New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-26
Closing prices of chief active bonds dealt ir
STOCK MARKET OPERATIONS.

Stock market values after showing consider
able strength in the initial dealings. declined IN
the early afternoon with considerable raptdity
on an active selling movement. especially in the
leading active tissues which have been strong
bull features IN the last few weeks Closing
prices however failed TO show many large net
losses. although the greater number Of issues
ended the day at declines as compared with the
closing figures in Wednesdays market The
fact that speculation became dull on all recess
sions was considered a promising sign by the
bull element. while the absence Of heavy liqut-
dation by brokers who represent the prominent
interests also encouraged the idea that the days
reaction was not significant Of any change in the
attitude OF the more substantial market leaders
It was reported. however. that a number OF
prominent people were opposed TO a further
advance at this time but there was nothing in
the character Of the days operations which
warranted such a theory In a number OF issues,
notably Tennessee Coal and Iron, Anaconda and
Reading. there were wide fluctuations. Tennessee
Coal and Iron. for instance. moving over
range of S points and closing at a net gain Of
81 Union Pacific was again under pressure
sales representing in great part profit taking
operations by commission house traders rather
than liquidation for the account Of the big
financial interests who have been accommodating
this issue for many weeks in expectation of its
]
level The same sort Of selling was noticed in
Reading but in the case Of this issue there was
in addition active selling for the account Of
heavy holders Of the stock. On the decline
Union Pacific. St. Paul and other standard
shares were taken by a good class Of buyers.
and in the case OF Union Pacific predictions
were freely made that the stock would sell
many points above its current level. In the
final dealings a raNvtng tendency developed.
in the last few DAYS and which has been effec-
tive in establishing, in many cases. lower prices
indicates the desire on the Fart of many traders
10 take profits. and a certain amount Of conf
dence on the part of board room operators TO
make ventures on the short side Of speculation.
| There has been nothing in the market. however.
! that encourages the idea that the more inpor-
tant market leaders have changed their posi-
ton regarding the future Of values Moreover
there is nothing in the situation governing the
actual worth Of securities which warrants ex-
tersivA transactions on the short side Of specu-
laton, but. Of course. the fact that prices have
advanced almost uninteTruptedly for MANY
months suggests 10 many minds the wisdom OF
securing profits at present prices and reaccun1u-
latine stocks on reactions. A large volume OF
this kind If business is now being done. and il
is quite apparent that traders will use every
trick known TO the Wall Street market to
bi4IS ABOUT prices whenever opportunity
permits. The reactions which have occurred n,
the last week have strengthened the technical
position Of the market by eliminating weak
accounts and throwing stocks into the hands Of
stronger interests
As Paris is in no immediate need of additional
supplies Of gold. the chances are that the move
ment Of the precious metal from this couptrv
will not be large in the near future. while IN
some circles it is believed that exports will not
begin for a number Of weeks 10 come In tb,
course of the next few weeks large nur,ba- ~
foreign loans VIII mature. and according 70 III
best informed men in the foreign exchange No.
let these loans will be renewed an opAratio,
which Will serve 10 postpone shipments 81 tba
yellow metal 10 Paris When Paris bankers a..
ready 10 finance a Russian loan they doub+Iass
viii call on this centre for gold but AZ nrasart
there appears little probability Of the negotiation
OF a Russian bond issue. inasnuch as foreie-,
bankers are unwilling 10 take up such a mat
Ter until there has been a return Of absolute
stability in the political situation I'm Russia
network is under heavy obligations to Europa
In the matter OF loans. but fortunately these
loans are well secured, and they are in no v-av
a weak feature in the American money. n,arLat
Ihul rates for money in New-york eo baIov,-
The rates prevailing in London. foreign haDLars
VIII not willingly reduce their loan account bara
! Money continues to move 10 this centre IN s,od