New-York tribune., 1910-01-04
FINANCIAL MARKET
CALL MONEY HIGHER.
Stocks Weak, Ending at Sab
st0ntidl Net Losses.

transactions in yesterdays stock mar
ket We're heavy in volume on a move
ment OF prices that ended at net losses
In the larger number of issues. Opening
quotations were well above the final fig
ures in Fridays operations, and in the
case of Rock Island an advance of more
than points was recorded in the first
hour OF business, while in the subse-
quent decline this issue suffered less
than other stocks, though it showed lit
tie of its early gain at the close Trad
ers who We're disappointed over the abb
sence of an outside inquiry for securi-
ties and over the inactivity shown by
the leading market interests sold stocks
soon after the initial transactions and
operators who had paper profits on pur-
chases made in last weeks dealings con-
Verted them into cash, the supply of
stock forthcoming on this movement be-
ing large enough to bring about losses
OF from L to ] II points from the first
quotations. United States Steel made a
particularly poor showing, its decline be-
ing helped by selling based on the re-
port that the American Federation Of
Labor would endeavor to raise a large
fund TO fight the Steel Corporation The
United States Steel Corporation is
pretty well intrenched with non-union
labor. and the fact that large percent
age of its employees hold stock in the
concern does not encourage the expecta-
tion that outsiders will be able to bring
about an adverse labor situation at the
mills and plants of the company.
Doubtless the larger Wall Street inter-
ests will net be willing to engineer a bull
campaign in securities until they are
better informed regarding the policy of
the federal administration IN relation to
changes In the interstate commerce law
and the probable course of legislation
at the present session of Congress. The
fact that the President held a conference
yesterday with the executive heads of
the country's transportation systems is
an omen of good for the business inter-
ests of the United States, as It indicates
that important suggestions by the Presi-
dent to Congress on matters affecting
the railroads will not be made offhand
but with a full knowledge of what is
best for the railroads and the shippers
And the legislation that is best for both
clements is best for the investors in
American stocks and mortgage issues.
Speculative Wall Street, however, was
upset over the White House conference
and hammered stocks with especial vio-
lence in the closing hours the advance
in money rates being used as an addi-
tional argument for lower prices.
Coll
yesterday and the position of bank re-
serves as disclosed by last weeks state
ment of the Clearing House institutions
did not suggest the probability of easy
quotations for loans in the course of the
current week, though in financial circles
no apprehension was expressed over the
monetary outlook. Funds are moving
into the channels of trade, and this fact.
together with coming corporation financ-
ing and known government needs. ought
to encourage a cautious attitude among
operators in stocks who make bull com
mitments on borrowed money A large
return movement Of currency from the
interior, representing the autumn with
drawals from this centre in connection
with the financing of the .harvests of
1909, is counted upon in speculative
quarters, but it may come to pass that
out-of-town requirements may induce
banks at other cities to maintain un-
usually large cash reserves at home,
though, of course, attractive opportuni-
ties to lend in the local call market
doubtless will be a factor in attracting
money TO New York, particularly if busi-
ness demands at the West do not become
urgent until the spring, as is usually the
case. London discounts were a trife
easier yesterday and the South African
gold offered in the open market was Sc
cured by Paris, where exchange on the
British capital declined.