The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-06-24
THE STOCK MARKET


New York. June 2s:--Ths intense dulines'
o. todays stock market served to obscure
the Importance Of the price movement
general firmness Of the markets was influ-
enced by sympathy with the notable
strength in these special stocks. but more
position. =
Principal of these was the buying up of q
snort interest which proved 70 possess lit
downward course Of Prices Covering Of
days demand. " T r eopeIusion p Of the Lone one
don stock market settlement with no cas-
naities as result If the heavy declines
cause OF apprehension and brought in some
important buying of stocks here from that
The copper industriaIs were affected by
large covering of shorts In London. which
induced a sharp upward reaction from the
severe depression from which they have suf-
fered In that market. Some sympathetic
effect was produced on copper industrials In
New York. although they were laggard in
ency The movement that attracted most no.
tice In the days market was that in Union
Pacific preferred which moved to record
price and one out of line with its invest
ment return compared with the current
money market. Rumors Of an intention to
retire the stock were given to account for
its rise 1t Is proposed that the purpose
to retire stock would be to avoid the emu
barrassment of claims from the preferred
stoShhoiuoTs snare IN a uistTlDuliOn O1 IN
vestment holdings by the company of other
shares. Such a distribution was under Of
fetal discussion at one time when the COM
pany was under scrutiny for alleged viola
tion of the interstate commerce law in hold
ing those shares. The company has no ex-
plicit right reserved to retire the preferred
stock at fixed price, as was the case
with Southern Pacific preferred and 1t was
assumed, therefore that a plan must be at
traetive to preferred stockholders to induce
their acceptance.
The days rumors had to do with sup
posed offer OF one share Of Union Pacific
common stock for two shares of the prefer
red or an exchange Of convertible bond for
the preferred stock with rights Of CONVEX
sion into common stock, presumably at a
price above the current quotation.
There was nothing like official conffrma-
ton or countenance for these rumors but
Pacific and revived consideration of arious
other deal rumors This of effect in
advancing Wabash preferred, Reading, New
York Central Atchison and others which
have been the subject of deal rumors. A
diYidedn guarantee for Wabash preferred in
return for control by some other company.
a segregation OF assets and increased div
idend for Reading; a comparative holding
company for the Vanderbilt Railroads;
Pennsylvania control OF Atchison, such were
some Of the stock market rumors which
came to life again in the days dealings
American wooden preferred declined sharply
on the reported sale of additional preferrde
stock by the company Third Avenue suf-
fered again from the supposed vicssitudes
of the reorganization plan. The pronounced
dullness which has developed in the demand
for copper was responsible for the back
wardness of the stock OF the copper compa-
MES. Little attention was paid to the en-
gaBement of a million dollars of gold for
shipment to South America and the main
tenance of exchange rates near the ievel Of
profit on shipments to London. A good deal
Of discussion was heard of the movement
to secure the enactment of the corporation
earnings tax and Washington reports that
statements of earnings by the corporations
were to furnish the basis for the tax were
claimed as promise Of softening the terms
which were feared at first of the powers of
inquisition into corporations to go with the
proposed law.
Bonds were firm; total sales par value
$3.35s.O00. United States bonds were un-
changed on call.