New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-12-02
FINANCIAL MARKET
READING Up 3 POINTS.
Gail Money Higher, Advdnc-
ing to g Per Cent.

Stock market prices were suors in the
best part OF the day. with substantial net
gains in the leading issues and moderate
Improvement in most parts of the list.
the upward movement being based upon
tie absence of selling pressure and an
active resumption of bull operations in
Reading. United States steel and Anal
eamated Copper. in which advances ran
from Il. To points Recent declines
have eliminated weak accounts but the
position Of money does not warrant as-
gressive transactions for higher prices
by people who conduct their dealings on
borrowed funds. 4 big bull spec ulation
is not desirable at a time when bank
reserves are low and gold is leaving the
country as a consequence of adverse for
cign exchange conditions. and il is quite
probable that any attempt TO revive at
this period the bull campaign that col
lapsed early in the autumn Will bring
Lyut disturbance in the money market.
Call money advanced To per cent yes
to-day, and general Indications pointed
10 moderately stin rates throughout the
current month. II does not appear likely
that the leading banking interests will
permit a large expansion in speculative
business on the stock Exchange until
reserves are larger and readjustment Of
tire present abnormal conditions in the
sterling exchange market has been ac-
complished. A situation that inay be
looked for soon after the turn of the
year.
Six stocks supplied almost tVO-thirds
Of the total business yesterday. the heav-
lest dealings being reported al Rec ding
ami United States Steel. The strength
in Reading was helped by u sharp adj
vance i'm Jersey Central, and in I1ehigh
Valley in the Philadelphia market, while
Steel common went up on good specula-
tive buying for long account ard a de-
nland from the shorts. the inquiry from
tie latter being an influential factor in
the rise in all parts OF the list. Wabash
shares enjoyed marked Improvement TO
the accompaniment Of rumors connecting
the future control Of the property with
the Rock Island ard the Lehigh Valley.
and Rock Island issues again were
strong on the knowledge that aI.nounce-
nent would be made confirming the re-
ports of a sale Of the Frisco system 10 a
strong syndicate Of bankers aud railroad
men. The sale has been made, but the
Street has not yet been enlightt ned re-
gs-ding the status of the Rock Island
collateral IS secured by the Frisco stock
Active buying Of these issues carried
their price 10 within l point of the re-
demptiOn price. Weakness in Chicago a
Northwestern followed the new stock
Offering.
The London market was not materially
qssanged over the rejection OF the British
budget b. the House OF Lords. as action
OF That sort had been expected. but there
Was some reflection Of the governments
dei,at in a slightly firmer tendency in
money. Though the Bank OF England
has materially strengthened it's resources
In recent weeks. in expectation Of being
called upon 20 finance Treasury needs
until a general election has been held.
there is litds probability Of a reduction
in the ; per cent discount rate al tb..
weekly meeting Of the governors TODAY
while IL Is quite probable that no change
viii be made until a clearer situation de-
ycl0ps In British politics. The per cent
rae has been effective in Attracting gold
10 London and in diverting the recent
ceinand al that centre for the metal To
other points. II would require only
small advance in local sterling rates To
bring abont shipments Of the me tai from
New York 10 London. quotations for ex-
change showing persistent strength in
tine face Of large exports Of cotton at
high prices and open market money rates
that are higher than those al the British
capital. SO far in the current year gold
exports from the United States have
amounted 10 about 500. 100000 while In
the same time our bond secured inelsstic
currency has increased upward Of se2.-
o00.000