Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-20
Speculative Activity Marked
Dealings Today.
HEAVY PROFlI-TAklNG
Firmness of Prices Indicated Strong
Bullish Sentiment.
Striking Advance in United States
Steel, st. Paul, Reading and
Anaconda.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 0.-Speculative
activity continued today with very much
the same fervor that characterized the deal
ings in yesterdays stock market There
was decidedly heavy prof1t-taking move
ment, which was. to be sure. a normal de-
velopment. considering the rapidity with
which advances have been made in the last
twenty-four hours. and considering the
breadth as well as the strength of the mar
ket. That stocks are to large extent bull
ing themselves, to use characteristic Wall
street phrase, would seem to be indicated
by the steadily maintained large volumes,
by the firmness of prices and by the alb
sence of news and information calculated to
provide fuel for the speculative fire.
Manipulation is undoubtedly an aggres-
sive factor. but there is plainly growing up
a public appetite for securities. to which
must be attributed much of the wonderful
absorptive capacity which the market has
displayed this week. This capacity was
pretty well tested again this morning with
the sole result, however. OF causing more
comment on the generally eager way in
which stocks were taken.
The market opened very strong with
striking advances in the United States Steel
stocks. especially the preferred In ST. Paul,
Reading and Anaconda. Union Pacific adj
NdItCeu dbONe last night close, D1I Tor the
greater part OF the session moved over
about the same price range as yesterday,
the quantity of stock offering for sale being
very large. Pennsylvania was a feature of
strength, but there were all-around recess
sions in the first hour after the advances
scored on the initial dealings. Subsequently
and prior to the appearance of the bank
statement the price movement became
rather irregular
The Bank Statement
The preliminary forecasts of the bank
statement were rather confusing in view of
the known movements of money, for some
OF the forecasters limited darkIy at such
large increases In loans and deposits that
despite the indicated large cash gain the
statement would not be wholly satisfactory
In the half hour just preceding the issuance
of the bank statement a generally saggiug
tendency manifested itself throughout the
market.
Trading fell off so that about the middle
of the second hour when the bank state
Hent appeared, there was almost nothing
doing.
The course of the market seemed to be
rather well justified by the bank exhibit,
which was quite as dubious as the prelifu-
mary forecasts had made il. It showed an
increase of only 1885, 925 in surplus re-
serves, despite cash increase of Sill $685.,
Ie. Loans increased $40 $50 800 and de-
posTtS increased SO 163. 10O.- In respect to
the changes in loans, cash and deposits the
statement made pretty good balance. AS
a result Of the various charges the banks
now hold in excess of the lawful require
ments Sic, 764, $40, against S23 1913 500 in the
corresponding week last year and S26o72-
6I5 two years ago. The gain in cash was
Just about that shown by the known move
ments of money as they were compiled yes
terday afternoon. The increase in loans
might presumably be accounted for by the
extensive speculation during the week
After the statement came out, activity in
the market increased and pressure was re-
newed, but 1t is doubtful If the selling then
or earlier in the morning was much more
than an evening up stock market commit
ments for the week.