The daily morning journal and courier., 1906-09-15

It's Shares Traded In--CoaIers Were All strong--A Very Irregular Market and Money Up to 9 Per Cent.-More
 Gold Taken--The Days Gossip.
 Reading woke up yesterday by sky rocket performance. Over half a mil lion of its shares were traded in, and the stock rose to 149, and made net gain of seven points.
 Yesterdays market was very irreg- ular one. A few selected stocks were prodded up, all new speculative fayor- ties of the month.
 The highest prices were made in the last hour, after brief reaction, when prot1t-takirg on the heavy rise prevt- ously had sent the market down a bit. Altogether it was quite an enthusiastic bull session, with little more breadth of action than has been shown recent ly
 As a whole it was the shares of the coal roads, and those included in the Pennsylvania group, that commanded most attention. Some of the recent leaders, like Union Pacific and South ern Pacific, were secondary in impor- tanoe.
 One report circulated, in connection with the sharp rise in Reading was that Lake Shore was buying back It's old holdings. There was no confirmation of this story obtainable here or in Philadelphia, but the report had a great deal of influence in the late rise.
 The annual report of the Missouri, Kansas and Texas for the year ended June 30 last, published yesterday, shows an increase in the years gross earnings of $1,118,O5O; expenses, $421, S62; net earnings, $696,1 In the report the management congratulates the stock holders upon the company's ability to begin dividend payments upon its pre- ferred issue and upon the excellent credit of the company, which enabled it to dispose of $10,00O,0OO general mort gage bonds upon satisfactory terms. Big advances in United States Rub Der common, Distilers Securities and American Cotton Oil, of the low-priced non-dividend payers, represented some very active manipulation. Ice Secur- ttes made new high record.
 Much of the strength in yesterday s stock market was based on expecta- tions of strong bank return to-day. With a $15,000,000 gain from the treas ury, as a result of the $1790O0O0 ad- vances on gold imports, and reports of relatively small interior shipments by the leading banks, it was argued that fhop do up, with comfortable surplus besides. Union Pacific was disappointment to those who bought 1t late Thursday on the expectation that at least part of the dividend would be made up yester- day The stock closed yesterday at 199 3-4, with the per cent dividend on, and opened ex-dividend yesterday morning at 189, advanced to 1S9 1-2 but while the rest of the market was strong the price gradually sagged off to 1SS 7-S It closed weak.
 Those who bought Baltimore and Ohio when it went above 124 recently and then saw 1t get down under 11G were pleased at yesterdays rise co-in- cident with that in Reading. From the action of the stock it looked as though announcement of its sale of B. & O. was to facilitate further liquidation.
 The early buying of Reading and Baltimore and Ohio shares revived stories of the deal whereby Reading was to acquire Pennsylvania's discard ed Baltimore and Ohio holdings.
 vigorous speculative movement ir Rubber common has developed out ot the news of a profitable foreign branch being established. There has been some possibility of a dividend on the stock for year.
 Tn spite of the rosy predictions as tC easy money it was reported on the stock exchange that the big interests had called a halt, and would not allow a resumption of the ballooning process on such scale as to give the marke very soon again another spasm of 4 per cent. money.
 The movement in D. & H. was one of those speculative ventures in high priced shares which are always diff1cul to analyze They may mean a goot deal in the way of developments.
 A51-2 point advance in Delaware anC Hudson, usually an inactive stock, ant point rise in Reading up to o'clock started humors that genera upward movement in the coalers wal about to take place
 Day after day the market gives nor signs of being limited to trading pos abilities. The average price move ments are small, there is no particula leadership.
 Any one who bought Rubber Thurs day around 51 1-2, on rumors that new connections had been made for making rubber out of Congo cactus, had req son to felicitate himself this morning when he found in the morning papers that among his partners in the alleged new rubber combination to be formed were King Leopold of Belgium, Tholna r Ryan, John D. Rockefeller and son Senator Aldrlch and Daniel Guggen helm.
 Even Sugar stock went up, thougl trade authorities are frank in sayini that the revolution will mean big losse to the Havemeyer concern.