New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-12-03
MARKET
LIGHT DAY IN STOCKS.
Call Money Under Wednes-
dag's Maximum of @ Per Cent.

Though the stock market enjoyed
nerjods OF strength in Yesterdays trad
ing the general tendency was in the
direction Of lower prices, with the chie1
weakness in Amalgamated Copper. Read
ing Wabash preferred. Union Paclnc'
United states Steel and Pennsylvania.
Professional operators as rule worked
on the bear side Of speculation, and While
their efforts were not effective IN bring
ing out any considerable amount OF
stock little opposition developed 10 the
downward movement except IN few
issues in which special influences en-
Outraged active buying. The serious
aspect OF the railway switchmen's strike
in the West. the approach Of the meet
ing OF Congress. which Wall Street al
ways breads: the unsettled political stu
alton in England and the firmness or
money rates encouraged speculative pes
simism in Stock Exchange circle> with
out attracting investment selling or i'm
portant liquidation of long stock. except
10 some extent in Amalgamated Copper.
Reading and United States Steel COM
mon. in which there were sales for peo-
pie who apparently preferred the cash
to the stock certificates. Reading is sell
ing al an absurd figure for / per cent
issue. and If the rate should be raised 10
q per cent its present quotation would
represent a return TO buyers Of only 3l2
per cent Wall Street believes that
Reading has vast concealed assets. and
the idea is well founded, but il looks as
if these assets were TO remain sealed in
definitely
Large amounts OF Wabash stocks have
been taken out Of the market in recent
months by prominent financial interests.
and the idea that the Wabash company
Will become a connecting link between
The Lehigh Valley and the Rock Island
is entertained in well informed quarters.
but in speculative circles il is thought
Wabash preferred has thoroughly dis
counted in its market price any such de-
velopment. The issue was weak yester-
day as 4 consequence Of this assumption
Wabash preferred is not in immediate
line for d dividend. Rock Island pre-
ferred appears 10 be the most likely
candidate for dividend honors in the near
future. with 81. Louis q san Francisco
second preferred a close second. The
Denver & Rio Grande issues. Missouri
Pacific and PETERBOROUGH Metropolitan
were among the few strong features.
buying Of the Denver shares apparently
being based on the growing strength OF
the position OF the Gould properties
Rock Island collateral Gs. which have
been called for redemption. the collat-
eral Is. Wabash rcfunding Is. Third
Avenue Is and Green Bay g. Western
debenture BIS were active features in the
bond market. Interest payments on the
last nance may be increased.
Exchange at Chicago and St Louis on
New York is at a premium. and a fair
movement Of money from the Middle
West and Southwest 10 this centre Is re-
ported, though the volume Of receipts is
not heavy enough 10 exert a depressing
effect on loan quotations. Local banks
have been able 10 shift the demand for
accommodation 10 a certain extent 10
out-of-town Institutions, and in view OF
this operation and the heavy uouida-
tion ia the stock market al the close of
last week and in the first three DAYS Of
=
House statement may show a contrac-
ton Ia loans large enough 10 offset tho
loss on gold shipments and Treasury
transfers To the Pacific Coast as an in
fuence on reserves above legal reauir4-
mcnts. a firm market for money. how
ever. may De looked for throughout the
month with possible fiurries al the close
incident 10 the preparations for the
heavy January disbursements. The
Bank OF England. though showing a
strong position in it's weekly return
yesterday. made no change in it's min
imum rate Of discount. which is 2l5 Der
cent higher than reported al this time
last year. while the present proportion
Of reserve 10 liability is 7.s9 per cent In
excess OF that in this week In 1905 The
OF reserve to liability Of $3.50