New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-01-20
BONDS.
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock
market there were many sharp advances on a
heavy volume of business. with the chief
strength in the anthracite coal shares. notably
Reading. but the evidence of manipulation in
these issues subsequently exerted an unfavor-
able influence the rest Of the list. and as a
consequence the mornings improvement ives
lost in the greater number of issues, even Read
ing declining well under it's best price which
was o0sk There was so much Of the odor of
she Western speculative element in the Reading
operations that conservative traders became
alarmed. deciding that further dealings the
long side Of the market under the circumstances
would be unwise for the moment. at least, and
5he ordinary boardroom operator. taking his
cue from the spectators not identified with the
Eo-called Gates crowd. assumed position on
the short side of the market. The prediction
vas made IN this column yesterday morning
shat Reading would sell above 80 on the cur
rent movement, and now. although that point
has been reached, conservative advice. based
on the actual position of the stock in
Vestment does not suggest the purchase of the
ISSUE above that figure, it is selling
for all that II is worth. There was news
affecting Reading, and the enormous trading,
accompanied by violent advance, which car
Tied the price from the opening at S67s to 9Oas,
failed TO impress careful observers anything
more than a reflection of the operations Of a
powerful bull pool in the stock. Erie was also
heavily dealt in. while other leading active feat
ures were The American Smelling issues. Ameri-
Steel Foundries ATnalgamated Copper, Du-
luth. South Shore and Atlantic. St Paul. Kansas
City Southern, Ontario and Western. Pennsyl-
vanis, Rock Island. Union Pacific. the United
States Steel shares and Brooklyn Rapid Transit
Brooklyn Rapid Transit was adversely af-
Sected by the report of a State Railroad Com
missioner. who has been making special in
vestigation of the condition OF the company. his
findings showing. according 10 his opinion, that
the company is in such poor position that it
will be compelled TO spend S20,0o0.OO0 on its
property in the next three years. It may be of
interest TO those who not we'll informed re-
garding the affairs Of the Brooklyn company to
know that the Brooklyn Rapid Transit has been
spending money on its lines. and will continue
20 spend money until the road is brought to a
condition Of physical efficiency that Will result
IN g reduction of operating expenses. an increase
in income and the pa yrnent Of dividends Penn
sylvsnia naturally was not bull favoTtte in
view Of the strike talk, while Atchison sold
10 moderate extent on the report from Wash
ington that the government would bring Grim
inal proceedings against the company a re-
suit Of the Interstate Commerce Commission s
investigation of the Colorado, Fuel and Iron
reDate nalter. IN the afternoon uaolng the
uncertainty over the probable action Of the
Analgamated Copper directors the dividend
question caused considerable hesitancy through
out the list and prices were more inclined to
sell of than TO advance. Reading, for instance
which had enjoyed a maximum gain of over
3 points. closed at net gain Of only q. AS a
rule. the active shares showed net declines. The
announcement on the Amalgamated dividend
did not come until after the close Of business.
but the declaration Of an extra dividend Of y
OF per cent was received with satisfaction in
speculative circles Money remained easy, while
foreign exchange was again strong.