New-York tribune., 1910-01-08
FINANCIAL MARKET
CALL MONEY EASIER.
Presidents Recommendations
FarOr Investors.

Transactions in stocks were heavy in
volume throughout the five hours of
business on a movement Of prices that
showed net gains in the larger number OF
issues at the close In the early opera
tions traders endeavored TO establish
quotations on a higher level. but on the
advance stock was met with in guam
tity. and al the end of the morning ses-
sion the general market was under the
final figures Of the preceding day. Deal
ings in United States Steel common
We're enormous, sales of from 5000 to
5000 shares AT a time, being common.
while one instance of 1900 shares
changing hands was reported without
the accompaniment of specific news af-
fecting the United States Steel Corpora
ton. Bulls on the stock thought that
the price held remar arkably we'll in view
OF the extent of the selling. and from the
showing made by the issue they were
satisfied that. Notwithstanding the evil
dence that genuine liquidation was
under way. no severe decline might be
looked for. even though the directors
should decide not to advance the divi-
dend at the next quarterly meeting. 1t
required 10000 shares of the stock 10
put the price down l point in the first
two hours of trading. the movement re-
flecting an unusually good absorptive
capacity for the issue. Southern Pa
cific was IN demand. and the Street
again thought it detected buying for the
account of the Union Pacific.
yzl. off 70
extent by the Presidents special mes
sage to Congress. the recommendations
of which were in line with expectations
based on fairly accurate forecasts OF re-
cent days. Legislation suggested by the
President would favor investors. while
il would tend to curtail the speculative
activity Of directors of corporations and
might serve to restrict general specu-
lative operations which in the end would
rebound TO the benefit of the financial
community Wall Street had report
yesterday that a big bear pool had been
formed TO break the market and would
use the Presidents attitude on corpora
tions as its chief argument. but the
course of prices did not show note
worthy progress in that direction. nor
was there anything in the character OF
trading that indicated the presence in
the market of strong interests working
together for cheaper quotations. 1t is
known, however. that certain large oper-
ators have been working independently
on the bear side in recent days.
Most stocks rallied in the late opera
tons. and traders who made commit
ments for short account earlier in the
day covered their contracts as a rule. es-
pecially in United States Steel, which
ended at a small net gain. against a
maximum decline in the day of l point
New York Central led the railroad
shares in point OF strength. while Union
Pacific and Southern Pacific acted bet
ter. buying OF the Hartman issues COM
ing from sources that caused consider
able uneasiness among the shorts. Call
loan rates did not go above 6 per cent,
and the preliminary statement OF the
weeks movement OF money indicated a
favorable showing by the Clearing House
institutions to-day. the known changes
in holdings suggesting an important ad-
dition TO cash resources. On their oper-
ations with the interior the banks have
gained upward OF SS.O00OO0