New-York tribune., 1906-01-19
enlisted. tEx dividend
Closing prices of chief active bonds dealt il
STOCK MARKET OPERATIONS.

T-anaac+ioos in Yesterdays stock market we're
heavy in volume on A movement of values which
showed great irregulaTity. In a number OF
stocks. however. new high records were made,
notably in the case Of Reading and United states
steel preferred. while in many other issues sub
stantial net gains were established AZ the close
The copper shares were weak. and in few Of
the railroad issues the pressure Of profit taking
sales was heavy enough 70 bring about small de-
~lines but there were nevertheless more net
gains than losses on the total days nperations.
The decline in the copper shares was due 70 spec
ulative conditions. rather than 70 any unravcr-
able DEVELOPMENT in the trade, and the weakness
N AnlaIgarated. following the announcement OF
an increase in the dividend Of the stock, merely
represented the selling which often taxes place
on the announcement of an expected develop
rnent Notwithstanding the weakness IN the
conner shares. good Judges Of the market believe
that these issues eventually will sell higher.
Canadian Pacific was among the strong features
Of the railway shares, gaining for he day more
than ! per cent. The big earnings OF the com
-ar7v for the second week in January and its
heavy gain IN traffic receipts since the first of
the fiscal year. together with the valuable as
sets the company has in its large ownership OF
1s,5 in the Canadian Northwest. naturally at
tract buvfng Of Canadian Pacific shares ana
suggest that the prediction Of rise 70 200 made
hz- interests identified with the property. Wih be
fu14l1e5 Union Pacific was again an active
feature and closed at loss Of only a small frac-
+fon. notwithstanding the heavy profit taxing
onersticrs in the Issue Among the low priced
shares the Wabash stocks were features BOND
market trading was heavy al generally advanc-
ing prices
lrran+ stock market conditions apparently
are satisfactory 70 the larger speculative N
rerests. while there appears TO be an increasing
o4 gr,E-a
ties. notwithstanding the high prices that now
r,1,e in the greater number Of investment issues
Of course there are many operators and careful
investors who are still holding their funds IN
reserve in expectation Of being able TO secure
more attractive bargains at no remote period.
on the theory that there sooG will be an i'm
nortent reaction from the almost continuous ad-
vance Of the last few months. The fact, now
eyer that there are many people waiting TO
purchase stocks at cheaper prices indlcates
that this class Of operators also has great
faith IN the belief that much higher range Of
xs1ues will be recorded later on in the year.
and that there will be no developments sufh-
ojentIv Jnfavorable TO bring about a prolonged
bear campaign or the Stock Exchange. Com
mission houses are advising their customers TO
b1,v stocks on reactions but SO far the declines
have not been large enough 10 attract in large
numbers the people who are hopeful of lower
1n0 NeVertnSleS6,
traders in the market at present than reported
in -nany weeks. and il is quite certain that the
character Of their financial standing is of the
best. There is not a financially weak public
in the market. and this fact tends TO prevent
DEVELOPMENT of unhealthful conditions
call money ruled at relatively easy rate
throughout the day and in banking circles II
was thought that there might be further ease
in the next few weeks. The receipts Of cash
from the interior were heavy, and in the foreign
markets there was also reported movement of
currency from interior points 10 the chief inan-
cisl centres Money market conditions abroad
are considerably better than they were a few
weeks ago but at the moment there appears
little prospect of a reduction in the Bank OF
Englands discount rate and little chance OF
really easy discount rates in the next few
months Although the Bank of England showed
in its weekly return. figures of which We're re-
ceived yesterday. an increase in its proportion
OF reserve 10 liabilities, there no change in
the minimum rate OF discount. which remained
at ! per cent Foreign exchange quotations in
the local market were strong, while in Paris the
rate on London slightly lower There was
only a light offering Of bills in this market and
the demand for remittance was moderately
heavy The Imperial Bank Of Germany reduced
its rate from 10 8 per cent. This institution
and the Bank Of France also. made good show
ing in the weekly returns.