Evening star., 1909-06-07
UNDERTONE IS FIRM
Heavy Profit-ReaIizing Failed
to Impress Market.
HIGHER FIGURES REACHED
Transactions, However, in Consid-
erably Reduced Volume.
SOME STRIKING ADVANCES
Dealings Remarkably Free From
Signs Of Manipulation-Spirited
Rise in Reading.
HIGHER FIGURES REACHED
SOME STRIKING ADVANCES
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. June 7-Considered In re-
lation to and in connection with the stock
market of last week. today's dealings In
securities gave a fairly creditable &C
count of themselves. Transactions were,
indeed, in considerably reduced volume,
and the movements in prices were all
the time more or less irregular, but, not
withstanding the fact that heavy profit
realizing sales were almost continuously
in prdsress, the market preserved firm
undertone and most of the more striking
movements in prices were toward higher
figures.
Little happened over Sunday calculated
to impress speculative sentiment very
strongly In one direction or another. 1t
was doubtless the case that the irregular
tendencies of the market in last weeks
closing dealings served of themselves to
induce profit-taking sales this morning,
and despite the rather striking advances
which took place in a number of stocks,
the dealings were remarkably free from
signs of manipulation, and In fact 1t
seemed to be the case that the market
at large and particular securities were
left pretty much to take care of them
selves.
The American department Of the Lon
don stock market was characterized by
fairly cheerful tone. and otherwise price
movements there were without signif-
cance except for further rise in the
copper stocks. Foreign houses were buy
ers here to the extent of about 15,0pO
shares.
Commodity Market Quiet.
Money market and foreign exchange
conditions showed no alterations of suf
fcient importance as to affect the prices
of securities and the commodity markets
were quiet in comparison with the tend
encies recently exhibited.
In view Of the somewhat featureless
general situation, there was disposition
evident to accord a greater amount of at
tention to the movements in particular
stocks.
Thus. in the railway list a spirited rise
in Reading attracted great deal of at
teItion and the movement there was ac
companied by reports, somewhat indefinite,
TO be sure, that some important announce
ment relating to the relative status OF
these securities and their ultimate dis
position would be forthcoming this week.
Other Strong Features.
Attention was called to the commonly
overlooked or forgotten circumstances
first and second preferred shares of the
Reading company may be retired at par.
and such transaction would. of course.
vastly enhance the equities of the COM
mon stock in the trust estate.
The fact that the second preferred may
be retired through an exchange in equal
proportions for the first preferred and
the common has long been a matter of
general knowledge and discussion.
Other strong features of the railway
list were the Wabash stocks. L. & N.
Norfolk and Western, Illinois Central
Atchison and B. & o. Union and South
ern Pacific moved irregulary, although
large transactions were again conducted
in both issues.
For the most part. however. little real
news or novel gossip accompanied the
dealings In the railway list.
Local fractions Steady.
The local traction shares were steady
and somewhat more active of late, with
Brooklyn Rapid Transit showing some of
the customary summer Monday anima-
tion. The tendency to realize profits re-
ferred to above was clearly exhibited In
the L. s. Steel shares although the re-
sultant declines In those issues were by
no means extensive and might In fact
be properly designated as inconsiderab ble
The Republic Iron and Steel shares en-
joyed a very vigorous rise, which was re-
tanned in large measure. and the move
ment was based upon the assumption
that the company will maintain dividend
distributions upon the basis fixed last
week until the accumulated dividends on
the preferred stock shall have been dis
posed of.
Other striking movements in this quar-
ter Of the market were noted in Western
Union, American Aelegraph and Tele-
phone and American Cotton Oil. In view
of the near approach of the dividend dec
laration on Western Union. the rise in
that stock was naturally accompanied by
rumors as to a possible increase In the