Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-17
Uncertain Tone and Irregularlty
Marked Opening.
COAL STOCKS FEATURED
Noteworthy Advances in the Anthra-
cite Issues.
BALANCE OF MARKET WAS QUIET
A Decline in "Pennsy" and a Con-
trary Movement in Lackawanna
Occurred.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK May 17-Uncertainty of
tone and irregularity of price movements
were again the distinguishing features of
the stock market today. There was viz
tual absence Of developments of general
Importance in the news overnight. and the
days discussion was occupied mainly with
the various subjects which have been more
or less prominent for several days past.
The anthracite coal stocks were easily the
conspicuous features of the days dealings,
and noteworthy advances took place In all
OF these issues. with fairly sensational
rise In the higher-priced members of the
group. including Lackawanna. Delaware
and Hudson and New Jersey Central. Read
ing and Erie We're very heavily dealt In
and were also decidedly strong perhaps be-
cause OF reflections upon the price levels
which were quoted for Lackawanna and
Delaware and Hudson.
The exceedingly extensive advance In
Lackawanna took place upon comparative
~ small transactions, and was unaccom-
panied by any specific news or gossip. one
theory advanced to account for the course
of the stock was that on account of recent
legislation at Washington, 1t would become
necessary to organize a holding company
for the Lackawanna's coal lands, and that
there would be involved in this process the
distribution OF very valuable privileges to
the present shareholders. There was how
ever, nothing definite to be ascertained in
this respect.
While the animated rise was taking place
In the anthracite coal stocks. the market in
general showed no well defined tone, but oD-
servers of the dealings reported marked
scarcity In the offerings of stocks.
A Decline In "Pennsy"
The first evidences of any real pressure
appeared In Pennsylvania stock, which de-
clined rather abruptly over one point. and
the liquidation IN that instance had a de-
pressing effect upon the remainder of the
market. leading to quite a general reac-
ton. in which, however, the anthracite
coal shares continued to exhibit great COM
parative strength.
The decline in Pennsylvania was attrib-
uted to various causes, according to ind-
viduai points Of view. The disclosures in
this mornings newspapers, which were
made In the investigation of the company's
affairs conducted by the interstate COM
merce commission. created an unpleasant
impression particularly as they were ac-
companied by rumors that the president of
the corporation might, in consequence ten
der his resignation. Other rumors to the
eject that the company would within a
short space OF time make another appear
ance In the money market were current.
ana were not altogether out of line with
recent limitations.
The decline in Pennsylvania as was the
case with the contrary movement in Lack
awanna. took place on comparatively small
transactions. a circumstance which was re-
Earded as somewhat significant from the
technical market viewpoint
Railway List Inactive
In other respects transactions In the rail-
way list were devoid of much interest The
Missouri, Kansas and Texas issues and
the Gould group OF stocks were relatively
firm. although inactive. Transactions in,
the Industrial and miscellaneous issues
were characterized by the same general
tendencies that marked those elsewhere In
the market.