The Washington times., 1908-01-27
NEW YORK STOCKS
HAVE FINE RALLY
Ignoring Bad News and In
fluenced by Easy Money
and Light Offerings Mar
ket Makes Good Gains.

NEW YORK, Jan. 27.-Closing-Dur-
ing the afternoon the prodt-taking on
the part OF longs turned the market
from its top strength into a decline of Y
O. on the general market, and from
two points on Smelter 20 rs lower on
Reading.
The tone was fairly good. and the
volume of trading moderate. Money
was easy, and the demand for bonds eN-
cellent. The strength of bonds was
considered a factor in support Of the
security list generally.
NEW YORK, Jan. 27.-Noon.-It is
quite within the probabilities that the
banks of New York Will have a sur
plus reserve OF 100000 in the near
future This rapid and remarkable in
crease in the flow of currency back to
the city is the keynote Of today's stock
market. This also means that rae
street has ignored the receivership OF
the National Bank OF North America,
and the official announcement that the
Government viii investigate Mr.. Harri-
mans operations in connection with
Union Pacific and Southern Pacific.
Where there has been inactivity and
weakness there was strength and a
moderate degree Of activity. This
changed condition in the face of the I'M
favorable developments OF the day was
a general surprise, almost an unac-
countable enc.
The shorts were taken at a disad-
vantage, and, fearing some coup. started
10 cover, with the result that prices ad-
vanced from to points all along the
line with Reading, the Hill shares. and
St Paul the prime favorites, with Read
ing the leader in point OF business.
shelter started the advance. on the
report that the Standard Oil Company
would leave the affairs Of the company
in the hands OF the Guggenhelms. so far
as actual management is concerned.
Looking further for cause for the
advance, We find the renewal Of the re
port that Northern Pacific would have
something like SIS 100000 for extra divi-
dend purposes for distribution 10 holders
of $500 coo old stock.
The foreign market was somewhat de-
pressed, ana Hartman stocks were
higher, but not especially strong.
There was but little stock offered for
sale. ard the market rapidly absorbed
II in the first hour. Thereafter the mar
Eet was less active, but aDated none OF
its strength
I p. m.-Entering the noon hour. the
2
although the volume Of business trans
acted was not quite up 20 that of the
early hours. The scarcity OF stock was
sufficiently pronounced to give the bears
an uncomfortable feeling, and they made
efforts TO cover here and there through
out the list. The strength IN Smelter
was effectual In improving the tone OF
the market. just Is IL had been efIeCtu-
al in breaking fl down.
The gain 10 10 1 o'clock vas nearly
4ia points, 6S being the current price at
that time. Copper turned Ola. or nearly
. points. Atchison was IA better, Ches-
apGake and Ohio a while Great North
ern sold az 12l to 1884, with a reaction
TO 1215s. Northern Pacific advanced 2k
TO l29lE and held most of the advance.
New York Central was a point better;
Pennsylvania IL higher, and strong at
ia; Reading, SIS, better selling from
1905 10 1885, with outside prices we'll
maintained; Southern Pacific a point up;
Union Pacific a point better: Steels sold
IS higher.