The evening world., 1905-11-27
M4LLNZREE
Nov. q.

IL Is a strong ana a peculiar market.
Full OF surprises, quick turns and wide
fluctuations. Prices steadily rushing
upward in the face OF stern discourage
ments Of the part OF the bankers and
some OF the biggest security holders,
The trading to-day was heavier and
more enthusiastic than on any OF the
stirring days OF last week. The pool
managers worked like beavers to enlist
the cooperation Of outside spectators
and the increased activity Of the prin.
cipal pool stocks indicated that these
efforts were not wholly fruitless,
Amalgamated Copper was the centre OF
a speculative whirlwind in the first
hour, advancing 2 points on enormous
transactions, Reading and SHELTERS
showed no abatement In their spirited
race for higher records, and the local
fractions, with Metropolitan in the lead,
widened out into a broader speculative
field.
Some idea OF the furious pace OF the
that nearly 100000 shares OF stocks
we're sold In the two first hours. one
Of the fever spots Of speculation was
Tennessee Coal and Iron, which fluctu-
ated wildly between ll2 and l22. sloss-
Sheffield shares were almost as active,
The U. s, Steel shares Joined heartily
in the speculative procession and adj
vanced In price on an extended range
OF buying. In fact the enthusiasm over
the industrial stocks became so great
that leading operators In railroad
shares showed nervousness and threw
out hints that the boom In industrials
was going so fast that II was In anger
OF smashing something. National Leads
sensational advance was generally az
tributed TO the sympathetic influence OF
the aspiring Smelters.
There continues 10 be talk OF a pos
s'ble change in the control Of the Union
Pacific Railroad. Every now and then
the character OF the trading IN TINS
stock 10 such as to convince the wise
ones" in the Stock Exchange that there
is competitive buying, II is the general
belief that the Hartman interests have
not let SO Of this property II they
can help It, and It Is also a general
belief that the Hartman intrests have
at no time owned a majority OF the
shares Of the Union Pacific stock Tie
control Is anoat, and the theory prevails
that II an a~ntagonistic interest can
raise enough money, fully one-half OF
the outstanding shares osn be oough
IN tho open market About SlbQ,oW'VW
in cold past would DO required, how
ever. for this purpose, Including the
800, ooo, 900 OF authorized, but unissued'
preferred stock the total capitalization
II the Union Pacific amounts to $780,
900, 900. The present Hartman bard OF
directors con issue this Floo,oN,m OF
preferred stock at its pleasure, and In
the event OF a serious fight for control
this power would give Hartman an ap-
parently lmpresrabls advantage.
After displaying conspicuous weak
ness Missouri Pacific stock Is gradually
working back to Its former quotation
above par. The weakness was que
partly to decreased earnings and partly
10 peTslbVeHt TulnoIs lhaN wy u'.N
would be cut down from B 10 per
Ths directors are TO meet early
next month for the purpose OF declar-
the %semi-annuAl dividend, and a
semi-oflcial declaration 10 made, with
out much reservation, that there VIII
DE no reduction In the rate. George j,
Could expresses confidence that the
earning capacity Of this system VIII IN
crease steadily under the Improved busi-
ness conditions.
III there Is no coal strike" said a
Reading bull operator, we aha!l see
much higher prices for the stocks Of
all OF the coal carrying railroads. In
the anthracite region tho output has
Increased to a remarkable extent this
year. The tonnage Of each railroad
operating In this region shows a heavy
Increase Figures have been compiled
showing that for the ten months ended
Oct. 81 the Reading system dncluding
Jersey Ontral) has carried l7,UOO,0p
&c. $4,000 tons. The increased tonnage
OF the Reading system alone for this
ton months amounts TO 1859, 900 tons.
Next 30 Reading the Lehigh Valley
shows the largest increase in Its an
thracite tonnage, and Erie is very close
behind Lehigh Valley,
The Rock Island syndicate IL still
sitting s~tubbocnly on the Rock Island
Issues, so far al, the stock market is
concerned, Judge Moore. Mr.. Leeds
and Mr., Reid, whb control Rock Island,
represented BY their speculative
following as being the most determined
bears. They do not bflleve that condl-
tons are ripe for a wholesale and last
Ing bull movement, and consequently !
are resisting the strong current which
is sweeping almost everything. except
Rock Island, INTO the seductive realm
higher prices. Mr., Moore and Dan
lei G. Reid denied to-day the rumors
that they have been sellers OF Rock
Island shares.