The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-01-29
STOCK MARKET
IN CHAOTIC STATE
Periods Of Marked Weakness
Were Followed By Others of
Pronounced Strength.
IRREGULAR OPENING MONDAY
OPENING MONDAY
Close of Trading On Saturday
Showed Underlying Strength
arpi Many Advances.
tspecia, 10 Tho Times-pispa,ch.)

- --------
Especial TO Tho Times Dispatch)
NEW YORK, January 2s.--Tlie stocs
market during tho past week has been
marked by great fcverishncss and ire
guarity, with periods OF marked weakness
succeeded by others Of pronounced
strength In rapid succession. In the carly
part of the week the market continued
its upward tendency with Il further trc-
mcndouB advance in Reading. and new
high records were made in many quarters.
The rapid rise in Reading was. In fact.
ono of tic causes of the Subsequent
weakness. as 1t WAS so rapid and so pro-
longed as TO give rise TO apprehension that
81 corner might rcsLlt. Just at the time
this rise was eliminating very heavy sell
ing started in Amaignmated Copper. and
on this selling the entire list broke sharp
ly II subsequently, rallied, then turned
weak again, making, for tho most part.
the lowest prices on the second uccllne
from which fair sized rally took place.
Although general liquidation was rather
large, heavy pressure was only cverted
In few of the active stocks which re-
Gently have had very big advances. Ike
Amalganatcd Copper. Reading. and
Union Pacific and in some OF the special
ties which had been advanced too rapid
ly.
Tho generally active railrond list was
we'll bought on the decline and this was
notably SO in the Pennsylvania group.
Norfolk and Western, Chesapeake and
Ohio Baltimore and Ohio and Southern
Railway. all making new high records
on this movement.
The opening ON Monday was rather IT.
regular. but the market displayed con-
siderable strength in certain quarters.
fa,t 1,,th n1,
realizing was reported In Il number of
issues and the general list at times had
weak appearance.
Recoveries at first lacked snap but
upward movements in particular Issues
helped the general tone Of the market.
In the early afternoon the Pennsylvania
group was In good demand, and activity
Mt this time WAS generally confined TO
the railroad quarter. Under cover OF this
strength. however. there were indications
of realizing in other departments and m
the last half hour considerable weakness
developed In the general list. There were
Irregular rccovcrics In the last few
minutes but final prices were Mt net
losses for the day.
There was decided weakness in sc.ne
OF the leading stocks on Tuesday. hut
the market was highly Irregular from
start to finish. and many issues were
advanced during the course of the trad
ing. The selling pressure was greatest
in Amagamated Copper. Reading and
Union Pacific, although the latter issue
enjoyed n recovery III tho afternoon which
carried the price above Mondays closing.
Amalgamatcd Copper rallied only fcebly.
and there were apparently liberal Of
ferings on tho advance. Colorado Fuel
and Iron was a feature of strength, maxi
Ing an advance Of about eight points
from the early low price. Denyer and
u
advanced materially on heavy transact
tons, and a few other issues among the
low-priced group were in good demand
nj different times during the day. The
tone at the close was firm. although
iruch or the buying at this time was
thought to be for short account
Wednesdays market was decidedly
strong, and material advances were re-
corded in many issues. Many OF Tues
days sellers we're reported sas buyers
OF stocks on Wednesday, and scner-
ally bullsh sentiment was in evidence
The market presented n different scene
in the afternoon. however. y vigorous
attack on Union Pacific developed into
general selling movement. and in most
issues prices broke quite rapidly before
the session closed. There was no news
10 account for the setback. but quota
tions gave way easily under the heavy
offerings, and the final figures were The
lowest of the day.
There was further heavy realizing on
Thursday. and prices at times were de-
cIdedly weak. Special pressure was
noted in Union Pacific and Reading, and
these issues were about the weakest Of
the general list. and had depressing
effect upon the sentiment OF the market.
Many of the lowest prices were made by
the uncoverinS of stop orders, and at
these points some support was in cvi-
dcnce.
Rallies ut first were feeble, but Il sub
stantial recovery III the last half-hour
on large buying orders closed most stocks
above the final figures OF the previous
day.
The stock market was less active Sri
day, and prices moved with comparative
~ narrow limits. There was further
liquidation in Reading, in the early
trading and this had an unfavorable In
fluence In other directions, but there was
evidence of II fair demand for stocks on
the fractional rccessions. On the other
hand, the rallies met with considerable
offerings, and there was little distinct
trend to the general course of prices.
The closing was quiet and at u free
tional advance.
The early trading on Saturday was UNI
Interesting. hut with II good deal of un-
derlying strength and many advances
throughout tho list, Amalgamated Cop
per, Baltimore and Ohio and the Steel
stocks among the active issues being
especially strong. Very little interest
was shown in the proceedings until the
appearance of. tho weekly bank state
ment This was II much less favorable
document than had been anticipated
showing Il slight decrease In surplus re-
serves, while Il big increase had been
expected.
For fully ten minutes after It's publi-
cation tho market failed to reflect it's
favorable character but In tho last
twenty minutes II selling movement set
It, the entire list declined sharply under
the lead of Reading, which again showed
big break, The pressure IN some stocks