The Montgomery advertiser., 1909-12-17
1HE STOCK MARKEr

New York. Dec. 1t--DIniculty was found in throwing of the lethargfc tendency which crept into the specula- tion h stocks today. The movement long pauses In activity when many stocks practically dropped out of the trading. One discouraGefdent met by the leader who follows the sudden inE In many obscurs stocks. is the sudden lapse of such securities Into a Tn : sembiancs sf great activity and breadth in the market with tran!.oss shares. there win suddenly intervene a withdrawal of all orders. A spocu- iative holder of small block. on in- cuiry. win learn that no pig stands n points down. Forced sales under Buch circumstances caused wide breaches in values and give an impression ok hollowness to the market and Of manipulative origin for the short lived
 The principal interest of the traders today was in attempting to draw de- Fduction from the action of the Read ing as to the general speculative po- did disi'n not Induce 1ss sui,cient nsw demand to lift the price. Adherents of the hull position derived considerable satisfaction. in fact. from the light ness of the pressure pres to realize on an. sne dend has been 70 long anticipated and the price lifted 90 high t1ihn a violent reaction has been dreaded In some quarters when the action should be taken. As long ago as early Septem- Der. Reading had risen to 1.73 3-s in Anticipation of dividend increase and has not risen as high since. In Jan uary. of 1906. when the stock war newly placed on the four per cent basis. which 1t has held ever since, the price was run up to 164 on the expec- tation of an early additional increase In view of the prolonged and con- made of the higher dividend expecta- tion for Reading. the reactionary force in the stock today must be regarded as extremely moderate. Its influence for depression on the general list. therefore. was slight or even In neg. ative way. favorable.
 A more positive factor toward sym pathetic strength was the demand for the Western Railroad stocks. espe. ciaily Southern and Union Pacifcs. Professed expectations of an increase in the Southern dividend in Februsry was the grounds for this movement. The demand in the general list. how ever. was scanty. the frmness of tone finding its explanation rather in the small offerings for sale than in an ac- tive absorption. The passage of the year end period was felt to be desir- able before attempting large market operations.
 The question of a gold movement to London was left open in connection with year \ end requirements. Ex- change to go out by Wednesdays than demand that date of sailing beP ing the last by which remittances can reach London for January 1 payments Reports that London might also draw on Paris again for gold advances from the Bank of France disturbed the con- fidenee that tranquility in the London market had become definitely assur- ed. The reduction in the premium of NewWork exchange at Chicago this week indicates less inducemcpt here though the Chicago money market it. self is reported easier.
 The news of the absorption of inde- pendent telephone companies by the banking house which has transacted recent financing for the American Telephone Company strengthened the imDressIon of the uninterrupted pro- Rress of consolidation of corporate in- terests which are in progress. The in- crease In the Louisville and Nashville dividend set up an uncertain fiutter- ing in the price of that stock. simi- lar to the action of Reading and in contrast to the sustained strength of Southern Pacific where the dividend action Is in the rumor stage yet.
 Bonds were steady. Total sales. par value. S3.S62.00O. United States bonds were unchanged on call. ssii
 CLOSING STOCK. HIST.