New-York tribune., 1909-12-15
MARKET
MOST STOCKS DOH'N.
Sterling Exchange Rises 10
Highest Rate IN FiUe Months.

Stock market operations we're moder-
ately heavy in the leading issues. with
some degree OF activity in a number OF
the specialties and medium grade securi-
ties the price movements in the latter
groups generally being in the direction
Of higher levels. The entire list showed
modest Improvement in the early deal
ings, but in the subsequent transactions
irregularity developed. with q brief
period Of weakness in the afternoon,
when bear traders made a raid that was
not productive Of important results,
though the larger number OF issues
closed AT net losses. Sentiment how
ever. in most commission houses was
bullish. and the fact that buying orders
or the decline were executed in various
stocks by some OF the leading firms in
the Street naturally strengthened the
prevailing opinion that. barring the de-
velopment Of adverse factors in the busi-
hess world or in the money market,
stocks viii end the year in favor Of the
advocates Of rising quotations. Money
market conditions do not foreshadow
disturbance in rates. Time funds were
easier yesterday. siXty-day accommoda-
tion being available al ~ 70 "a per
cent. as against d firm > per cent rate
only a few days ago Ninety-day money
also was lower. Sterling exchange was
strong. and further engagements OF gold
for shipment 10 Argentina were an
nounced.
Selling in the afternoon came almost
entirely from traders who were espe-
cislly active IN United States Steel.
which sold "A point down from the high
~ the morning. Amalgamated Copper.
Union Pacific Reading and American
Smelling. Bulls on Amalgamated Cop
ner were compelled 10 take large
amount Of stock in their efforts 10 hold
its price while the same thing was re
ported IN Steel. Reading and Union Pa
cifir. In which support finally was with
drawn owing 70 the extent OF bear
pressure The Southern Railway shares
were strong features throughout the
day tho preferred advancing ~ net on
buying that represented 2 well founded
belief that tho issue VIII be- restored 70
the dividend column in 1910. Northwest.
Great Northern. Southern Pacific. Pan
handle Pittsburg Coal and National
Enameling and Stamping also were ex-
ceptions 10 the general declining ten
dencv IN the last hour transactions The
London market was quiet and discounts
were higher, also al Berlin. Gable dis
patches reported a marked increase in
offerings OF American bills in the Eng
lish market for delivery ten DAYS ahead
With indications pointing 20 the placing
~ n considerable amount of our bonds
m London
Wall Street speculatOrs again are fig-
uring on an increase in the dividend on
Reading common. but no intimatiOn is
given IN official quarters that the direc-
tors will change the rate from the per
cent basis ~ their meeting to-day The
current price OF the stock suggests
larger distribution 10 the Stockholders
Al recent dividend periods however. the
quotation for the issue ruled AT level
that apparently foreshad dowed a material
increase m the rate without. however.
any such development taking place OBJ
viously. the stoc ckholders as a BODY are
satisfied 70 receive ! per cent and 10 see
th- surplus earnings reinvested in the
property. and I'm some quarters II Is be-
lieved that while small increase may
be made in the next dividend there viii
he no substantial advance owing 70 the
belief of large interests IN the company
that the property needs the money rather
than the stockholders Upward of 500
6DOg,0 q the Reading common stock is
held by two other railroads. which nc
ouired their holdings far under the pres
ent price. and rs 20 these companies the
present rat. means an eminently salts