The Montgomery advertiser., 1905-01-20
WALL STREET REVIEW
MOVEMENT OF PRICES IS HESITATING
 AND IRREGULAR.
Violent Rise in Reading Has Not the Ex- pected Effect of Causing Gains In
 Other Securities-(30od
 Demand for Bonds.

New York, Jan. 19.-Transactions on the Stock Exchange were not as large as yes terday, but sales reached about the million mark and the less congested dealings in Reading sufficiently accounted for the transaction in the total.
 The movement of prices was hesitating and irregular, the level fluctuating in both directions during the day. The violent ao- vance in Reading instead of proving an in- citement to the buying of the stock else where developed into a positively deterrent factor. The rocket-like rise in that stock to above 90 in the first hour proved wet blanket to speculative enthusiasm and the upward course which prices hal taken at the opening was reversed. When Reading was let back and quieted somewhat pricas were pushed upwards at some other, points and efforts made to revive the animation of the market.
 It was diligently sought to convey the impression that the excited ;ise in Reading was due to its heavy earnings and tho high ly prosperous condition of ;he ar,hracite trade rather than to any large outstanding short interest or to any danger of a corner in the stock as feared yesterday. Rumor continued very busy with assertions of a short interest in the stock which was in dis tress. There was much conjecture as to It's identity. At the same time the way in which the prosperity of the anthracite trade and the great earnings by the coalers were enlarged upon made a diversion of the spec ulation into the other coalers the eas'est recourse for the market leaders.
 The movement turned first Into Ontario & Western and then. Into the Efies.A Ontario Western had the additional advantage of rumors that the minority holders would be dealt with favorabiy by the newly dominant New Haven control
 Amalgamated Copper enjoyed an early ad- vance on the strength of the increase Tn the dividend disbursement by a subsidiary company and the expectation of correspond ing action by it's own directors during the day. But the speculation in the stock proved unusually quiet for day set apart for dividend action and 1t was under pres- sure on reactions with the rest of the mar ket. Besides the Inisgivings aroused by the fears of trouble amongst a short inter- est in Reading, the. threatened strike of trainmen on the Pennsylvania caused an undertone of anxiety through the whole market.
 The industrial situation has been singu- larly free from labor disturbances for some aroused feeling of anxiety ~. to its pos7 sible spread, The -eport during the day of the progress of the conference on the sub ject were followed with keen interest. Rail- road earnings for the second week in Jan uary which came to hand failed to show the same rate of increase over those of last year which has been the rule in the recent past, thus confirming the views of traffic of- ficials that c midwinter lull had occurred in trade activity. Talk of disputes over Vest ern and Southwestern grain rates also re- ceived attention.
 Brooklyn Transit weakened on the report submitted to the State Railroad Commission concerning the large outlay which would be required to secure the effective operation of the system This movement and pres sure against Reading and Amalgamated Cop per helped to make the closing easy.
 There was broad and active demand for bonds of practically all grlles and tn, course of prices was generally upwards. To- tai safes bar Nalie, $s o05, poo. United Stares bonds were all unchanged on the last call.