been
per cent, which was the ruling rate
yesterday. There was extensive calline
OF loans incident to the shifting of ac-
counts at the year-end: and another rise
TO per cent or higher NAV be wit
messed to-day, to be followed bv re-
neWed comparative ease after the set
Elements shall have been completed al
though lower rate than 4 per cent
will probably not be seen. Rates for
time accommodation We're slightly easier
yesterday, offerings for both short and
long maturities being larger, with a re-
stricted demand. The preliminary esti-
mate based upon the known movements
of money indicates that the banks have
lest nearly 81 DD0tpD cash this veal,
The foreign exchange market was
weak again yesterday. opening ten
points down, and subsequently declining
about twenty points further under the
influence of the sharp rise in the call
money rate. There was again a large
supply OF bills purchased earlier in the
month on speculative account, in the
expectation of a brisk demand for ex-
change at this time. an expectation
which has proved to be mistaken: and
there were also extensive offerings of
finance bills, indicating the desire of
large banking houses here TO obtain
heavy loans for use in the local market
early in the coming year.
The weekly statement of the Bank of
England showed a loss in total reserve
of nearly $3,OO0,OO0, bringing the pro-
portion of reserve TO liabilities down
from "A 80 a week ago to 3640 per cent,
a change which reflects the end of the
the present figure. however. comparing
with l6O per cent at the corresponding
date Of 1905