Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-21
A Liberal SprinkIing of Net
Losses Marked the Day
IN YESTERDAYS MARKET
Striking Gains at the 0pening-Were
Impaired Later.
CONSTANT REALIZING SALES
Large Operators the Leaders in the
Weeks Dealings-Money situa-
ton Aboard Eased.
CONSTANT REALIZING SALES

day. \ detailed analysis of the net changes
of the day reveals a liberal sprinkling of
net losses throughout the list, In spite OF
the frothy whipping up Of prices In the
speculative favo5ites. This process was
conspicuous at the opening and again at
the closing but was taken advantage OF at
both times to market enormous lines or
stocks and take profits out of the market
The most striking gains in the early mar
1,rs we're much impaired during the prog
rrss of the trading and in some cases losses
were substituted The burden of sustain
ing the late market was thrown upon St
Paul the 3as-point rise in which counter
acted the realizing movement which be-
came general after the appearance Of the
hank statement OF the earlier features
Reading rose in a volatile manner points
10 a new record level. This stock closed
again within a fraction of the highest. 9th
crs did not fare So well. Anaconda. after
selling - points higher than last night.
Closed % Doints lower. AUalga'nated Con
r,er WIS also under steady pressure OF real
ling. and the "a me- was true OF the Paclhc
and Smelling stocks.
The unsteadiness of the market for the
metal came in for consideration in cnnnec-
ton wiz. the COPPER and Smelling stocks.
United States Steel preferred continued its
Of which il saved more than half at the
lost The bank statement was regarded as
fav0. be. the gain IN cash of nearly ST.
ono 600 being rather in excess Of the est-
mates The loan expa nSion o. 800 49, 800
was regarded with less favor. hut was con-
sfdered q fair consequence Of the great ami
nation Of the speNUla ton during the week.
The firm tone of foreign exchange brought
into some renewed considera ton the uues-
ton nf future EXPORT movement of gold.
The final slUmp in Anaconda had a slightly
uHsettriuE- effect on the market which had
commenced to recover under the aggressive
leadership OF the ST Paul movement
Total sales Of bonds. mar value, $3,315,oHn.
The Weeks Showing.
Dealings at the stock exchange this week
have amounted to over a million and half
shares of stocks a day on the average. A
good market for securities of all classes
has resulted and the constant realizing
sales have been absorbed readily without
making large inroads on prices The real
izing has not been general at anv time and
whenever il occurred strong huving OF other
stocks at advancing nrices made a sustain
ing influence which helped Its accomplish
mert. Some of the stocks which have been
subjected TO the heaviest realizing came
through the digestive process so vigorously
as tn encourage a RESUMPTION of operatiOns
for ire advance and have formed afterwar1
The. strong sustaining influence in the mar
ket
The realizing has come apparently from
large Onerators who accumulated heavy
lines of stocks in the early stages of the
advance last fall in anticipation OF the en-
larged dema nd for stocks which would de-
velop with the turn of the year and who
held tenaciously through the stringent
money conditions of December. The present
growth of the general demand iustifas their
calculations and the enormous profits ac-
Crued In manv Instances induce their retire
ment from the speculation with assured
ga rs.
On the other hand. there Is A large class
o. commission houses which got their eli
Snts out of the speculation throughout the
autumn on advces that the exigencies or
the money market offered hazards to spec
nIative commitments and left a CHARGE for
q reaction In prices which would afford on
p3rt1nity to obtain stocks al a lower level.
Reaction Failed TO Develop.
The reaction failed to develop and while
tho present high level of prices does not
commend itself TO the conservative iudg-
meut Of all, the decisive relaxation In MON
ey conditions offers such facilities for hold
ing securities as to bring large belated de-
mand of thi scharaCter. Besides the purely
speculative realizing which makes I'D the
bulk of the sales there Is traceable a ro-
portion Of selling of investment holdings
a Facted oy the prices to which some of
lie high-grade securities have been lifted
ana winch are fairly termed fancy prices
More than one instance has occurred
especially among the industrials where
SEEING OF this character has resulted in
REIMBURSEMENT If control of corporations
ana OF transfer to new interests satisfied
7" pay the high prices ruling for the stocks
Su'h instances serve to strengthen the un-
0ertone of the market and to fix determine
ton 10 maintain holdings.
great variety Of special considerations
has been advanced for the demand for in
dEidu1l stocks. But the general factors
~ ariy- ,,erl1
defined III the heavy accommodations Of cur
reucy in the reserve ceuters all over the
world which is going on and in the univer-
50. promise OF sustained prosperity found in
the reports and opinions from all quarters
of the business and Industrial world Last
weeks bank statement showed the progress
fairly inaugurated and Il has gone on dur
Ing the week with augmented force
Disbursements of Dividends.
Heavy disbursements OF dividends and in
terest were made on January 10, which
were reflected in clearing house exchanges
at New York on The following day. ex-
cseded only by those of January 3. These
Disbursements are finding their way back
itnO the bank reserves. and large sums con-
Gnue TO flow 10 eNw York From the domes-
tic interior, which have performed their
rune t.on of payments for the movement OF
the crops.
The easing OF the money situation abroad
is rejected IN the reduction of the dis
count rate by the Imperial Bank OF Ger
many and at Paris. The demands upon the
London money market have been lessened
accordingly, and with the measures taken
by the Bank OF England to keep up money
rates In London. :ha continental with
oFawals OF gold from London have ceased
Confidence has returned over the peaceful
outcome OF the Moroccan conference and
conditions in Russia have had less disturb
ing effect on the foreign markets. AS a
consequence there is less urgency In tie
remittance from New York for payment
Of heavy maturing loans from foreign lend
ers secured 10 carry tic speculation through
the fall money stTingency.
Tie foreign trade statement for Deem
Der l,eips 10 explain the readiness with
which demands in tie foreign exchange
market are met, with It's showing OF ex-
cess value OF merchandise over imports
for the month upward OF sos, 900 600 far
exceeding the record for any previous
month In the country's history.
Hills Note of Warning.
An OCCASIONAL note Of conversation is
heard and is not needed for n time Such
WAS the address of President James ] Hill
of the Great Northern railway, asserting that
Americans are living progately, which
induced 4 momentary pause in the specu-
latIve pace. The effect wss similar 10 that
produced by Jacob II. Schiffs warning of
Jhe danger OF an unprecedented pani, grow