New-York tribune., 1909-11-11
FINANCIAL MARKET
LOAN
CALL
RATE.
Stocks 4dUance When Money
Rate Eases-ImprOuement
an London.

The stock market again yesterday
moved in response to the changes In the
money market, showing weakness in the
early trading, when the call money rate
ruled at 5Is per cent and touched 5S..
and rallying in the late afternoon. when
the rate had declined 10 t per cent. The
opening was irregular. and prices at once
began TO decline, with Pennsylvania
leading the way. A moderate recovery
followed within the first hour. and then
a considerable period Of dulness, which
continued until the last half hour, when
an active buying movement set in, led
bv the Interborough-Me metropolitan is
sues. the strength Of which was con-
nected with the benefits expected from
The new Brooklyn subway extension.
contracts for which are now being let.
The close was strong, with net price
changes irregular and in the main not
more than fractional. Union Pacihc ad-
vanced la points. and Steel common anu
Amalgamated Copper nearly point
each. while Pennsylvania, which shared
IN the late general Improvement. ended
the day with d net gain of IS. The total
transactions were larger than on either
of the two preceding days this week. al
though far from constituting heavy
day's business The market was a pro-
fessionaI one. very few commission house
orders being executed.
The call money rate yesterday was the
highest in the year. with one exception
q nor cent having been reached early In
"A
several millions were sent into the mar
ket by some Of the large institutions,
that the tension was cased. Most OF the
da,s loans were made at per cent.
Time money WAS firmer in tone, but no
change occurred in the quoted rates.
Great interest is felt in the bank state
nient Of Saturday as the surplus reserve
is now only about S5OO0OOO. and q large
Joan expansion. due 10 the taking over
by local institutions of loans called by
out-of-toWn banks and loans shifted
from London. may result in the wipinS
out Of the surplus. Domestic exchange
is moving against this centre. New York
exchange AT Chicago reaching 30 cents
discount Yesterday. the lowest rate of
The season. The situation in the Lon
don money market appears 10 be clear
ing. the Bank Of England having yester-
day secured about =; ;JO0.OOO more gold.
lartly from France and Holland, and its
improved position. which was reflected in
a more cheerful tone in the stock market.
makes IL probable that the bank will
rot find il necessary 10 advance its rates
to-day
The monthly report of the Copper Pro-
ducers Association, issued yesterday,
showed All increase Of a little more than
2OOOOU0 pounds in copper stocks. where
a small decrease had been looked for in
some quarters. This showing. however.
is not an unfaNorable one. since il COM
pares with an increase Of about lG.OUO.-
90 pounds a month ago and 1000. 600
pounds TWO months ago. while i'm the
last month total consumption has in
creased more than 20O0OO0O pounds.
and the copper metal market thus far
this month has been strong az advancing
prices The reports from the iron and
steel industry for the first week in No
Vember show a heavy business stiIl being
booked hy the manufacturers, although
not i'm as great volume as in October
when tie pace was record breaking. and
the outlook ia this important Industry is
Of the hest.