Omaha daily bee., 1906-01-17
NEW YORK STOCKS ANDBONDS
Market Contracts in Volume and Move
meat of Price, i, Irregular.
PROFIT TAKING is STILL IN EVIDENCE
Reports of Liquidation by Large
Holders of Union Pacific Has
Eject of UnsettlinE
Values.

NEW YORK, Jan. 16. - The speculation
continued TO make progress today, though
at a somewhat diminished rate. Inc volume
of dealings contracted from the recently
prevailing average and the movement OF
prices was variable and irregular. Large
proht-tal<ing was still in evidence and TINS
had the effect at times of driving prices
backwards. But the market was at no
time without points of strength ana some
| declines, forced by the realizing process:
This was regarded as a demonstration OF
epeouraSed the Continuance Of speculative
! ventures for a further rise In prices; The
| rise was not steadily manifest and during
! the periods of sharpest reaction the buying
| became perceptibly languid and indiffer-
| ent. - j.,
dividual holdings in various stocks, notably
! in Union Pacific, which were being liQui-
| dated, had the effect of arousing distrust
/ over the attitude OF those vested with In
| side information regarding conditions or
| the properties whose shares make up the
stock market Inc reali Il fts IN rus e1Cp
| on sentiment by the persistent pressure
on Amalgamated Copper. The near. APP
Stock gave rise 20 much surmise and un-
! certainty. The announcement of a reduc-
| ton in the price of copper was an addl-
| The London market for copper also showed
! a notable spread in the discount on flu
| lures as compared with the price OF spot
! copper. The recovery in these two prom
| inent market leaders was OF much influence
! In reassuring speculative sentiment.
| good effect was produced also by the ad-
| vances shown in some OF the railroad
| stocks OF the substantial grade and OF a
free enough market supply to prevent their
movements from being suspected of manip-
! ulation to the same extent as would be the
case with closely held. very high priced
| stocks. The Pennsylvania group. the
! Gould group and the Southern group were
| examples of this class. There was little
news to explain the days various move
The Tightening of the call money market
found explanation in today's enormous
$685., AS. les. a figure never before exceeded
| except by the January clearings OF this
year. The very large amount OF dividend
| January 10 serve to explain these heavy
| clearings and the disbursements may be
| expected to help the money market later.
Large currency shipments from the interior
| are still arriving here and the gain by the
banks from the sub-treas 81 since sin the bank
ment of 100000 in gold to Mexico was OF
small effect under these circumstances. The
foreign exchange market showed little
of money in this market and also OF a
sharp advance in the discount rate in
| London today. The latter was in response
TO the taking of money from the market by
the Bank of England, which Is usual
preliminary to an advance In the bank 5
official discount rate In Paris discounts
! became easier, and in Berlin 1t Is eN-
pected that the Imperial bank will re.
duce its official rate of discount at the
next meeting. The statement of this coun-
try's foreign trade for December shows
an excess in value of exports over imports
of SOS. 554,0 900, more than doubling the trade
balance in our favor of the preceding De-
cember. The vast resources thus placed al
the command of the foreign exchange mar
ket largely exceeded the facility with
which the enormous demand has been met
for remittances to cover maturing loans
from foreign lenders. Another factor In
| this result is an awakened demand on the
part of the foreign investors for American
railroad mortgages, which bond houses IL
Wall street represent TO be conspicuous
development of the last few days Stocks
continue to move irregularly up to the
closing. now points of strength at that tins
| being mixed with reactions on realizing
Bonds were irregular Total sales pal
value &020.000. United States 2s, regis
tered, advanced Y per cent on call
| Quotations the New York Stock ex
| change ranged as follows: . 80. y.