New-York tribune., 1909-12-17
FINANCIAL MARKET
H4RRIM1N ISSUES UP.
Indications Point to Gold Er-
ports to Europe.

r,oo-,st,,, inclined stock market traoers
90 unable AT present TO make ma
,erial impression upon prices lor III.
,oo5 reason that there is no pressure Vi
octual stock for sale. The suostdii'i"'
Dorl,i,r interests and investors are not
s,s,osed 10 mart with their holdings az
,,,-ro,,t ouotations. owing to their well
founded imrression that there is nothing
:, ,be situation or outlook favorable 10
se.li,ipr movements in securities, while
There are. they believe. various arsu-
nents that encourage the expectation Va
q January rise. despite the fact that the
larger number Of issues are selling AT
level that fully measures intrinsic NaIues'
In Yesterdays operations ORDINARY
traders were bearish in their market
views. but they showed no Willingness
10 hack I'D their ideas by heavy com
yn,,uents on the short side Of the mar
ket The nearest approach 20 weakness
among the active stocks was furnished
by Reading. Rock Island preferred ana
the Hill shares. the last named belng
sold on somewhat unsettling reports re-
garding the labor situation in the North-
west on the other hand. 81. Paul.
which represents a road also In the terri
tory affected by strike possibilities was
a strong feature throughout the day
The Hartman issues were in fair de-
mand. Offerings of Reading were
Quickly absorbed and United States Steel
common continued 10 be taken in large
amounts by representative houses
Traders sold Rock Island and the stock
showed a certain degree Of heaviness.
which Was accompanied by rumors of
dissension among the insiders, but trust
worthy information regarding the posi-
ton Of Rock Island internal relations
supplied no basis for the idea 1t is
understood that the recent buyers Of
Rock Islands holdings Of St Louis &
San Francisco paid By for the stock,
or a total Of SO. .S42. 800 This stock was
collateral for the Rock Island bonds that
have been called for payment, and as
the bonds amount 10 Sl7.364, $50. calling
for S17. 7.79S2S2 for their redemption at
102h. il therefore has been necessary for
the Chicago. Rock Island & Pacific Rail-
road Company to make up a difference
of almost S7.0OO,Oe0 in the retirement of
the collateral rs. assuming that the price
reported paid for the Frisco stock is
correct. That the Frisco system is we'll
thought Of abroad is reflected in the pur-
chase by French bankers Of S4.O0.OOO
Of its general lien Us from Speyer & Co.
OF this city. There are reasons to be
licve that In the course Of the next few
months a considerable amount OF Ameri-
can railway bonds will be placed abroad.
including new issues for which arrange
ments are now pending.
Stocks closed inactive and firm. with
net gains predOminating, Louisville &
Nashville receiving some attention In the
final operations as a consequence Of the
action Of the directors of the company in
placing the stock upon a Z per cent divi-
dend basis. This issue closed at l54zs
against l69Ss for the q per cent Reading
stock, which is one OF the dearest propo-
sitions on the investment list. There
was no change in local money market
rates. but sterling exchange again was
strong. with indications pointing To the
engagement Of gold for shipment 20 En-
rope next week. The Bank Of England
maintained its AZ per cent discount rate
al its weekly meeting. and showed in its
return percentage Of reserve slightly,
under that Of a week ago. but well above
the average for this period Of the year