New-York tribune., 1909-11-19
FINANCIAL MARKET
COIL STOCKS 4CTITE.
Rich WeHs-Far Melon
Money Outlook.

Reading, which on Wednesday had re-
sumed. this time without the association
Of Union Pacific and Steel common. its
prominent position IN stock market sc-
tivity. sustained that position yesterday,
the very heavy transactions in it, at
rising prices. being probably explainable
chiefly by pool operations; and the other
"coalers" advanced with it, on buying
which was stimulated by the suggestive
touch Of winter in the air. Apart from
the movement in the "coalers" and the
revived strength Of the copper stocks
most OF the activity Of the session was
centred i'm the specialties and low-priced
issues, the transactions in standard rail-
way stocks and in Steel common being
relatively small. The market was helped
az the outset by the favorable showing
Of the Bank of England's weekly state
ment, with only one or two exceptions
the best over made for this week in No
Vember, and later by the growing impress
sion that tho local bank statement Of
Saturday would he a good one; and the
close was strong. with irregular net price
changes. The announcement of the
Wells Fargo melon. unusual for size and
for attractiveness. also had it's effect i'm
helping market sentiment. and was the
direct cause Of most OF the 17-point ad-
vance in Central Railroad OF New Jer-
sey stock the holders of which also have
for some time been expecting an extra
distribution. Still another melon cutting
i'm which the holders have a lively hope
which rose liz points, 20 l09iz, on its
face a rather high level for stock
which has not yet paid dividend.
Circumstsntial details of the copper
merger project were furnished yesterday
from unidentified sources. and the spec
uiation in the shares OF the companies
which are said 10 be included in the
plan was resumed, with Amalgamated
Copper, the leader. gaining 2ss points,
and other issues making fractional ad-
Vances. Western Union was again weak.
declining Il. points. despite the positive
benefit which il apparently will derive
from intimate affiliation with the Ameri-
can Telephone and Telegraph Company
and the consequent indirect alliance with
the MaclSay Companies. Western Union
was for many years pre-eminently an
investment stock. and is still held by
tn sands Of small investors all over
tho country and in Canada. Who refus-
ing 20 believe that il could ever cease 10
pay It's per cent dividend. did not part
with their holdings when the decline in
price set in, and many Of whom after
weary waiting, would probably be dis
posed 20 sell out on the stock reaching
about the level OF their original invest
ment in IL. as has been the course in
many similar instances.
The tendency Of the time money mar
1et is stin toward increasing ease. al
though there was no change yesterday in
the quoted rates. Call money. as for
the two previous days. reached a maxi
mum Of per cent. with az the ruling
rate The position OF the banks as 10
cash holdings is much better than a week
ago. the loss since Friday having been
only ss65.0OO. against s. Oss. 900 in the
same period last week. Account must
be taken. however. of the engagements OF
gold for export 20 South America. 10
which one OF 100000 Was added YES
terday and only a very small part Of
which has Yet been Withdrawn. The
Controller OF the Currency yesterday is
sued call for statements Of condition
of national banks as Of November Is. AMI
a similar call for the same date was is
sued by the New York State Banking
Department: and IL is not impossible
that. With these calls out. the banks Of
this city may assume again a consider
able part Of the loans which we're sup
posed 20 have beer shifted last week m
banking houses and individuals. and that