The daily morning journal and courier., 1906-09-19
STOCK MARKET FEATURES
4 FEVERISH ACTIVITY AND WEAKNESS AT CLOSE.
High Money Rates Created Perturbation -B. X o. Deal Depreciation and Yesterday-The Days Gossip.

Reading Misunderstanding the Star Yesterday--The Days Gossip.
 The stock market was quite feverish yesterday. There was considerable perturbation over the continuance of high money rates while there was alarm over the B. & 0. deal.
 Call loans were again very high con- sidering the volume of relief that has been secured in the way of gold im- ports, and the improved condition of the banks. And there is not the least sign of a let up in the rates for time money.
 Last winter one operator was conn pelled, it was alleged, to cover con- tracts on 100000 Reading shares. Yes terday fresh rumors were current that in the separation of railroad and coal interests Reading stockholders will get . rights worth anywhere from 50 to 80 per cent. Few people believed this.
 In addition to the tight money, fac- tor preventing any great market en- thusiasm was the news that the Union Pacific interests have secured control of that portion of the Baltimore & Ohio until recently held in the treasury of the Pennsylvania railroad.
 If Hartman interests coincide with Pennsy's then all is well, but if not then the new deal is considered threat ening to railroad peace. Another view is that the new deal means trouble for tine Gould through lines to the Pacific, when they are completed two years from now. Some of the Pennsylvania shareholders expressed their dissatis- faction with the deal by selling their stock.
 A shrewd guess is as follows: The financing of U. F. and B. & O. deal of this magnitude will require at least $1OO0OO,0O0. That is the amount of the unissued Union Pacific preferred stock, It would be unreasonable to expect the Chicago and Northwestern to be a party with the Union Pacific to the purchase It, too has $10O,O00,000 au- thorized, but unissued stock.
 Reading was the star performer again yesterday. One story was that per cent. dividend would be declar- ed tomorrow, while the big jump in the second preferred brought out the story that has been dead for a long time of a retirement of 1t in favor of the common. Over 500,0O0 shares of Reading were dealt in.
 After Reading had been run up to 153 S-S, it sold off under free offerings to 151~ IA. Then it was rallied again sharply to still higher price by early in the afternoon. The complete con- trol of the stock by the clicque has been apparent fir long time
 Another squeeze in moneyis looked for by the first of Octber.
 The call for a meeting to vote upon an increase in Tennessee Coal common stock from $3O,OO0,OOO to $50, O0O, was withut any effect on the market value of this issue. There were no sales.
 Erie common will cross the preferred stocks if 1t keeps on moving. It sold well above 49 yesterday, and all in the first ten minutes of trading. Ulman Brothers bought 10000 shares then
 The Locomotive pool was under full steam Since the annual report was published the stock has gone up 6 points, and is now near the previous high record.
 When money advanced to g per cent a good deal of the large out-of-town funds which have been held for higher rates was received, and this soon brought down the quotation to and { per cent.
 Very good selling was detected through the list, especially in the liar riman shares, United States Steel ant the members of the Hartman group.
 Seven per cent. money at the opening excited some discussion as to the req need of treasry relief to the money market. The feeling prevailed in some do nothing immediately.
 The annual report of the "Soo" roat shows 20 per cent. earned on the com mon against 7 1-2 last year. But tn, stock dropped 4 points yesterday.
 American Ice reached SS In the aft ernoon, a new high record. The stead, rise in this stock has mystified tn street. The pool in the stock is strong one, and has perfect control 0 it.
 Predictions are very strong for wild speculation this fall in all sorts c copper and gold mining shares. Jus now the coppers have the lead. Tn street is flooded with tips on stock that most people never heard of.
 The sharp rise in Reading in tn afternoon seemed to have a depressin effect on other stocks, fears being CT tertained that there would be Q repet tion of last winter, when other stock broke sharply as Reading declined i successive sharp falls from l64, aftt the shorts had been driven in.
 Steel preferred looked very stron for while, but it soon lost groun when the common commenced to reac Gossip in the street was to the effet that the Morgan interests were pet ding out the common.
 In the Philadelphia market yesterds the advance in Reading common ; New York was followed by an adyanC of Lehigh Valley in this market, but ( the rise there was an effort to unloa by the pool, which proved unsucces. ful, and on any offering the stoC quickly fell off. Lake Superior corpo, ation continued heavy, and went dow to r 1-s.
 The weather bureau at Washingto Issued a summary at noon yesterda, reviewing the weather conditions in u crop country of the United States du Ing the past year. It was in the ma
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