New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-12-21
FINANCIAL MARKET
CON. GAS GOES HIGHER
Money Rates Firm and Ster-
ling Exchange Easier.

on an active volume Of business the
stock market showed great irregular1ty
in price movements. though the under
lying tone was strong, while in some
issues pronounced strength developed.
notably in Consolidated Gas. which en-
joyed a maximum gain Of AZ points
Wall Street had a report that the stock
holders Of the Consolidated Gas Com
psny would profit materially from plans
said TO be under discussion by the
management regarding the future Of the
company's real estate holdings IN this
city and for a distribution OF stock OF
the New York Edison Company 10 own
ers Of the gas companys shares. The
Consolidated Gas Company is capital
lied at 500. ZOO. 600 and II owns all the
stock Of the New York Edison Com
pany, which has a capital Of approx
imately $4,000 900. The increase in the
business of the latter concern naturally
is adding intrinsic value to Consolidated
Gas stock. and in the event Of new
financing by the electric company.
which Is quite probable in view Of its
growing operations. II is not unlikely
the Consolidated Gas Company would
handle the matter through an issue Of
its own stock upon which valuable
rights would accrue TO the gas company
stockholders. Outside of the POSSIBLE
ities noted the Consolidated Gas Com
pany may increase its dividends from
earnings. which are running we'll in ex-
cess Of the 4 per cent paid. in spite Of
the recent mournful attitude Of the
company over the establishment of the
price for gas upon an sO-cent basis.
Active buying Of Reading was again
q market feature and IT'S price advanced
10 q level that represented a return Of
only little more than "a per cent
The advance was accompanied by
report that special scrip dividend
would he declared by the Lehigh Coal
and Navigation Company. controlled by
The Reading through the Central Rail
road of New Jersey, but there was no
official information warranting the
rumor or the high price of Reading
shares. Several Of tho specialties were
in demand. especially International
Harvester. while there was a fair in
Quirv for Denver & Rio Grande. Rock
Island. Wabash preferred. Peoples Gas
and Texas & Pacific. The Hartman
shares and United States Steel occupied
their usual prominent position in the
trading. but closed the day at net losses.
An attempt 10 break Consolidated Gas
in the afternoon caused a decline from
its high price Of the morning. but there
appeared to be a good market for all
the stock anybody had to sell. The
close adherence of United States Steel
to 90 induced in some quarters the
theory that the insiders were distribut-
ing their holdings, while in other quar-
ters It was asserted that accumulation
and not distribution was under way.
The bull speculation in Louisville &
Nashvile-At Coast Line issues
collapsed.
Money rates We're firm. but borrowers
found no difficulty in financing their
needs. while in spite Of the possibility
Of higher quotations over the end Of the
year and q stiff market for loans in
January spectators showed no uneasi-
ness over the bull position in stocks.
freely predicting higher levels before
the end OF 1909 Substantial interests
are heavy holders Of securities, and the
fact that they show no inclination TO sell
at prevailing prices naturally encourages
the expectation Of further Improvement
IN the weeks 10 come. especially as the
success Of large financial undertakings
70 which bankers and capitalists have
committed themselves demands a bull
market fo- securities. Nevertheless. the
market does not appear TO appeal 10 the
public and efforts 10 attract an outside
inquiry at current high prices are fall
ing fiat General conditions. however
affecting speculation and actual values
are not in favor of 4 bear campaign,
though money market developments
may upset the calculations of the bulls
London money rates We're strong yester-
DAY. but Continental exchange on the
British capital was on level that en-
abled Berlin 10 secure the South African
gold offered in the open London market.
Local sterling exchange was easier and
no engagements of the yellow metal
were made dor export TO Europe. as ap-
peared proba bic al the close of the last
sTeaE