New-York tribune., 1910-02-17
FINANCIAL MARKET
RE4DING STOCK Up.
Money Rates Easy, se1th SterL-
ing Erchange Strong.

Stock market trading was moderately
active III the five hours of business on a
movement OF prices that generally
tended in the direction of higher levels.
Opening quotations were under the clos
ing of the preceding day, but offerings
were not heavy and not Of q character
to induce important pressure from the
professional element or the liquidation
of We'll protected bull accounts. Early
heaviness was succeeded by general i'm
pro, ,ement under the lead OF Reading,
which before the close showed a. maxi
mum advance of more than 4 points,
buying Of the issue being accompanied
by strength in the second preferred.
which rose to price not justified by
the fixed per cent investment return
OF the security. The Street naturally in
ferred that buying of Reading shares
was based on inside information regard
ing developments affecting the invest
ment position Of the common stock. and
il was thought IN some circles that the
second preferred would be retired by
plan which would result in q melon cut
ting for the holders Of the Junior shares.
If account is taken Of the 3 per cent
dividend recently paid. Reading common
sold yesterday at a price that approx
mated the highest ever recorded.
Active buying was reported in the local
gas and traction shares. and in the case
of Brooklyn Union Gas the operations
suggested investment absorption and
la7y mt -4I
formed regarding the future plans of the
company. The issue is on a Is per cent
basis. but il is generally understood that
stockholders eventually will receive a.
larger return. Its advance Of points
was accompanied by z gain of more than
:. points i'm Consolidated Gas. The gen.
eraI market closed strong, following
material enlargement of trading in the
last hour Wall Street apparently has
stopped worrying over the country's fut-
llre. Foreign trade figures received yes
terday were distinctly unfavorable and
indicated that there viii be no pernla-
nent ease in sterling exchange rates IN
the course of the next few months un-
less tremendous European buying
market for securities. Exports Of mer-
chandise declined to the value of almost
SIS 600 900 from the same time last year,
while imports increased more than Soo-
o01C90. with the excess of exports over
imports the smallest for any January in
the last seventeen years. The demand
for remittance yesterday was active, and
exchange rates were strong and higher.
The current demand for railway mort
gage issues is light, and the market ap-
pears TO ee suffering from a lack of in
quiry, owing largely to the fact that in
vestors can secure better income yield
on high grade railway shares and pre-
ferred industrial stocks than they can
on gilt edged railroad bonds. The latter,
however, are being taken TO some extent
by foreign interests who are not well
enough acquainted with our first class
shares to make permanent investments
in them. Local investors. as a rule, are
not satisfied with securities that return
from 81 to per cent, when at prevail
ing quotations there are many attractive
offerings that make a higher yield, aud
BOND houses 90 not appear W De very
enthusiastic over the outlook for an im
mediate improvement in the demand for
bonds except for issues of a semi-spec-
ulative character. One bright spot in
the bond market is found in the better
inquiry for New York City issues, which
have become more attractive as conse-
quence of the elimination of Tammany
Hall from the government OF this mu-
nicipality. There is no inquiry for gov
ernrnent bonds The banks are not buy
ing the . per cents. owing to the uncer-
tainty as to what Congress will do in the
matter Of regulating the tax on bank
note circulation