The Montgomery advertiser., 1909-12-03
THE STOCK MARKET

Y
 New York. Dec. 2.--Specula'iye at- tention was diverted from the main current of anairs in the stock market today in to some by-channels having cerning railroad properties and their relations The separation of the Rock Island and the St Louis and San Fran cisco systems has given ground from ments to follow, which might Involve momentous consequences to the exist ing balance of relations and control amongst railroad properties. Today's of the coming entry itno it's directo- rate of the dominant powers in the Rock Island Company afforded light on the direction which the readtustment was taking. The inference to be drawn from this proved 70 confusing. how ever. that a state of bewilderment was the most salient feature of the senti- ment so far as It was disclosed by speculative operations in the market. This confusion was increased because the new forces in Iehigh Valley were at some pains to disclam any interest in Wabash railroad. which has for sev- eral days by an assumption that 1t direction of Lehigh Valley. This idea was not entirely ,relinquished in spite of the disclaimers. which lacked fall official authority. The supposition re- formative to the Delaware. Lackawanna & Western as an eastern outlet for the Rock Island to be linked by the Wa bash. This alternative did not weak en the effect of the Lehigh Valley tran lations between the new eorces In Le- high Valley and the Lackawanna ele- ment in the old Lehigh Valley control. While the sale of holdings in Lehigh of New Jersey, Reading and the Erie have been reported from time to time no such rumors have been heard re- garding the Lackawanna holdings or fore to be in friendly relations with the new holdings now to be represent cd on the board
 The reports of plans for the exten- sion of the Western Maryland re-or- ganized property, revived the con1ee linking with the Wabash Pittsburg Tor the carrying out of the project for an ocean outlet for the Gould system, sup posed at one time to have been aban, doned At the same time wide field for surmise was offered by the pos sible recasting of relations to follow the acquisition of the St. Louis and San Francisco as an adjunct to the ferred a possible resale of the Mis- souri, Kansas and Texas. lately &C., quired by the same rapidly growing power in the railroad world. The main ItneS OI IHC udy D tOPsSo, are thus indicated sufficiently show the possible scope of speculative ingenui- ty in suggesting variation and exten- sion for it. The joint effect. nowev CT. was not stimulating to the market Considerable effect has been felt al- ready from the preliminary operations in connection with these developments and 1t Is evidently feared that the ment would be reactionary.. The mar ket was affected an we'll, by the re- duction of demand for the short inter prices yesterday. The liability of the call money market to flurries under the influence Of continued exports of gold transactions as are involved In the readjustment of the railroad owner ship begets caution in the speculation. The serious effects of the railway switchmen's strike in the northwest and the fear of its spread had de- pressing effect. There came report from Washington that National bank holdings in railroad securities were to be scru tinized under the suggestion that speculative interest in the stock market especially by the great New York banks, played too large a part In their conduct The stock market eie- ment felt nervous over this sugges- tion
 Bonds were steady. Total sales. par
 United States bonds were unchanged on call.
 CHASING STOCK LIST