The daily morning journal and courier., 1905-11-23
STOCK MARKET FEATURES
BIG TRANSACTIONS AND SOME
 EXCITEMENT.

Brooklyn Rapid Transit a Big Feature
 Rose to 9I4z-Liquidation in Ger
 tain Lines of stOck-Anaeonda-C
 tOn-st Paurs Extension, Etc.
 'The volume of transactions on the stock market was big yesterday, reach ing over million and a half of shares the exact number being 1,545, ,912-a good days work. even if some sales were wash sales.
 Some of the representative shares were quite heavy, while Brooklyn Rap Id Transit was soaring.
 Amalgamated early in the afternoon was more than 2 points up, while Ana conda was up more than a dozen points at l55. It sold Tuesday at 40. There was reported to be some buying of An aconda by London.
 A market of the sort that exists now, controlled by banking interests and pools, but not participated in to any extent by the public, cannot support more than a few specialties at one time.
 That the short interest had been all most entirely eliminated seemed clear from the fact that there was next to no borrowing demand. This was particu- larly the case in the industrial group, where the gains had been largest.
 There was very heavy profit-taking in the last hour, when Brooklyn Rapid Transit began to slide off, and other stocks that pools had pulled.
 The weakness of Reading appeared to be due to genuine liquidation by lead ing banking interest-some said the , pool was getting out of as much as the public would take. Erie was bid up to facilitate selling of Reading. The for mer had been weak for some days.
 The advance of nearly 20 points in Brooklyn Rapid Transit in the past ten days resembles closely similar move ments that have occurred lately in Reading and Shelters. It requires abundant capital to finance a stock market speculation of such proportions, and, as money cannot yet be considered very easy, it is assumed that the bor- rowers have unlimited credit.
 There were favorable features. The rise in Russian bonds abroad was un- checked. The dividend on Chicago Great Western preferred A stock was renewed after two years discontinu- ance. The October report of the Chi eago and Northwestern showed a gross gain of $775,00O and an increase in four months over last year of $1, 1891 ,16S.
 The feature of the days trading was the enormous buying by individual firms, several of which appeared to be doing the bulk of the business. One firm with Philadelphia branch took 5O,00O shares of Brooklyn Rapid Transit alone It also bought various other stocks-some 100000 in all This had every appearance of pool manipulation.
 There is now no doubt about the St. Paul extension to the Pacific coast. The company is practically working in the open so far as its construction opera tfon goes. The method of financing has not been. officially, discussed, but the leading feature of it is likely to be eith- CT first mortgage or convertible bond issue. . @.
 Since 1902. the St. Paul has, in reach l ing western points, used the tracks of l the Union Pacific. This traffic agree ment will end when the St. Paul exten- sion is completed. Until the St. Paul l applied through the Pacific railroad for ! the right to enter Seattle the Hartman interest refused to consider the Pacific ! coast extension seriously. i The purpose of opening Union Pacific | 1B points higher in London was to make a selling market here, as later developments showed. Although it touched 1858 abroad, it stopped here at 134$4, the opening price, with $500 shares, and the heavy selling of c. G. Gates & Co. Q2,O0O) and other western houses broke 1t under 134. About 70O,- 0O0 shares of Union Pacific have been dealt in since the stock sold last week at 130.
 In. consequence of the ginners' report and higher American prices the cotton in Liverpool opened excited and S3 to S6 points higher. Afterwards fluc- tuations were normal, and at noon vaI- ues were 32 to S3 points over Tuesdays closing quotations. The action of Pennsylvania did not indicate that it had any relation to the B. R. T. boom. It might, of course, be said that the purchase of control of the traction company would mean more stock.