New-York tribune., 1910-01-07
FINANCIAL MARKET
STOCK PRICES RALLY.
Call Money, after Touching 7
Per Cent, Closes Materi-
0lIy LOUer.

Further losses were recorded in the
early trading in yesterdays stock mar
ket, Rock Island leading the decline, but
in the subsequent operations the general
tendency was in the direction of higher
prices, net gains being shown in the
larger number of issues at the close.
Wall Street recovered from it's fright Of
the preceding day over the message that
the President is expected to send to Con-
gress. Improvement in sentiment follow
ing the appearance in the market of or
ders for the account of leading banking
interests and large individual traders
who apparently were convinced that
speculative conditions favored a rally,
though they made no effort to add Rock
Island common to the list of bull prob
abilities. The Rock Island is a growing
property but the prospects of dividend
on the junior issue are too remote to
warrant the high prices that have been
made by the shares in recent weeks. The
preferred doubtless will be restored to
the dividend class in the current year,
while the same thing may be said of
Southern Railway preferred. the buying
for the account of people directly identi-
fed with the company. The Street also
expects q per cent rate for Southern
Pacific before the end of the fiscal year
II per cent for Union Pacific, per cent
for Pennsylvania and 6 per cent for New
York Central. These rates, however
may not be esta blished if the companies
wit h
out a proportionate increase in freight
rates
The London market for American
stocks was strong, the advance in prices
and the reduction by the Bank of Eng
land in its minimum rate of discount to
per cent. against a high Of 5 per cent
last fall. tending TO strengthen conf
dence in local circles. while the failure
of call money here to reach the maxi
mum rate of the preceding day also
served to encourage buying for long ac-
count. Consolidated Gas was conspic-
uously strong feature in the early deal
ing on buying based on information
showing the sound financial position of
the company, and sympathetic advances
were enjoyed by Peoples Gas and La
clede Gas Rock Island preferred was
little affected by the vagaries Of the
common, purchases of the issue coming
from substantial sources. with good buy
ing reported in the collateral per cent
bonds. Chesapeake & Ohio was bid UP
by traders who hoped to attract an in
quiry for the stock. and the response was
fairly encouraging. Union Pacific and
United States Steel were in demand for
covering purposes. and throughout the
list operations of this character were
heavy, as reflected in the large volume
of general business transacted
The movement of quotations in the
last hour showed great irregularity. and
the tendency of speculation to run into
specialties caused some active selling
by floor operators, who did not appear
to be impressed with the character of
the buying in these issues, though efforts
to bring about a general selling move
ment met with little success. Indeed,
the course of prices in the late trading
seemed to indicate buying by important
interests. Anaconda and Amalgamated
were strong features OF the industrial
list. while Union Pacific and Southern
Pacific led the railroads, the advance in
the last named being accompanied by
the report that prominent banking
houses had taken upward of 10000
shares of the stock in the last few days
The fact that call money declined in the
afternoon naturally encouraged activity
on the part of the bull element. There
was, nevertheless. a good class of SELL
ing on the advance, chiefly for the ac-
count Of operators who evidently be-