The daily morning journal and courier., 1905-11-04
STOCK MARKET FEATURES
PRICES HELD WELL BUT TONE
 WAS FEVERLSH.

Reading Does Stunts Again and Climbs
 to Near I4O-Wam Street Uneasy-J.
 P. MOrgan's New Foreign Alliance
 Busy Pool Week.
 Reading did stunts again yesterday, climbing up to almost 14O. Its move ments caused wonder and some uneasi- ness, but a "corner'' is not to be ex- pected, as New York Central and Pennsylvania each hold large blocks of the stock, and would probably prevent such an untoward demonstration.
 An event of importance in the bank ing world was the announcement yes- terday that J. P. Morgan & Co. had formed an alliance with the Dresdner bank and that this was preliminary to a movement on their part to place American securities on the continent of Europe. The interest that Europe Is taking in our securities is one of the least recognized, but one of the most legitimate factors, in the maintenance of the present level of prices.
 The running up of various stocks, in- cluding Reading and the local traction shares, was generally regarded as final roundup of the bears. At the beginning of this week there was re- ported to a short interest of fully 70O, 900 shares, of which from 10000 to 100000 shares were probably in Read ing, and nearly as much in American Smelling. In the local traction shares there was said to be 100000 for short account. Interest was manifested in regard to- the names of the shorts. A well-known politician was mentioned as being the worst sufferer. He was alleged to be short of 50,O00 shares of Reading, at prices ranging from 100 to 125; also of perhaps 25,000 shares of To- cal traction stocks at around 70 to 72 for Brooklyn Rapid Transit and HIS to 120 for Metropolitan Street Railway. One estimate of the total losses of the bears in Reading and Smelling was $2,000, ,000.
 Although London bought freely of Erie that market was disposed to take profits on the rise here. It showed rather plain signs that the manipula- tion of specialties was not to it's lik- ing.
 There was good deal of profit talk ling in American Locomotive and cer- tain other much-boomed stocks. This was helped by the strength in the coalers and grangers.
 There was g. general feeling of tim idity on account of the wild movement in Reading.
 A late theory which was offered to explain the rise in Reading was that the second preferred stock is to be re- tired by exchange for an equal amount of first preferred and common, and after that the plan is to retire the first preferred, if it can be done.
 4 cotton exchange membership has been sold for $22,O0O, a new high rec ord price, and an advance over recent quotations The buyer was E. F. Hut ton & Go. Later seats rose to $23,O00 hid, with none offered under $25,0OO.
 The rise in all of the local franchise stocks and especially Metropolitan and Brooklyn Rapid Transit represented a change in election sentiment which, however, had no basis in the betting odds. It Is just as effective for poltt- icaI capital to advance these shares as to depress them.
 Call money has not touched yester- day's $ 112 per cent. rate since Mon- day. October g., It touched per cent. however son Monday, October 23.
 The relatively backward condition. of Union Pacific recently has very natur- ally given the impression that the Har- riman interests did not want it to go up. Hartman stocks have a way of disoouraging outside pool operations. Some of the minor industrials and railroad issues received good deal of attention yesterday, but no explanation offered i'll reference to them. Pool manipulation was directly responsible for the move. Railway Steel Spring and Grass Irvine were two of them.
 Duluth, South Shore, has just walked Mp It has been dormant for a long time. There is-no obvious reason, 1t is said, for the 10 point rise in two days except that the stock is cheap and is 8 minority issue.