The Washington herald., 1909-05-13
COAL STOCKS STRONG
Market Is Irregular, with
Increased Dealings.
RISE INVITES PROFIT.TAKING
RumOrs Current that In Near Future
There VIII Be Increase in Read
ing's Dividend Rate-Western Rail-
roads show Large Earnings-DeaI-
fngs in Bonds Very Large.

New York. May I2-Iregularity was
again the striking characteristic OF stock
exchange transactions to-day, coupled,
however, with an increase in the volume
Of dealings and the maintenance Of a
generally stronger underUone taking the
market from its beginning to its end
The market opened. as most people ex-
pected. with a renewal OF yesterday :
cutbUrst OF strength IN the anthracite
stocks. the Reading and the Delaware and
Hudson shares being the leaders. These
two stocks advanced over TWO and six
points, respectively, and while proper
tionate gains were not shown in other
issues Yet the market. as a unit. was
u1QUestionabIy buoyant and betokened
at least a considerable buying back Of
stock sold yesterday for the decline by
SPECTATORS
The extreme rise in the hard coal stocks
naturally invited proft-taking, and be-
fore midday the market receded some
what Statements. as unoflciany made
BY parties concerned, were entirely 10
the effect that no immediate announce
nent was likely regarding any plans sf-
sequence OF the decision OF the Supreme
Court in the commodities clause cases.
Talk Of Increased Rate.
N the current week. however. there
has been more talk than there has been
st any previous time this year OF an
Increase in the near future In the Read
ing company's dividend rate The man
sgement OF the company has long been
very conservative in this regard, but
rightly or wrongly, as the case may be
. the rank and file Of habitual buyers and
sellers OF stocks in Wall street are in
clined 10 the opinion that dividend pay
ments on Reading viii be larger z little
time later on than they are now
Another stock whose strength affected
the general market favOTably this morn
Ing was Union Pacific. which rallied, in
way 70 turn the ideas Of a good many
market operators 10 the conclusion that
the dullness Of the stock recently has
been due 10 the execution Of a process OF
accumulation rather than Of distribution.
Union Pacific stock declined as quickly
as any other issue when the market re-
ceded after the first two hours trading.
but this must be said OF the stock, that
Il distribution has really been at work
II II The security is maintaining itself al
surprisingly high level IN view OF the
fact
No HeavfnesE shown.
The probabilities 90 not seem strong
that a large block OF the stock could
have been marketed without pressing
with greater heaviness than Il has done
upon the price Of the issue.
Toward the close Of The day the stock
market again strengthened. and became
more active under the stimulating inf1u-
enCe. apparently OF large buying Of all
TIE Rock Island issues, particularly Rock
Island common stock. and the Chicago.
Rock Island and Pacific 4 per cent col
lateral trust bonds Dealings in these
bonds were larger than they have been
On any single day IN the present year.
No further reason for the movement ap-
peared on the surface. beyond those that
have long been matters OF public knowl-
edgs regarding the affairs Of The Rock
Island Company Il IS said however. that
aside from the improvements in the com
psay's prospects. due 70 the successful
s.. Louis and san Francisco financing
arrangements, the earnings Of the com
pany are in common with those Of the
other leading Western railroad organize
tons showing large increases.