Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-14
The Markets.
NEW YORK STOCK MARKLT.
Features Of the Days Dealings in All
The Leading Stocks.

! New York, Dec. 13.-Beyond the mere
chronicle of the fact of a desultory ad-
| vance in prices of stocks today, there WAS
| little of interest in the market me
| trading fell into absolute stagnatlon al
| times in the afternoon. The intense dull
ness was ascrbed in part to the INTERRUPT
| ton of wire service by the bad weather
Wall street is not sufficiently dependent
| on the speculative moods of the comes
| tic interior for this fact to account ade-
quately for the total suspension or ac-
tivity at times today. The lethargy was
the more remarkable on account or ITS
effect on prices. Feeble as the general de-
| mand was, there was a fairly compre-
hensive show of strength by stocks. rms
was largely accomplished by the sympa-
thetic effect of disproportionate advances
in a number of special stocks. The most
! conspicuous of these was Rock Island,
which rose to As Ia, the highest OF the
present year and, in fact in period of
several years. Transactions in the stock
We're on a large scale, but the explana-
tions of the strength did not get beyond
the stage of rumor. The recent entry in
figure in the Rock Island property of
course came into renewed discussion i'll
connection with the movement. The ale
cation that Wabash was to be concerned
in the linking of the two properties also
! played a part in the days discussion as
! it has on former occasions. a new Sug-
gestion was that the Rock Island pre-
| ferred stock might be retired in exchange
! for a bond issue and the property put
| into the hands of the common stockhold-
ers. 1t is popularity of the Rock Is
| land organization that the preferred
! stock, which is but little more than half
| the volume of the common stock, elects
a majority of the directors of the COM
pany besides having prior claims to divl-
dends. This priority of claim will rise
| to 5 per cent in 1910 and per cent. in
! ing company which owns the stock of thu
! Chicago. Rock Island & Pacific Railroad,
which in turn issues collateral bonds
! against the stock held by the Chicago,
| til recently, of the st. Louis & San Fran
cisco Railway. The enormous control
! thus exercised by the Rock Island pre-
| ferred stock. itself Il minority of the to-
tai stock of the company, constituted a
! striking example of the capability of this
device for widespread power through the
! outlay of a minimum of capital. SO strik-
ing was the example in fact that difficult
| ty has been experienced in making il
! wide market for the common shares,
which can elect but d minority of the di-
TectorS of the company. a reorganization
! of the company form has been talked OF
at different times on that account. The
I operation of the ST Louis & San Francis
| co was avowedly prompted by the likeli-
| hood of an inquistion by the government
| authorities into the status of the COM
| pany then constituted. The reversion
| of control of the property to the common
| stockholders would rectify the excessive
Capitalization of the present control OF
| the company. The violent advance ir
| Western Maryland securities pointed to
| another field for deal rumors, which
| We're left in the rumor stage, without au-
| thentic confirmation. The rise in United
States Steel to above 81 again was a
| strong sustaining factor for the whole
market. Call money touched per cent
Bonds were steady. Total sales, par val.
| ue. S3,71S,0o0. United States 2's advanced
9-S and the IS Is per cent. in the bid
price on call.