The sun., 1909-12-19
GossrP or WALL srREET.

Ths market bears soms res smblsnce |
TO the creeping market last July. That |
market was dun and tho average OF prices |
changed only a small frsction OF point |
from ono day to the next. But constantly !
the tendency was upward. Speculators
Who kcpt waiting for a brisk movement
In one directions or the other found that they
had lost the best OF the prices when eventu-
ally, tho. spurt began. This week likewise
dny by day, has advanced ave days out
or six. and on no day has the average adj
vance been as great a. x point. There
v. however. the important difference
between the Creeping market and the
present In. that In July stocks were securely
lodged In strong hands. They are much
more widely distributed now and tho bears.
think that an effort shculd be made to
dislodse some Of the weak holdings before
there ID begun that brisk upward move
ment which most spectators snticfpate.
II was the consensus OF brokera ge opinion
that one OF the most en0oura eIng features
Of, tho wsek's market ives che relatively
greater strength Of high clmes Investment
stocks. both rails and industriais In the
previous week the more. noticeable move
pients were In spsciaities and stocks not
at all widely held for Investment, and the
W
Brokers yesterday In weekly lstters 10
customers dweit on this gratifying change
| IN the market. and many Of than unre-
ssrvedly advised purchases Of the high
class investments stocks. .H
Louisville and Nashville advanced a point
and the Street was told that tho company
would probably issue s3o. 600. 900 new stock,
IL went up another point and the amount
OF the stock issue was raised to sto 900 900.
Thsre was also a continuation OF the ac-
tivity and strength or Atlantic Coast Line
i stock and the collateral trust per cent
bonds and theory was propounded TO the
effect that the combination Of tho two COM
paniss was to be dissolved. The map does
not show them competing to any noticeable
extent and no valid reason for o separation
was even suggested. But n the two coms
panies should be separated the bonds
must inevitably be called st 1906. The theory
thus afforded some satisfaction to people
still puzzled over the sudden ontburst Of
TRADING In the bonds. Nothing Of an ofsiciai
or semi-of'cial character csme out In re-
gard to either Of the properties.
Nevada Consolidated stockholders had n
great deal to say about the terms offered TO
them In the proposition to merge their
company with Utah and Boeton Consoli-
dated. They considered their stock much
, more valuable than that Of Boston, which
goes In on close to the same terms and quite
as good as Utah The only. fair hesss Of
. exchange. they said. would bs share for
share with Utah. whereas the offer 10 one
share Of Utah for two and quarter shares
OF Nevada. Even an equal exchange was
; opposed by some OF them who argued that
Nevada produces copper ct cents. as com-
ipared with 10 cents for Utah. Occasionally
. ~. N. - ~ - n.
people Interested In the merger had sold
! Nevada stock and now wanted to get II
back In tho cheapest possible way. One
Nevada stockholder went 30 far as TO CON-
pare the proposition to that made by the
Messrs. Thomas and the Western Ice Com
pany 70 holders OF Knickerbocker Ice three
years ago. Aitoeether Il seemed that the
merger cannot be accomplished without
bitter litigation. N} IN
The msrger plAn again fell ast on the
stock market. Utah was weak and Anal.
gamsted iifeless.
An old floor trader wss commsntins or
the cub broker who. had his market takes
/ away from him In the Amaigamatsd GROVE
Monday and protested. You wouldn't d.
that II. father was here" In the wabasi
, crowd awhile ago. said the trader. -ther'
was q counterpart to that episode. Tn,
central figure was Of the same class, q beard
less son Of q wealthy father who gave th,
boy seat because the bog wanted it. Tn
youngster went on the roor and traded fol
his own account with all the assurance Of I
veteran operator. For two or three week
he lost pretty hsavily. always sstting tn,
worst Of the prices whether he was buyfnl
, or sailing. and presently. though unknown
70 ms, found himself heavily long Of stock
Among other thinss he had 1000 wabasI
| preferred which he had got point sbov,
the price at which Il sold an hour afterward
what doss this suilsless youth do but a,
I up Q game with one Of the messenger boy
and have the boy bring him an order to bu.
900 Wabash preferred at the market. Ap
parentiy by inadvercsnce he lot the crevs
know he had the order and all the trader
immediately began lacking up tho price o
wabash In the old way. The boy SCENE,
disoonoerted and abashed and whispered 3
one Of the traders that he'd be damned
! he'd buy In market like that. But tn
Q crowd knew he must execute that order an
!. kept boosting the stock joyfuliy upward
= Suddenly our victim aells Us 900 Wabas
y and takes down q net profit OF t2 ,75O., W
e have since come to recognize this youngste
2 as worthy son OF very astute father.
}: Undoubtedly, generalixed the noe
trader In conclusion, "thc sons OF the rio
8 serve a useful purpose on the exohapg'
: AThe giided youth distribute around quite
' Itittle OF the unearned increment. Yet q
Q Fthat giitters is not gold.
q FINANCIAL NOTES.
J, A Cotton Exchange seat has been sol
% for sis.i 100, which is eooO up from the sa
last previously recorded.
y The American Cities Railway and Lisl
mon stock % on July isst. . ss he 81 rate s OF 81
]. Dor cent, year, has declared semi-annul
dividend OF ~ per cent.