New-York tribune., 1905-01-26
BONDS.
STOCK MARKET OPERATIONS.


In the early dealings in Yesterdays stock mar
ket there was q fair degree OF strength on a mod
erately heavy volume of business, but in the sub
sequent forenoon dealings prices developed de-
clining tendency, in consequence of which initial
improvement a rule was lost, with losses Of
from small fractions TO per cent being reported
IN many Of the active issues. St. Paul, Missouri
Pacific. Reading and Union Pacific presented the
chief points Of weakness among the active
shares. while Erie. the United States Steel secur
tties and the American Smelling shares fur
nished the only important exceptions to the
downward movement. The last named issues
however. gave way with the general list in the
afternoon. transactions. when the entire market
moved toward a lower level There was no news
development affecting adversely the actual value
of securities, the selling movement being based
on the operations OF professional traders, who
took advantage of the absence of a public de-
nand 10 hammer the leading active speculative
favorites. The storm was effective IN inter
fering TO some extent with the wire business Of
commission houses. while it doubtless was re-
sponsible for the absence Of many substantial
operators from the Street, and these two factors
served TO increase the activity Of the board room
element on the bear side Of the market.
The decline n rne afternoon dealings car
ried many issues from 1 TO p per cent under
the opening while In Amalgannated Copper the
maximum loss ran above points; also in ST.
Paul and Union Pacific The losses in these
issues We're recovered in part before the close.
and the general Est ended with quotations
well above the low points Of the afternoon.
Heavy engagements Of gold for export-much
heavier than eXpected-may have induced some
selling. but the movement Of gold was not con-
sidered by conservative bankers cause for un-
essiness; indeed. the proposed shipments were
favoTab bly, commented on by bankers as a fac
tor that would tend to remove the glut OF
money at this centre Local bankers would
welcome higher rates for money, as at present
quotations there is little profit IN the loan mar
ket While the local market was weak In the
greater part of the day. the foreign markets
were strong. and without any trace of uneasi-
ness over the Russian situation. Even Russian
bonds We're higher. Foreign houses were active
buyers in the New-York market, taking on bal
ance upward of forty thousand shares. Strength
abroad. however. failed 10 help local prices. as
The market was under the influence of operators
who were working for lower quotations
The announcement from Washington that the
House Committee on the judiciary had reported
favorably on the Little resolution to investigate
the United States Steel Corporation doubtless
was factor in the afternoon decline, although
81 failed 10 attract important liquidation in the
United States Steel shares. The proposed in
Tesugation VIII deal with questions the handling
or which VIII not upset the iron and steel busi-
ness in this country There appears TO be an
idea in certain quarters OF the Street that the
federal government is intent on enacting legis-
lation and on enforcing the laws to the end that
the country's industrial activities will be Grip
pied, but if a careful investigation Of the pres
ent adninistrations purposes is made II VIII be
seen that the ideas Of the President and his ad-
visers are based on lines that have in view the
best interests OF the people and the corporations
No intelligent holder of American investment
securities is alarmed over the current agitation
on the railway rate question. the UNFOLDING OF
the Sherman Antitrust law and the increase in
the governments power OF supervision over cor
porations. and il is not likely that the average
stock market sreculstor is at all upset over the
outlook affecting these questions. OF course,
for the moment agitation the lines named
serves 70 encourage temporary excursions on the
short side Of the market. There is nothing IN
the general political. business and financial SIT
uation that suggests the sale Of well protected
securities. 3Ir. Lawson, Of Boston. tells us TO
seB everything; but why?