New-York tribune., 1910-12-31
FINANCIAL MARKET
Call Money Touches 7 Per Cent
Sterling Declines to Low
est Price of the Year.

Transactions on the Stock Exchange
on the last full day of the year were IN
a little larger volume than on any pre-
ceding day this week, but the trading
was still largely professional and, al
though the movement of prices was
generally upward, the movement was
due almost entirely to short covering.
In the early trading some Of the lead
ing issues We're quite active and made
substantial gains. selling up to new
high level for, the week, Reading belng
narticularly strong. This stock was
probably helped by reports that the
I.ackawanna's earnings for the year just
ending would amount to about ~ per
cent on the increased volume OF STOCK
now outstanding. Union Pacific ano
United States Steel common also aC-
yanced sharply in the first hour undef
good demand. and while most OF ,hls
buying was covering by shorts, tnere
were indications that part OF II was TOT
snecuiatiye interests that have taken q
nositiou on the bull side. Northern Pa
cific advanced half a point on the an
pouncement of the declaration or tne
regular dividend, showing that there had
been some expectation that the rumofeu
reduction In the rate would be MADE
Stocks reacted in the final hour or the
session. but did not lose all or thelr
earlier gains and at the close Of the
market a majority of the leading issues
showed fractional gains over Thursdays
q
mated Copper, Consolidated Gas Inter
Metropolitan, common and pre-
fsrred. Northern Pacific and United
States Rubbe-, which last had peeh
stryng Il, the early trading, lost more
than they had gained, however, ana
Sustained net losses on the days opera
tions ranging from ]. to Ia points. The
higpest decline being in Interborough-
Metropolitan common.
An advance il call money rates to 1
per cent. the highest since last April
had the effect of checking business, as
brokers whose loans were called had TO
seek new accommodation. The rise IN
call money had no effect on sentiment
however and did not cause any surprise,
as it had been generally expected that
ther,. would be heavy calling Of loans
yeste LAY in preparation for the dis
bursenent by the banks and trust COM
ranies Of upward of 100000 in div1-
dends and interest after the first OF the
year. The bond market. while not quite
so broad as on Thursday, was active and
strong, and buying Of high class rail-
road and municipal bonds for investment
account continued in good volume.
According TO the known movement OF
money in the current week the local
banks have gained approximately
81 ssl0ao in cash holdings. the larger
part Of the gain resulting from receipts
Of currency from the interior. The local
banks lost on their operations with the
Sub-Treasurv this week. Considering
the holidays Intervening il the last week.
the interior NOV ement cf money, both
IN and out Of New York. gas rather
large. the receipts and shipments being
only about s4o0.0oG less han in the pre-
ceding week. The size 'he shipments,
which totalied So 4250ao for tire week.
indicates that there has been some re-
viyed demand in the in,erior Gail
money rates, as already stated. touched
Der cent, due to the calling Ut loans
incident to the end of the year. Time
funds wer5 unchanged. but sterling de-
cIiued TO its lowest level of the year
breaking under 80. The fall in sterling
gave rise TO fresh rumors of gold i'm
ports. and If the rate keeps down the
importation of the metal is bound to