New-York tribune., 1910-12-30
FINANCIAL MARKETS
Call Money Rates Up, Sterling
Easier.

R7,siness Oh the Stock Exchange was
or1v . trifla broader yesterday, but the
tone Of the market was very much pet-
TOR and at the close nearly the whole list
showed net gains, ranging from sood
sized fractions TO points An excep-
t;on was Consolidated Gas. Whlch mas
been about the only issue TO make any
consistent advance during the week
The stock yesterday sold up to lo' a
which was within a small fraction OF us
hief level on Wednesday, but profit tax
ing in the late trading caused 1t to re-
act to 1868 at the close, a net LosS LOT
the day of three-eighths OF q point
Reading, United States Steel common
Union Pacific, Lehigh Valley ana Anal
eramsted Copper supplied by far the
larger mart OF the total transactions, ana
all showed net gains of over point at
the close. The Southern railroad issues
were also strong, although not very ac-
five Atlantic Coast Line gaining
points. Louisville Il Nashville ia ana
Southern Railway preferred IA points
on the days operations. CANADIAN L d
cific was another stock that showed pro-
nor1nced strength yesterday, making q
net gain of points. The advance IN
this issue was due to buying on reports
that the management of the con1pah!
had placed large orders for equipment
and also because Of the favorable earn
ing statement FOR November. snort
covering was chiefly responsible for the
general advance In prices yesterday
other factors being the firmness of the
london market and fairly good sup
Div Of buying orders by foreign houses
Bearish Influences Were not lacking, but
apparently lad no effect on the market
unfa yorabl5 news, such as the ming OF
government briefs in the tobacco and
standard Oil cases and poor earning
statements t,y the Hartman lines for
November, going unheedee.
one of the best features of the day
was the decidedly broader bond market.
The demand for the New York City
issues was particularly good and caused
an advance in the price OF the 4l2s to
within fire-eighths of a point of the
highest level reached thus far this year.
Railroad bonds OF the savings bank class
and other high grade issues were also III
good demand at prices ranging from
one-haif to a fun point above the quota
tiors prevailing two weeks ago. The
transactions We're nearly double those OF
the preceding day and showed that the
us1Ial wear end investment buying OF
high class bonds had begun Sterling
exchange was again easier. declining
another :, points. but call money rates
rose 10 , per cent, the highest since last
Nav. No uneasiness was felt in broker
age circles over the rise III call money
however where # was regarded simply
as rejecting the demand for money in
cident 70 the end OF the year Time
funds also showed q hardening tendency
in svmpathy With the rise in call loans
b,,t the Improvement was slight The
Rank of England made no change i'll its
minimum, rate Of discount yesterday. bu;
showed q decline in its proportion Of re
serve to liability OF more than : points
from the level reported a. week ago &c
31.30 This. however. vas higher than
recorded for this week last year. The
local banks also felt the strain of the APP
proaching yearly settlements, and there
was some rather heavy calling Of loans
i,y these institutions, which forced a
general shifting Of credits and was the
nrincjpai factor in the advance in call
money rates.