New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-27
CLOSING prices Of chief active bonds dealt IN
STOCK MARKET OPERATIONS.

In the majority Of stocks prices were strong
throughout the greater part Of the day. the chief
exception being Reading, which was under pres
sure one firm alone selling sixty thousand
shares Of the issue. The early weakness in this
stock caused some irregularity in other parts Of
the list, but the general tone Of the market was
strong. and IN the afternoon exhibited a ten
dCncy which induced many new buyers 10 come
into the Street. There was no news development
responsible for the heavy selling IN Reading.
and the chances ara that the sales represented
realizing by active interests who had bought the
stock many points under its present level.
Reading. as a matter Of fact. has been actively
sold in the last few days and is now a number
Of points under its best price OF the year which
was more than the stock was worth as a I per
cent issue. OF course. II IS contended that
Reading viii be advanced TO a higher dividend
rate. but even II such action should be taken
there would be no certainty that the company
would be able 10 maintain the issue on the ad-
vanced level Anaconda Copper was one Of the
strongest features. while in most departments Of
the industrial list prices as q rule, were strong
and higher. Union Pacific was actively dealt in
and closed AT a net gain. but the strongest feat
ures among the active railway shares were on
tario and Western, Norfolk and Western, South
ern Railway and Texas and Pacific Southern
Railway has been accumulated in the last week
doubtless being based on the great improve
nent in the oompany's earnings. which from
July ! have amounted to a gain Of more than
S194OOnO.
The activity that now prevails in such shares
as St Paul Union Pacific Amalgamated. Ana
conda. Canadian Pacific and United States Steel
preferred represents the operations Of sub
stantiaI buyers and also Of substantial sellers
In the last week there has been a heavy
amount Of liquidation in these issues and IN
other parts Of the list for the account Of op-
orators who have considered # advisable 70
I convert PAPER profits into cash. but the bulk Of
the holdings Of the big market leaders who
have hecn the chief factors in the upward
movement still remain intact. It is quite gen
orally believed that all Of the high grade issues
viii sell at better figures after the current Pc
/ Rod Of irregularity runs its course especially
/ in the case of Union Pacific. which undoubtedly
/ viii prove 70 be- as il has in the recent past,
| the most important leader in the railroad lis-
/ The increasing value Of the assets Of this COM
/ pany has attracted an active speculative and
/ investment demand for the Union Pacific securi-
/ ties. and the probability that the common stock
/ will be advanced to a higher dividend level
/ naturally has induced conservative buyers 70
/ take the stock as an actual investment. Union
J Pacific common has gone into the class with
7 the gilt-elEeC Investments Inc company is
+ earning at a rate Of more than IS per cent on
/ fits common stock. and when # is realized that
/ the market value of the company's holdings IN
/ other companies amounts to $254 10000 II
/ readily may be seen why so many people are
/ anxious 10 buy the stock on all reactions Il
/ was reported yesterday that the Hill interests
. had been active buyers OF this issue. while it
was stated that Nj Hartman had predicted 4
. price Of 200
/ According 70 the known movement OF money
/ IN the week the local banks have gained over
! S5,500000 in their cash holdings. and unless
there has been an enormous expansion in loans
/ to-day's bank statement ought TO show a mate
/ rial Increase in reserve. The receipts from the
/ interior amounted 10 nearly S1lOOoOO0 while
. the shipments were a trihe over 100000 the
latter including nearly 100000 national bank
notes which were sent 10 Washington for re-
demption The movement of money from the
! interior was somewhat larger than expected. in
! view OF the rates of domestic exchange at in
terror points on New-York City. while the out
/ ward movement from New-York also was some
| what larger than predicted. The present posi-
ton Of the local bank reserves is such as 10 dis
courage the idea Of q material advance in quota
| tous IN the near future but at the same time il
! Is not considered likely that there viii be A
material further decline in quotations from the