The daily morning journal and courier., 1906-01-23
STOCK MARKET FEATURES
BULLS STILL TRIUMPHANT
 WITH NEW RECORDS

BULLS STILL TRIUMPHANT
 WITH NEW RECORDS 4 Quiet Opening Followed by Strong Market-St. Paul, Reading and r. Were Features--Beginning to Have Fears as to Winter Wheat-The
 Shorts in Reading-The Absorption of Bonds--DeIaware GS Hudson's New "Rights."
 The quiet opening of yesterday was followed by bullish activity, and St. Paul, Reading and Southern Pacific were strong. There was continued profit taking on a large scale by pools, but there was also large ab- sorptlon by the so-called public, which in many cases means also the lambs. A crippled wire service to Chicago, where Sleet sorm was raging, ac~ countd in part for the mornings list 1essness. The big activity came later in the day with rising prices
 The total transactions were $1,700,- GOO shares
 The early sharp rise in St. Paul had much the appearance of manipulative move for the purpose of sustaining the general market
 Quite an amount of American stocks were sold for London
 Exchange rose to near the gold ex- porting point, but no exports are im- minent.
 yesterday, which reflects fear that is beginning to spread that the winter wheat crop will be seriously damaged by the remarkable character of the weather. Just after mild spell comes a bad freeze and storms It is yet too this feature of the general situation. Meanwhile Europe Is buying what wheat we have to sell.
 Reading at it's present high price is The floating supply of the stock is small, making it easy to manipulate.
 In spite of the repeated "squeezes'' of short sellers in Reading, such sell ing. has continued, on the theory that such movement must eliminate in a violent break
 Locomotive common was weak on the failure to announce dividend on the stock. Last week the tip was to buy 1t for 80. Yesterday 1t sold under 75.
 A feature of the last several days has been the absorption of medium priced bonds yielding per cent or moreon the purchase price In fact, brokers who have good opportunity to observe changes in ownership de- ting out of high-priced stocks and putting their money into bonds. Bond sales cover wide range, and there is activity in many different ones.
 St. Paul sold nearly 3 points higher than during Saturdays violent uprush With an advance of about 10 points in less than a week, there has been to- tai of only about 150,000 shares dealt in. The stock Is exceedingly scarce. The limited speculative supply oper- ates against any broad market move- ments in it. When Mr. Hill and MT. Morgan were trying to get control of the St. Paul some years ago it sold closeto 190 a share, and year later it touched 1884. It is now believed that 1t will get above 200 on this move- ment.
 Photographic communication between Chicago and the east was cut off at 9:35 a. in., and except for few min utes at noon the blockade continued tion of telegraphic service caused great inconvenience to the various ex- changes of this city, and especially to Wall street brokers.
 The activity in. Union Pacific has given place to activity in Southern Pa cific. Many thin kthat U. P. has about dis counted it's probable increase of dividend At any rate, U. P. is taking a rest. s. F. has been dead for a long time, comparatively, and now bull talk on that stock Is heard.
 The recent rise of 34 points in Fed eral Smelting common to 199 which was higher than American Smelling rules at, was accompanied bya renew al of the report that the stock of the former company is being absorbed by 1atfnr fnr thp Of hr3 if1o about a merger of the two concerns.
 A good many stocks seemed to be pressing on the market. This the bulls did not relish.
 was reported that there Is consider erable short interest still outstanding there.
 Arbitrage- houses sold about 30,0OO on balance. The settlement shows large account in American stocks and a bear account in Anaconda.
 With yesterdays further engagement of $S50,000 gold for MexiLv, the move ment to that country is assuming in- teresting proportions. Sincethe move ment set In the last week of Novem- Der $5, 5,S50,000 has been taken from this center, and the negotiations under way indicate that fully as much more may be sent.
 Not very much response was made by the Kansas & Texas shares to the
 
 pavethe way to dividends on the pre- ferred. The rights were quoted at l. DELAWARE AND HUDSON RIGHTS. Improvements Calling for s14,OOO, 900
 With $4 Rights to Shareholders.
 New York Jan. 22.-The Delaware & Hudson Go. announced to-day that the proceeds of the forthcoming issue of .$14 100000 of bonds by y the company poses:
 Traction Co. of Albany, N. Y, and a half interest in the Schenectady Rail road company.
 $2, 400, 900 for new equipment.
 S1,6O0,0Uv for the constl action of 8 cut of around Wilkesbarre, Penn, to overcome the difficulties of cohgested tracks and high grades, under which business received from the Pennsyl- vania railroad at South Wilkesbarre is being handled