The Washington times., 1906-01-20
BULLS GALA DAY
ON STOCK MARKET
Many High Records Broken;
Business Active.

NEW YORK. Jan. 90.-The stock mar
ket closed very active and strong, with
St. Paul and Reading the features.
Since its opening the market has been
al the boiling point, with continued
breaking Of previous high records, in
which there was concentrated buying.
Brokers were almost overwhelmed with
the volume Of business on both sides
The persistent and huge buying was IN
some cases offset by enormous sales that
caused reactions from high records. but.
owing to the stock supplied being quick
IN absorbed. sim higher levels We're soon
reached.
Anaconda. which advanced "a points
yesterday and then reached , points.
opened Y points higher. at 295. Read
ing. which made a new high record at
1881. made "a gain of points over yes
terday's final prices, and United States
Steel preferred rose points, TO n3A,
also a new high record. Baltimore and
Ohio had sharp advance, which was
accompanied by reports that the dlvl-
dend rate will be increased 10 per
cent.
In the last few minutes number oil
stocks which had made material gains
early In the week, were under pres
sure so as 10 force reactions OF 10
points Among these was Colorado L uel
and Iron and American SmeIthg-
AmaIgamated Copper has been supplied
quite freely. There is very bullish talk
on st. Paul. which has been bought on
a large scale.
London was not a factor in trading,
but sold a few stocks
Government bonds were unchanged;
railroads and others were active.
The sales of stock yesterday footed up
I,S52, 300 shares, which is the record for
the year thus far made.
Since Saturday last there has been a
distinct rise in the average prices and
since November 20, when the average
was beginning TO show Improvement
from the level of November ia low
level never touched thereafter-the per
centage of net increase has been ap-
rroximately II points
The high record of 1875 established to-
day by United States Steel preferred
compares with the low level OF 1884 in
1903 The advance did not begin until
May. 1904, in which month the low level
was 5lit. The common reached its low
est point OF SIS in May, 1904, at which
time there was talk of its going off the
board altogether. The high point of the
common was So shortly after its estab-
lishment.
During the present week there has
been beyond question an extensive
liquidation in certain classes of stocks
and vet as evidence of the soundnesS OF
the position the heaviest selling has
never caused d break which has not
quickly been repaired.
All sorts Of eXtTaVagant talk is heard
on Reading. The prediction now is rs
and even 200, and the floating supply
Of the stock seems 50 small that the
strong pool enlisted can easily put II
where they please. Nasserman Bros
and Dick Bros. are quoted as Fepresen-
tatives of a strong following.
The bank statement was about what
was expected. The increase in cash
proved TO be practically what had been
counted on and loans were bound TO IN
crease when money eased OF as much
as II did in the last week. II seemed
10 have no particular effect on the
market
Although the surplus reserve tncreas-
ed only S4,O00,U0O the very big increase
in deposits being 80 per cent more than
the increase ia loans is just the right
thing and strengthens bank conditions.