The Montgomery advertiser., 1908-11-25
THE STOCK MARKET


 New York, Nov a4-Prices of stocks ad- vaneed again today and the volume of deal lnas expanded over the shrsznken totsi of to the daily average of last weeks tran sections. The market showed the effect of the technical causes towards recovery from had shown signs of Tagging when a stim- uiating effect was felt from the appiica- siss so the stock ssshsnss to s. ,7sss De igsued in exchange for preferred stooA which is outstanding to that amount. per cent prior to common stock dividend eiaims is subject to redemption at ii5 al any time prior to July 1. 1910 It is also time. AS the common stock has never paid more than six per cent. dividends and has sold lower than the preferred stock there has been no attraction in the exercise of the privilege of exchange. The price of the stock has now risen above the which is ils. ss but stili i sell. below the mar ket price for the preferred which was i21B today. For these reasons and because Of new stock has beon actually authorized ihe bare announcement of the application to place It on the list of the stock sxchange M tery. The step was an indication that some actual demand was being made for red stockholders. and there is the fact that the Union Pacific holds in It's treas ury ss4. 4.2oo.e00 of this southern Pacific
  at 116 or with the privilege of conversion into common stock.
 movement to convert would imply q be- lief in higher dividend for the common stock wh iIethe preferred stock would re- main limited to per cent. dividends From the standpoint of Southern Pacific finances. however, the increase in the volume or common stock with claims on increased dsy- idends would encroach on the claims to profit of the present oomcu stockholders. The fact that this additional common stock had been authorized finds no place in tue statements of the manuals regarding south ern Pacific finances. It was stated in cou- nection with today's application to list tho new stock that its authorization had been carried with that for the preferred stock in view Of conversion privilege nf the latter In the case of the Union Pacific, the stock to provide for the conversion privilege et the convertible bonds has been expressly cial manuals. In fact. today's perfunetory aetten makes 50 little change Ia the ex- isting status of Southern Pacific and there was so much confusion regarcing Us signit- ieance that it was simrlyy made the busi- ness of an assumption that more important financial subjects according to two feT1rite Harriman properties were thus heraided IL was this assumption that was the reai re- vIving force in the market and in oroaden- ing and extending the movement as the ! day proKressed.
 An excellent impression was produced by the success of the New York City bond issue As has been said. the professional eierpent quite generally turned to the long side of the market on the suppositlon that the reaction had reduced the weak hcldlnss and had built up short intsresI wlSh t a requirement to purchase stocks. The closing tone was very strong and with prices generally up one to two points: Bonds were strong, 1otA. sales par Falne changed on call.
 CLOSING STOCK LISE