New-York tribune., 1909-12-23
FINANCIAL MARKET
STOCKS IRREGULAR.
Call Money at s Per Cent and
Sterling Rates Easier.

Transactions IN yesterdays stock mar
let were made up in la-Ee part ~ th"
operations of the professional clement
amounting ~ unimportant totals In tho
majority of issue and representing
nothing beyond efforts ny traders 20
squeeze prohts out - small price
changes on both sides ~ tho account
Heaviness in the morning was followed
~ hrmer tendency IN the afternoon,
moderate Improvement being based ON
tho favora bls impression created by fur
ther dividend increases. notably by the
Teunsvlvsnia company. the capital stock
NJ which rs owned nv the Pennsylvania
Railroad. and the Panhandle IN which
the PENNSYLVANIA has a dominant I'm
rerest Pennsylvania stock was I'm fair
demand al advancing prices. though
there was little indication 81 investment
buviuE. while IN the general list The
demand Tor permanent holding was not
e. factor in the dealings. Investors VINO
have dividends and interest due on Jan
uar, ! are not buying stocks on tho basis
~ tho coming disbursements. doubtless
because they consider quotations 100
figh Cor attractive investment purchases
There sre frw stocks IN IN" railroad
group that appeal n actual buyers, but
among the iudustrials SOUND investments
NAV bs found to WELD satisfactory in
come
moderate show - activity in the
hard coal shares marked the trading in
Tho last hour. but b. failed 10 induce inn
po~tant commission house buying. except
90 e. small extent IN Reading. which
closed ar % net gain ~ - 500 COM
mon was "a strong feature. also Rock
Island American Smelling and United
DryEo1ds Union Pacific ended 20 net
Joss. likewise United States Steel COM
mon Df the total business in all stocks
mor, thsu rvo-thirds was supplied 10y
ten issues Pennsylvania leading IN the
volume ~ sales reported. while n also
enjoyed the heaviest advance among the
active shares. its last price showing a
gain ~ Ia as compared with the finaI
rEu-e iu Tuesday, market. As con-
sequence % the advance in the dividend
rate on the Pennsylvania company
shares the Street rushed 20 the ronclu-
sion that Pennsylvania Railroad stock
would be- placed upon per cent basis
~ the next dividend meeting. The earn
iuEs ~ the road and SIS income from
investments suggest the probability ~
an increase IN the annual rate
Can money was put out as high as 6
per cent yesterday. while there was an
easier tendency in the sterling exchange
market, the TWO movements being wholly
IN line with conditions incident 10 TINS
period % tho wear. The recent strength
IN sterling rates was due 10 the active
end ~ The year demand Tor remittance
which practically was satisfied last week
while the drmer level for call funds yes
tcrday came from the shifting and CALI
ing ~ loans IN connection with the prep
arstions Tor the January interest and
dividend disbursements Bank reserves
are relatively light but gra6ual i'm
Irovemeut Is looked Tor m the first
month ~ the new year. though n is not
expected that the receipts " currency
from tho interior viii be heavy enough
90 bring about easy quotations for loans.
Indeed. general indications do not sug
gest the probability OF cheap money for
"a long time 20 come. Cau money IN the
neighborhood 81 per cent however
viii not prevent higher prices for stocks
u the leading interests m the street de-
sire rising averages