Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-24
The Markets.
NEW YORK STOCK MARKET.
Features of tho Days Dealings IN All
The Leading Stocks.

New York, Dec. 23-The movements III
individual stocks which have MADE tnG
feature of the stock market lot SeNfia'
days past We're even more violent tou"s
while the general list was even more iieit
and unresponsive. This may nave pttii
partly due to suspicion of the movements
themselves, for which there was no aue
quate explanation in any known deVeiop
ments Bankers and officials of the prop
critics discaimed any knowledge on the
subject or refused to answer inquiries
seeking to obtain information.
Reading ID preferred was rushed up TO
1l.a by leaps and bounds. There is a PRIV
ilege of exchange of this stock into hrst
preferred and common stock IN equal
parts and similar movements In the sec
ond preferred stock have often been mace
before to the accompaniment OF fumorS
that this privilege was to be exercised
What advantage would accrue to the com
pany is not clear. as the dividend Oh the
stock at present is limited to per cent.
while the half exchange into common
stock would share in the claim to the b
per cent rate now paid on that stock. AL
the time of the reorganization OF the COM
pany dividends even on the ISL preferred
were predetermined. Moreover, the com
pany has the alternative right to retire
either the list or the I'd preferred stock at
par for cash. The holdings Of the Lake
Shore and the Baltimore y ONO IN me
company. by which control is exercised
are larger in the preferred stocks than III
the common. Considt ration of these facts
aroused suspicion of the gen'llneneSs OF
the movement though the buying was as
cribed to the BANKERS who have charge
of the company 5 finances.
Almost equal obScurity surrounded the
volatile rise in Rock Island. The fallur"
of the preferred stock t" share III th'
movement increased the suspicion felt To-
wards it. Banking houses with European
connections We're prominent in the oper-
ations in the stock and TINS buying was
reported to be the sequence of the pur-
= fnt. n
from German stockholders. 1t is custom
arv for foreign sellers of such calls to
cover a part of their requirement at the
time of making the sale as safeguard.
Old reports of the intention of tue con-
trolling interest i'll the company to allot
full voting rights to the common stock
were revived. Under the present organ
ization the preferred stock elects a ma
ioritv of the directors and the common
stock only minority.
The rise in Wabash preferred was CON
nected with the Rock Island movement IN
the days conjectures. The demand was
alleged to come from Rock Island inter
ests and this renewed the SurnlSes OF a
coming juncture of Rock Island and Lee
high Valley through the medium or me
Wabash. The early strength in Pennsyl,
vania was due to the evidence OF t"u VI
it's subsidiary companies.
The preparations for the year-ehd
money requirements kept the can loan
market stiff and had restraining ing en eta
on the Speculillon' ne tall i0ii
ranged from 81 per cent. upwards, keep
ing alive the superstition that hurries
might occur before the end of the year.
The Bank of England return was weak
in spite of cabed reports Of renewed ad-
vances OF gold to the London market by
the Bank Of France. The French banks
s.. 675 600 decline in gold holdings was thus
explained. London discount rates. how
ever, declined. and for ign exchange rates
here We're weak. The New York banks
have gained cash this week from the in
terror, according to preliminary estimates
bv the banks themselves. IN spite of the
gold outgo to South America and the rul-
ing rate of New York exchange at Ch1ca-
go at par or under, an increase of S2,5o,-
600 in cash holdings is computed.
Bonds were irregular Total sales, par
value, S30S7 900. United states bonds were
UNCHANGED on call