The daily morning journal and courier., 1905-08-25
STOCK MARKET FEATURES
READING PERFORMS NEW SKY
 SCRAPING ACT.

Reaches 125A Then Reacts Sharply
 Pennsylvania and Union Pacific
 Hfgher-Confidence as to Peace Out
 IoOk-Ne4v RumOrs as to U P. and
 Pennsy-Big Bears Reported to Have
 Covered in Readlng-successfuI Re-
 suits of "CaIIs"--A Lively Day.
 The market was very strong again in spots yesterday, but there was a very strong reaction at the close, foretaste of what may happen when the big fel- lows let go their hold and support.
 For the present the bulls still have charge.
 The markets cheerfulness was helped by the apparent failure of Russia's in- ternal 1oan and the feeling that Japan, desiring the esteem of the world, would modify her original demands, and do what she could to secure an early peace.
 Reading shot upward again, exciting great attention, and after reaching 125 S-4, reacted in short order to around 12S.
 Union Pacific reached l3S 3-S, Penn sylvania 14S. There was a rumor of comprehensive traffic arrangement be- tween U. P. and Pennsy.
 Other new high prices in the early operations were Smelling 191 3-4 and Metropolitan 1S2, while Illinois Central reached 1S0, which was withi fraction of the previous high.
 With a view to allaying apprehen- sion as to a possible corner, a we'll known operator, generally recognized as one of the principal brokers of the bull clique, offered in the afternoon to lend 100000 shares of Reading at 2 per cent. This would be sufficient evidence, it was thought, that there was no desire to establish corner.
 Wall street took it's view as to peace prospects from London and not from the press dispatches from Portsmouth.
 Hundreds of persons who had bought "calls' on Reading stock all the way from 112 to 116, most of which expired yesterday, were able to leash in'' at a handsome profit. It is not often that Such privileges net their buyers mcuh. $, Pennsylvania opened with sales of I5,00O shares at all the way from 147 1-2 to 14S.
 The weakness of Wisconsin Central was notable.
 Tn connection with the rise in Read ing. with sales of 5000 shares between 121 1-S and 122 3-S, reports were reviv- ed that several large shorts had been compelled to settle. From the fact that so much stock came out between the figures mentioned, it was thought by some that the clique had given the shorts a chance to cover in the open market, if they did so promptly, rather than force the price any higher and dis turb the remainder of the market.
 "Par for Amagarnated" was heard in several quarters yesterday morning, where the big earnings of the company are being urged as a bull argument. It is said that the company is easily earn- ing 12 per cent.
 The official price of lead was advanc- ed yesterday 25 cents 100 pounds. The improvement was stated to be due to the very large demand for the metal.
 The long stock which came out yes- terday morning seemed to be well ab- sorbed, and it was held certain by some interests that the profit taking did not come from the big holders of stocks. It is said that these interests expect a higher level for the grangers and coalers.
 Illinois Central got close early in the day to it's high record of 1SO 3-4.
 In connection with the sharp break just before the close, it was reported that one of the main bears in Reading has settled at 125, and that, in doing so, he was compelled to throw over a good many other stocks. Amalgamated Cop per and Union Pacific appeared to be two of these.
 Rumors of a pool in American Sugar Refining were heard yesterday and 160 was predicted for the stock before long. Sugar has not been one of the features lately and yet several years ago it was one of the most active stocks at nearly every session.
 sAmalgamated Copper started off very strong, but it was apparently pressed for sale, and the highest price was seen right at the opening An advance of another quarter cent. per pound in the price of crude copper was used as basis for taking profits. This brings
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