New-York tribune., 1909-12-09
FINANCIAL MARKET
LITTLE FLUCTU4TION
Gail Money Rules at > Per Cent
5Cifh Fair Demand Reported.

Transactions IN yesterday stock mar
ket reflected increased operations for
commission house account and greater
activity an the part Of the professional
element than recently recorded. the lat
ter being moderately heavy sellers on the
advance that marked the course Of the
forenoon and early afternoon trading.
The effect Of such sales upon prices was
n little account until the last hour. when
a reactionary tendency was reported IN
most parts OF the list that left last quo
tations at irregular and small changes
from the closing of the preceding day
Traders showed little inclination 10 fol-
low tho improving tendency earlier in
the session, when the chief strength was
shown In stocks in which bull pools
were known 10 he operating, as. for in
stance. in the coal shares. both hard and
soft. and the Interborough- Metropolitan
issues. Activity increased on the late de-
cline. representing chiefly operations by
board room speculatOrs and selling by
commission houses for the account ~
operators who preferred cash 10 paper
profits. The general course of tho mar
lct. however. did not hold out the ex-
pectation Of any noteworthy success in
the near future for advocates OF lower
prices. while al times there We're indica-
lions that suggested a disposition among
the larger financial interests 10 bring
about materially higher levels before the
,nd Of the year.
Third Avenue stock again declined on
the assessment argument. while Inter
borough Metropolitan preferred advanced
under the operations Of the bull pool in
it. misinformed outsiders apparently
buying the issue on the theory that all is
clear sailing for Metropolitan traction
affairs as a CONSCIENCE Of the supposed
interest in the situation by Morgan peo-
Tle. There is no doubt that eventually
reorganization OF the surface railway
companies will place the roads upon a
solid financial basis. but people who buy
Intcrborough- Metropolitan preferred at
It's present advanced price should bear in
mind that assessment rs yet 10 come on
Metropolitan stock. which is chiefly held
by the Interborough- Metropolitan hold
ing company, and that the Interborough-
Metropolitan stocks are not affected by
the cOmpany's holding OF the valuabl
Interborough Rapid Transit stock. which
is pledged against Interborough-M Metro
politsn bonded Indebtedness. Third Ave
rue shares have been declining ever
since the first reorganization plan was
announced, and some people believe that
InterborOugh-M Metropolitan stocks may
go the same way when the Metropolitan
plan comes forth.
United States Steel common was active
and closed almost point under its
best. bat al small net gain. while
Union Pacific. Reading and Amalga-
mated Copper ended al small net losses.
ontario & Western appeared TO be well
bought; also the Erie shares. Southern
Railway preferred and ST Louis g. san
Francisco second preferred the last
named two being helped by the belief
that in the new year dividends will be
resumed. Earnings OF the Southern
Railway IN the last six months and the
condition of the property which is en-
abling Il 10 handle a larger amount OF
traffic at a smaller cost than in recent
years. encourage the expectation OF a re-
turn TO the preferred stock holders in
1910 The directors doubtless will not
restore the issue 10 the dividend column
until they are convinced that payments
can be maintained indefinitely. There
were no important movements In money
or exchange in yesterdays market.
Railroad earnings continue 10 reflect
highly satisfactory traffic conditions in
this country. and doubtless are a factor
in encouraging demands for higher
wages by employees Of the transportation
companies. In financial circles a is be-
Iieyed that the differences between the