The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-12-24

| New York. Dec 2S-The movement
| In Individual stocks which have made
the feature OF the stock market for
several days past. were even more vio-
lent TO-DAY. while the general list was
even more inert and unresponsive.
This may have been partly due to
suspicion Of the movements themselves
Tor which there was no adequate ex-
Rlanation IN any known departments.
disclaimed any knowledge on the sub
tsct or refused to answer Inquiries
seeking to obtain information.
Reading second preferred was
rushed up to LIT l-2 By leaps and
oSsnes Il T sss s.o. Dr ,v,n q ss
fsrred and common stock in equal
parts. and similar movements In the
second preferred stock have often
been made before to the accompani-
ment OF rumors that this privilege
would accrue to the group Is not clear
as the stock at present Is rated at I
per cent, while II exchanged into COM
mon stock would share In the claim to
stock. the remaining half sharing the
limited claim OF the, first preferred to
per cent. At the time of the re-
Organization OF the company dividends
even on the first preferred were prob
iematical and the advantage at that
and subsequent periods Of transform
ing the second preferred stock was
perceptible. Moreover. the company
has the alternative right to retire
either the nrst or tho second pre-
sideratiop OF these facts aroused sus-
picion Of the senuineness OF the move
ment although the buying was ascrib-
ed to the bankers who have charge Of
the company's finances.
AT most. equal obscurity surrounded
the volatile rise In Rock Island, The
failure Of the preferred stock to share
In the movement increased the suspf-
cion felt toward 1t. Banking houses
with European connections were
prominent in the operations In the
stock and this buying was reported to
be the sequence OF the purchase Of
heavy calls for future delivery from
German stockholders.
1t il customary for foreign sellers
Of such calls to cover part OF their
requirements at the time OF making
the sale as q safeguard. Old reports
OF the intention of the controlling In
terest in the company to allow the full
voting rights TO common stock were
revived. Under the present organiza-
tion. the preferred stock elects ma
tority of the directors and the common
stock only q minority.
The rise In Wabash preferred was
connected with the Rock Island inter-
ests and this renewed the surmises OF
coming conjuncture of Rock Island
and Lehigh Valley through the me-
dunn OF the Wabash.
The early strength in Pennsylvania
was due to the dividend hopes raised
by yesterdays increase In the divi-
dends of two of It's subsidiary prop.
critics.
The preparations for the year end
money requirements kept the call
loan markets stiff and had a restrain
ing effect on speculation. The call
loan rate ranged from s 1-2 per cent
upwards, keeping alive the superstition
that fiurries might occur before the
end of the year.
The Bank of England rate was weak
in spite of cabied reports of renewed
activities In gold to the London mar
ket by the Bank OF France. The
French banks $5.e75.000 decline in
gold holdings was thus explained.
London discount rates. however. de-
clined and foreign exchange rates
here were weak. The New York banks
have gained cash this week from the
interior, according to the preliminary
estimates by the banks themselves.
In spite OF the bold outgo to South
America. and the ruling rate of New
York exchange at Chicago at par or
under. an increase of s2,500,000 in cash
holdings IL computed.
Bonds were irregular. Total sales
par value. $3.087,000.
United States bonds were unchang-
ed on call.
CLOSING STOCK LIST.