New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-11-24
FINANCIAL MARKET
RECOTERT IN STOCKS.
Conner Issues Weak Moueu
Increment TOscGrd This Centre

Business IN tho stock market yester-
day was on the same heavy scale as that
OF Monday. with not FAR from one-half
Of the total transactions represented by
tho sales Of Reading and Amalgamated
Copper. The opening was fairly strong
and active. buI within few minutes the
copper stocks began 20 fail under very
heavy selling. which was chiefly for the
bear account. and The entire list yielded
in sympathy AmaIgsmated vas the
leader on the decline. losing about five
points in Tho first hour, with Utah Cop
per also notably weak, tho selling being
on PERSISTENT reports that the copper
combination project would be abau-
doned rs \ consequence Of the Standard
OH decision. which continued 90 play an
uusettlinS part as a factor i'm the gen
eral market situation. II was around
noon when Signs Of recovery began 10
bc apparent. short contracts being COW
cred IN some volume and buying orders
being sent IN Tor execution, and IN the
last hour THE rally assumed encouraging
HTOfeNFllfiIle. inc fIi<@ ntllE IFTF Aldfs
with about AS many net gains as net
losses. bur with hnal prices throughout
tho list above tho lowest. Union Pacific
and United states steel common. which
used 10 share with Reading the place Of
leadership. were IN tho foreground m the
late afternoon upward movement. sud
each closed with a fractional improve
meut. while Beading. which earlier m
the session had been perhaps the
strongest stock ~ tho list. declined
toward tho close on profit taking i'm
duc@d hv tho declaration of the per
cent extra dividend on Central of New
Jersey. That dividend. which was made
possible bv tho Lehigh and Wilkes Barre
coal Compsnys dividend. viii. n the
latter disbursement IS TO 10. as com
monty supposed. q semi-aunusl one. also
be- continued semi-annually. the effect
neinE 20 raise Tho Rev Jersey Central
stork. nov paving : per cent. n a !.
per cent basis. with consequent ad-
vantage 20 tho Reading. which holds
majority Of tho CeutraTs stock
Consolidated Gas was strong during
tho session. as for several DAYS past.
and made a not advance ~ . points.
while conspicuous strength also was
shown hv tho Wabash issues. both the
common and the preferred stocks making
substantial --ins and the refundins
Is. which We're the most active issue
in Vie bond department. advancing
from I4i= 70 a. the moyenet I'm these
securities being accompanied by re-
.ra--rE nr.lH
rumored transfer Of ;he control Of the
property 10 certain other railroads would
soon be made
The news developments Of the dav
were OF a favorable sort. Among them
was tho increase IN the dividend rate on
the common stock 81 the Mackay Com
panies, which had for some time been
looked for. Another was the issuance
Of the Southern Pacihcs annual re
port, showing earnings Of 1923 per cent
applicable 20 dividends on the common
stock. against 80 per cent in the pre-
ceding wear. despite falling of in
gross. The money market showed Hprac-
tically no change. the ruling call rate
being A. per cent. against . Der cent
for several days previously. and the
rates for time funds for the shorter
maturities working a trihe hrmer. A
sign 81 promise was the change in New
York exchange Al Chicago. which rose
from = cents discount to - cents pre-
MUM. educating eturn q. p of money
from the interior OF large volume. The
New York Centrars stock issue an
nouncement came after the close OF the
market The rights on the new stock
are figured a. q little more than per