Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-16
Reading Stock Gave Spice to
the Market Today.
FAIR BUSINESS VOLUME
PRICE ADVANCED TO MORE THAN
Al POINT OVER LAST NIGHT.
Some Degree Of Animation in Few
of the Bond Issues-Tax
Handicap for Trading.

NEW YORK June 16-Readng saved
the stock market from altogether uninter-
esting dullness in todays session. Relative
activity developed in this issue early in the
second hour. and on comparatively fair
volume of business It's price was advanced
more than a point above last nights close
before the end of the third hour.
In contrast with the inertia which pre-
vailed elsewhere, this seemed really re-
markable effort. In stocks speculative at
tention was conferred on Reading but there
was fair degree of animation in some OF
the bond issues. notably the Japanese AIS.
which were dealt in at new high-record
prices.
II appears that a considerable portion Of
the bond dealings of late have been owing
To the operations of some of the room
traders. who have found that the 81 tax
was too heavy a handicap for trading in
stocks when they are 50 stagnant
Bond Business Doubled.
Business in the bond department reached
a disproportionately large total by midday
more than double the aggregate for the
same period yesterday, while for the first
two hours of the session transactions In
stocks were only about 10000 shares, or
something like two-thirds of the amount
y
day.
The opening in stocks was one of the most
HfelesS seen in years the total for the first
twenty minutes did not amount to 5000
shares, and only twenty-five Issues came
out in the first three-uuarterS of an hour.
st. Paul made its debut for the day on
9O shares at lI4i4. up Il at 1915 O'Clock.
Less than fifty stocks out OF the one hun
dred and ten ordinarily active had opened
by midday. Opening prices were somewhat
irregular. but generally declines of
trtfing amount from last nights final quo
tations There was apparent from the first
as little desire to buy stocks as there was
TO sell them
The Specialties.
Manipulative movements in specialties
continued on a small scale and the demand
for Leather certificates was attributed to
operations OF this sort. Michigan Central
was not at all unfavorably affected by the
forthcoming capital Increase, presumably
because il Is intended to get the income
bonds out of the way
Crop news and other items of domestic in
teligence were encouraging to the con-
structive side of the account, including as
they did. the announcement of the Increase
OF the Philadelphia and Erie dividend on
the common stock from to a 8 per cent
rate.
This road Is leased to the Pennsylvania
which owned about s.. 10000 of its com
mon stock on December 81 last. and the in
crease IN tHe QiNldenG itself might be re-
garded as a further indication of the Penn
sylyania policy of enlarged disbursements
to stockholders on It's various lines where
such distributions are reasonable.
Railroad Earnings.
Railroad earnings continued TO show good
business activity. which was further re-
fiecteI in the May statement OF foreign
trade. where was expected excess of
merchandise exports over imports about
S22,OVo.tr greater than for the correspond
ing month last year. although for the fiscal
year 10 May II the excess of exports was
$SS.Ot,UG less than in the year before
n 81 ghtly frmer tendency was percepti5le
in money. especially in the rate for time
loans. fact probably attributable to the
Withdrawal Of most of the trust companies
from that market for while or until their
semi-annual statements shall have been
prepared.
More or less authoritative conjecture es-
peciaIiy was in general agree nent with
favorable forecasts of tomorrows bank
statement 1t is known that some of the
cash gain and a portion of the reduction in
loans were not reflected fully in the exhibit
last Saturday.