New-York tribune., 1909-01-01
FINANCIAL AFFAIRS
STOCKS CLOSE STRONG.
Ne.r TorS Central The Feature
iSmaH DAYS BusinesS-Moneg
Market Outlook.

on = reduced volume of transactions. the total
sales being the smallest for 4 full day in about
two months, the stock market closed yesterday
strong and generally higher. The opening
showed fractional net gains from Wednesday
close and for q short time the trend or prices
seemed to be upward Irregularity soon oeNel-
oped however continuing during the greater
mart of the session, although ut all times the
1,ndertone was one of strength New York Cen
tral was the market leader, advancing about "a
points on manipulative buying, accompanied oy
reports of excellent earnings and the expectation
that Mr. Hartman would soon become lderc-
fed with the company's management. ConsoH-
dated Gas also was actively bid up, as ire
ouently in the last few months, on the possloH-
itv OF decision favorable to the company be
ing handed down by the Supreme Court O. Ihe
United States on Monday; and there were gen
ersl gains among the specialties, some of which
reached new high price levels for the year. 1he
general railroad list was firm. but few of the
net gains were more than fractional A nor
inconsiderabie part Of the selling WAS for ac-
count of operators whose custom 1t IS to start
the new year clear" and there was also fair
amount of short selling in the early trading 4
good many shorts. however. being covered IN
the last hour. London was a small factor ih
the DAVIS business, foreign houses buying about
FIVE thousand shares balance. The United
States Steel issues were under pressure during
the session, and closed with tr1f1ing net frac-
ttonaI changes The preliminary estimate based
on the known movements of money this week
showed a ''-'--'
Of ahout IS sos 900 most of which represented
the gain from the interior, which has been the
n rpest for any week since the end of July
The position of the time money market suS~
sests relatively easy rates for accommodation III
the new year. Quotations for all periods ci'se"
Yesterday at a level that indicated belief on the
part of leaders that bank holdings would be ma
terially increased in the current month as 4 con
sequence of an active movement Of currency I"
this centre from the interior, while call money
he
advocates of higher prices on the Stock kA-
change TO express exceedingly bullish opinions
regarding the course of securities values in 1909
Interior banks already have begun TO send fuhhS
"a this city to maintain balances against which
exchange will he drawn in volume in the first
month Of the new year. and the gain from this
source will be an important factor in bringing
about a money market favorable for the "ter-
ing Of new securities by the railroads ana othHr
cornoratfone II IS probable that in the course
of +he preseut year there will be a tremendous
outpouring Of new securities The fahroaoS
need money for the financing of their plans foT
bAtterments and extensions, for refundfng puf
noses and for the liquidation Of emergency notes.
and as their credit has improved in the last few
months while money has accumulated IN the
hanks there is reason TO suppose that the
reouirer1ents OF the transportation companies
viii not he successfully handled. especially as
tho public shows disposition TO subscribe 10
new investment offerings In recent weeks
there have been number OF important nond
ISSUES which have received the support OF tH7
n1hlic 10 an extent that has gwen eacn SUP
srriper only z small proportion of his bid. The
bapuenings of the last few weeks IN the hilah-
cial markets promise the development OF an
active buying movement IN the new year OF I tlle
stock Exchange and over the counter wan
street went home last night in a happy frame
of mind A year ago nearly every one In the
street was sick at heart and light in pocketoook-