New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-25
Closing prices Of chief active bonds dealt in,
STOCK MARKET OPERATIONS.

Although stock market values were strong IN
the greater part Of the day. final prices were
we'll under the best figures in the greater num-
Der Of issues owing to active selling move
uent which developed in the late trading. nota-
bly, in the case Of Union Pacific An active spec
ulative attack was made on this stock. and as a
consequence Of its decline the general market
sold or with the result OF net losses IN a num-
Der Of the leading securities. Weakness in
Union Pacific did not indicate an unfavorabIe
development affecting the position OF the COM
pany but a report that the directors had de-
cided not TO increase the dividend IN the current
quarter was effective in attracting more or less
commission house selling. in the course Of which
the issue declined three points from the highest
quotation Of the day. There was no meeting OF
the directors yesterday, and no meeting is
pected 70 be held for several days TO come. and
the report that the directors already have
reached a decision regarding the dividend IS
without foundation. The chances are. however,
that the rate viii be advanced to a 8 per cent
level. There are a few people who predict a
larger increase at this period. but the conserva-
tive friends Of the company are not disposed 10
indorse anything more than a per cent rate
AS a rule the Industrial shares showed strength
in the best part Of the day, while, until the last
hour the railway issues moved toward higher
level. a number Of, stocks making new high rec
ord prices In the bond market transactions
were extremely heavy, with the largest dealings
in the japanese issues. Brooklyn Rapid Transit
convertible As. Colorado Industrial convertible
IS. DistuIing Securities 5s and the United States
Steel sinking fund 5s Money market rates
were relatively easy. while sterling exchange
was trihe lower
Money market conditions at this centre at the
moment foreshadow a relatively easy loan mar
Il AZ
there is no indication that there will be a repe-
tition in the spring Of the exhorbitant level OF
loan quota tons that marked the closing months
of 1903. Currency continues to come 10 this
centre in large amounts. and the prospects are
that there will be no important change in the
movement until the end Of February at least.
In the time department of the market an easier
tendency has developed. loans now being made
on a basis Of "A per cent TO per cent for all
periods, according to the character Of the col
lateral offered while call funds are ruling in the
neighbOrhcod Of 4 per cent, with good bust
ness being done at this level Rates for funds
in New-York while not high are above the
quotations prevailing at interior points. and as
A consequence outside institutions are sending
their money 10 this centre in order 70 take ad-
vantage Of the higher quotations that are re-
ported in this market. A large amount OF the
money which is sent here from the country
banks represents transactions IN connection
with the covering of exchange. II call money
should decline as low as the present rates for
discount IN London, Paris and Berlin. quotations
for foreign exchange would advance above the
point at which gold could t@ exported 10 Fl,-
rope at "a rroft. and there Womb couov with
drawals of many millions from This centre for
shipment on European account AT the mo-
ment there is only narrow margin below the
point which gold could be exported al a
profit. and this margin Is maintained by the dig
ference between the rates for money here and in
Europe.