New-York tribune., 1905-11-24
Closing prices of chief active bonds dealt in.
STOCK MARKET OPERATIONS.

Transactions in securities were heavy,
amounting to more than l60OOOO snares on
an extremely irregular movement OF values that
showed manv net losses and a few important
net gains the improvement being shown IN the
active list b-r International Paper, Metropolitan
North American, Tennessee Coal and Iron,
Union Pacific and the United States Rubber
stocks Heavy declines were recorded by many
of the shares which in the last few days have
been active bull features notably American Lo-
comotive American Smelling. the latter losing
more than 4 points; Anaconda Copper, Whlch
also lost more than points; Brooklyn Rapld
Transit National Lead and Reading. Forelgh
markets were depressed by political complica-
tions and the uncertainty in connection with
the settlement of the Turkish situation, and
the weakness on the foreign exchanges naturally
was reflected in the course of prices on the local
board Heavy profit taking developed early in
the day in all the active stocks. The profess
sional element, by taking advantage Of the
realizing operations, able to bring about
many declines of Importance IN the leading
stocks but on the recession offerings appeared
to be we'll taken, while at no time was there
any indication of the development of bearish-
ness on the part of the larger interests who so
long have been the mainstay of the market. Even
the shorts who sol7 so bravey in the morn
ing were inclined to change their position in the
afternoon, doubtless because OF the hnOWIeuBe
that the so-called big men taking no part
in the decline and had no intention Of parting
with their holdings The consensus of opinion
in the financial community is that it is danger
Gus to stay short of the current market for more
than a turn. Closing dealings accom-
panied by great irregularity in price movements
but in the shares where declines were recorded
earlier final figures showed improvement as a
rule from the low level
While certain Industrious spectators who are
short of securities are announcing that panic
is due in Wall Street and that the beginning of
a big downward movement may develop at any
moment the leaders in the current bull opera
tions do not look for any material setback at
present, while, matter of fact, they appar-
emily believe that prices will sell higher before
a legitimate bear wave hits the speculative
community. OF course, quotations for many
stocks are selling far above the low figures OF
the year, and in q number of cases quotations
more than measure the actual worth Of the
securities represented but conditions affecting
both speculation and the country's general busi-
ness are so extraordinary that 1t requires an
unusual amount of courage to operate on the
bear side of the market on the theory that as
stocks have enjoyed a long period of improve
ment the time has come for many days of de-
cIining values. The reaction yesterday merely
was line with COnQltlOnS tnaJ warranted a
temporary setback. The market for several
days has been overbought resulting in a top
heavy condition and the declines that were
recorded were effective in eliminating number
of weak accounts thereby improving the techni-
cal strength of the speculative situation. Prices
for stocks, commodities and about everything
else are high. The advance has been due to
the prosperity prevailing in the United States,
hut it should be borne in mind that with the
advance in prices there has been an increase in
the wealth and earning power of the country.
One of these days there will be a crash the
Stock Exchange just there has been in the
mast when the market has become overloaded
with weak accounts, and when persons who
have speculated on borrowed money have been
compelled by the money lending institutions to
renay their loans; but in the present market
there is no overloaded public account, the chief
holders of securities being the richest capitalists
IN the country Evidently these men are not
+ ready TO dispose of their security possess
sions.
Money was relatively easy yesterday, while
tbare was no important movement I'm the for
;,, exchange market Exchange is in an In
+areeting position subject to change any day
h there is nothing in the condition of the
International money market that warrants un-
oasiness over the future of the pecuniary rela-
,ions between this country and Europe The
,,etarv situation abroad has improved some
,,bat in the last few days and at the moment
there ia little prospect of shipments Of gold
=. +bss centre hut IL the necessities of the