The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-20
BROAD, ACTIVE
STOCK MARKET
Level of Prices Lifted in the Face of
the Inevitable Selling to
Take Profits.
MONEY Is MORE PLENTIFUL
CLOSING WAS AT THE TOPMOST
POINT.

New York, Jan. 1.-THE market showed
more breadth and variety today than at
any time during the current speculation.
The aggregate dealings fell short of what
would be supposed from the constant &C
tivity of the dealings owing to the fact
that there was less congestion in the
great market leaders than is the case
on some occasions of great speculative
animation. A very large number of sep
arate issues which go to make up the
total OF tOday'S dealings are dealt in in
small lots and show less inertia than the
great railroad and Industrial corporations
Of which the floating supply necessitates
enormous transactions before any impress
sion is made on prices. A number of
the prominent standard stocks made con-
SpicuOuS movement, however, during the
day, and the whole level of the market
was lifted pretty uniformly. There were
some laggardS in the movement and the
volatile upShOots at other points varied
widely from the average movement. But
the comprehensive advancing tendency
was conspicuous. Points of strength con-
stantly developed without any regard to
the realizing in progress at other points,
which caused some trregularity IN the
price movement at different times.
There was little news to account for
the action Of the market, but it was
broadly based on the heavy increase in
the money market supplies by reason of
the great accumulation of cash resources
liminary of the week g current movement
gave promise that tomOrrOw's bank state
ment viii disclose a cash gain which
will compare fayorably with last week S
great increase. Sub-treasury operations
alone have yielded to the banks upward
of 81, O00 600. Estimates of the movement by
express to and from the interior are more
elastic but the statements furnished by
the banks themselves indicate that, after
allowing for the shipment of 100000 in
gold to Mexico, the movement to New
York on balance viii bring the week s
gain in cash up to anywhere from 5000
coo to S11, 6UO00. This estimate covers the
operations up to Thursday night only,
and those for another day, both on sub
treasury operations and on the express
movement, will figure in the weeks bank
statement.
The discount rate in London yielded a
fraction today and the further rise in
sterling l exchange at continental
points marked the further relaxation OF
the condition at London. This develop
ment seemed to relieve apprehension of
any urgent pressure on New York from
foreign sources. The moderate firmness
in the foreign exchange market here
strengthened this probability. The most
conspicuous feature in today's market
was Reading, which responded violently
pool in the stock which conducted its pre-
viOus brilliant advance, which was widely
exceeded by tOday's squirt.
The jump in Anaconda was accompanied
by rumOr of the practical cOrnering
Of the stock by interests affiliated with
the present controlling interest. Anal
tganiated Copper made a brisk recovery
from the late drop yesterday, which was
alleged to be due to disappointment over
the amount Of the increase in the divi-
dend rate. The further decline in the
quotation for the metal on the copper
exchange and the sharp drop in the Lon
don copper market did not affect the re-
covery in Amalgamated Copper. The de-
mand became furiously active after the
profit taking of the final hour and the
closing tone was extremely buoyant at
the top level
Bonds were firm. Total sales, par
value, So 100, 900.
United States bonds were unchanged
on call