New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-11-27
FINANCIAL MARKET
STOCK PRICES UP.
Banks Gain Cash on Weeks
Money Increment.

Stock market prices moved in the direc-
Of higher levels throughout the five hours
OF business yesterday. with substantial
net gains in the leading issues. espe-
cially in Reading. Amalgamated Copper
and United States Steel. in which there
was enough evidence Of manipulation by
important interests 10 attract an active
covering movement and some good buy
ing for long account by commission
houses. III the general market. however.
trading was light in volume. the strength
81 prices being more reflection Of the
advance in few leading stocks than an
indication Of any pressing demand for
speculative or investment purposes.
Transactions as d rule were too light to
encourage the idea Of anything novel In
The character Of trading in the imm--
date future. or any great change in quo
tations on either side Of the account the
course 81 the market as a whole sug
sestng 4 period Of lean commissions and
small profits. though many brokers APP
Ieared To believe that operations were
under way 10 revive the active advanc-
ing tendency that was beginning TO make
itself felt on sentiment and prices just
before the announcement Of the Standard
oil decision. AtchisOn's highly favora bile
showing OF earnings for the month Of
October failed To attract an active de-
mand for TIE ComIany's stock, willie
with the exception OF a few shares there
Was little buying based ON conditions
without speculative bearing upon Sc
cUritios.
The possibility OF definite announce
ment al any time by the interests idon-
titled with the copper merger stories ap-
Iarently was the chief consideration In
the buying Of Amalgamated, while the
growing impression that the high price
for the 1 per cent Reading stock fore
shadows distribution of some sort To the
holders encouraged a cautious attitude
On the part Of traders who are inclined to
Ice bearish, and attracted covering oper-
ations that carried the price Of the issue
10 the highest point recorded since the
middle Of September. American Cotton
oil and American Malt preferred sold
down without the accompaniment Of adj
verse news on the properties, though the
selling Of the latter brought forth a
rumor that dividends would not be con-
tinued on the stock. which was quoted
at Il level that did not sustain the OK
pectation that the issue is upon a per-
manent ~ per cent semi-annual basis.
I'm the bond market moderately heavy
purchases of Rock Island = per cent
bonds secured 10y the 81. Louis & san
Francisco stock were reported. the move
ment inducing more than ordinary inter
est owing To the recent attention at
tracted TO Rock Island affairs by reports
Of dissension among the chief interests
in the property and by rumors that the
Rock Island company would be willing
Ia see the Frisco road pass to other
hands
Further engagements Of gold for ship
ment 10 South America and Canada
were made yesterday. while the Sub
Treasury transferred S1Oo.vo0 to San
Francisco for the account Of local banks.
the two movements. together with a
somewhat more active demand for funds
IN connection with bull commitments in
the stock market. serving to create a
slightly frmer tendency in money rates
course Of the money market az an ad-
verse showing IN to-day's exhibit Of the
Clearing House institutions. though in
the event Of loan expansion 10 any ma
terial extent reserves doubtless will fan
under the record of week ago Ac-
Cording to the known movement Of
money i'm the last five business days the
banks have gained ON their operations
with the interior. and show a small net
gain on al transactions. excess receipts
from out-of-town points and new gold
having offset loss On the business be-
tween tire banks and the federal Treas
ury and on shipments OF gold from this
centre. The foreign money market is
growing easier. but the Bank OF England
continues 10 maintain its ; per cent dis
count rate.in spite of a proportion OF re-
serve 10 liability that is abnormal for
this period Of the year a