Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-22
BULLS AND BEARS


cinc is understood IN certain well informed
quarters to have designs or plans for ex-
tension of its influence. at least In the ter
rttory OF the southern lines. A report was
current yesterday afternoon that the Rail-
way Securities Company would retire S.
OO0OO0 per cent collateral trust certiff-
Gates. secured by 5000 shares Of Illionis
Central stock, which. 1t was alleged. had
been sold to Union Pacific interests, but
this was authoritatively denied. Concern
ing the report leading interests In the Rail-
way Securities Company said last night:
THE Railway Securities Company does
not contemplate the retirement OF Its col
lateral trust certificates. neither has It sold
to Union Pacific or any other interests the
$1,000 shares Of Illinois Central stock which
1t holds. No such transfer Of stock is con-
templated."
II is said that the United States Steel
Corporation has orders for more than
5.OOO.OOO tons on it's books compared with
4.s29.6o5 tons on June 30.
X
Reports are current that the Standard
Trust Company Is concerned in negotia-
tons which have for their purpose the I'M
derwriting of $4.O14,OOO prior lien 5 per
cent mortgage bonds Of the Tennessee Gen.
FOR an issue of per cent collateral trust
notes amounting to $3.345.OOO, redeemable
on thirty days call at 1O2h and interest
PERSONS interested in these negotia lions say
shat they are stu in a tentative stage. The
financing OF the bond issue is said how
ever to have some connection with the sale
OF the Tennessee Central to one of the
southwestern roads.
a. X =
The National Enameling and STAINING
n hrlil ut
erty adjoining its present works at Laurel
Hill. town of Newtown, a four-story brick
factory building. 42O feet by $50 feet, to
cost over $4,000. and to be equipped with
the latest up-to-date machinery. Its man.
ufactory in Brooklyn will be abandoned on
completion of the new works.
readings rapid advance this morning
Drought out no confirmation Of the story
current late yesterday afternoon that the
New York Central and PENNSYLVANIA were
10 issue collateral bond secured by the
deposit OF Reading and Lehigh Valley
stocks and possibly Ontario and Western
nor did any other explanation appear that
was more satisfactory than the extent of
the short interest in the market and the
ease with which prices could be advanced.
Reading opened at 1855 today. up a half
ana on large transactions sold up to 1891,
IN the first hour. One firm, conspicuously
identlfied with the bull campaign in the
StoIn iaS' year. LOOK very large quantity
today. Room traders helped the rise. Early
IN the second hour the price reacted quite
Sharply. and about the only other promi-
nent issues to show aggressive strength
while Reading was making its advance
were Erie and Pennsylvania.
Leh1gh Valley was active and strong in
Philadelphia. but did not come within two
points OF its recent high figure. The story
or coiiateral bond issue against anthra-
cite stocks not only meets with complete
lack Of confirmat ton but with denials.
1t was greeted with general skepticism
when it appeared. because the prevailing
ldea In wall street is that the present is
not a propitiouS time for combinations
against which the federal laws might be
invoked.
There was good opinion that the way In
which Reading was bought up today was
intended to facilitate distribution elsewhere
or to offset the dolefnl markets abroad.
which were weighed down with pessimism
over the outlook for peace between Japan
and Russia. The scarcity Of the stock and
the size OF the short interest facilitated the
bulge and il the news in any way affected
the short position throughout the list the
market Is structurally stronger than a good
many persons have supposed. Anything like
accurate Information about the size of the
short interest Is hard to obtain, but all the
indications are that it is one OF unwieldly
magnitude
The record price levels which have been
attained has tempted short selling for de-
cline OF even part Of the proportions of the
great slump of 1903, a fact that was point
ed out here recently. 1t appears now that
good part OF the so-called public is short
of stocks which are now MANY points
against the sellers, and the difficulty of
borrowing increases every day. A stock
exchange member tried this morning to
borrow for customer 1900 shares of a
stock OF which there is very large amount
issued, but had to turn the job over to a
board member who makes a speciality Of
such operations.