The Washington herald., 1908-01-14
STRENGTHIN MARKET
PfOfit-taking Sales Fail to
DepreSS Prices.
UPWARD MOVEMENT IS SEEN
One Stock After Another Is Ad-
vanced with Little E6OFt-SpecuIa-
tors Attack Reading, but Do Not
Seek to Break the Prlee-Appear-
ance Not Altogether Healthy.

New York, Jan, 13.-Strength was again
the rule in the stock market to-day
which even II it was very irregularly dis
played, was almost exclusively of pro-
fesslonal origin and was accompanied by
plain evidences of carefully conducted
distribution due TO proft-takng sales.
The first prices in the market were al
most invariably at round advances from
those last made on Saturday. due pre-
sumably TO the more encouraged feeling
resulting from the Unexpectedly favorable
weekly bank statement made public after
the close OF business on that day. but the
profit taking began almost Immediately,
and throughout the day the market
weVeTed back and forth IN an uncertain
way. most of the time, however. keeping
We'll above Saturdays final level.
II was obvious that spectators. while
impressed with the improved financial
condition. were more or less doubtful IN
their minds as 70 the length OF time that
the market would continue TO hold its
recent gain IN view OF the depressed
state Of general business throughout the
country, which did not seem. according
10 all trustworthy reports, to be amelio-
rating in any considerable way.
Tendency Is Upward.
Il was unquestlonable, on the other
hand, that In the main the tendency OF
prices. for the time being at least. was
upward, and that II was easier for the
large operators In the market 10 get
values up than to get them down. One
stock after another during the day was
taken in hand and advanced with rela-
tive ease. judicious sales being made in
other quarters while this process was go
ing on.
An advance of "a points in the Atchi-
son common shares attracted perhaps as
much attention as anything else. at least
in the fOTepaTt Of the day. since this
particular stock is one that has rallied
with greater feebleness since the October
disturbance than any other one Of the
standard railroad shares.
Relative large gains were shown, as
usual. by many inactive shares, and to
ward the end of the day when the mar
ket was beginning 10 display greater
weakness than any other time during the
stock exchange session IT again recOv-
cred under the lead Of vigorous upward
movement in the United States Steel
common shares.
Reading Being Sold.
Constant liquidation. but so carried on
as not to break the price Of the stock
was, however, noticeable from the be-
ginning OF the day in Reading common
stock, which has been the real leader
of the market In the last two months
advance, and there was little doubt ex-
pressed to-day in wen-informed financial
quarters that the spectators who had
engineered this movement had disposed
Aof their accumulations Of the stock.
It could not be said, therefore, that,
viewing to-day's market as a whole. it
presented an altogether healthy appear
ance. even if it did nat present any de-
cided signs of weakness. The tendency
of call and time money rates continued
definitely in the direction of ease.
Renewals Of bank loans on stock-ex-
change collateral was ordinarily made
at the usual hour for such business, in
the forenoon, at AZ or AZ per cent. while
II was said that time money was offered
for the first time by certain lending in
stitutions below per cent.