New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-24
Closing prices Of chief active bonds dealt in
STOCK MARKET OPERATIONS.

Declines that took place in Yesterdays stock
market were not indications of a change in Wall
Street sentiment regarding the future Of values.
Losses were due entirely TO speculative Hquida-
ton and operations by the bear element the
latter class Of traders taking advantage Of
realizing sales 10 operate for quick turns on the
short side Of speculation. Whenever selling
pressure relaxed prices moved in the upward
direction, and at the close the market showed
Improvement from the low prices OF the day
under the influence Of covering OF short con-
tracts and aggressive support from the larger
bulls With the exception Of Colorado Fuel and
Iron. which advanced ~ points. Consolidated
Gas. Denver and Rio Grande. Southern Railway,
Union Pacific and Wabash the leading active
securities closed at net losses, with the heaviest
declines in Amalgamated Copper. Anaconda
Canadian Pacific National Lead and Reading.
The last named issue ended 11A points under the
hnal figures Of the preceding day after an early
advance which carried the price to a new high
record At l64 AS a rule final declines were con-
fined TO fractions Colorado Fuel and Irons
sharp advance in the last hour apparently was
due 70 buying by the pool which was active in
the issue a week ago, rather than to favorable
news developments affecting the property
Union Pacific was taken by an excellent class
% buyers, brokers representing important bank
ing houses being active while commission
houses in general appeared anxious to secure
the stock, especially on the early decline, when
II sold down a point or more from the closing Of
the preceding day. This issue is one Of the
strongest favortes on the list with the sub
stantial banking interests. who maintain that
the enormous increase IN the value Of the COM
pany's assets will carry the stock 10 a material
~ higher quotation level Reading. which is a
4 per cent stock, is selling above Union Pacific
per cent issue which has every prospect OF
becoming a permanent 6 per cent investment.
The same thing cannot be said Of Readings
prospects. There was an active demand IN the
bond department the heaviest dealings being in
japanese 4i5s. Colorado Industrial convertible
5s and United States Steel Sinking Fund rs
decline in time money rates and break in the
cotton market were among the developments
that interested Wall Street in the day
Current money market conditions suggest no
unfavorable development in the financial situa-
ton n the near future unless gold exports NAV
be called adverse factors. There are few people.
however, who consider shipments Of gold 70
Europe under present conditions sufficient rea-
Hon for unoasiness over the position Of the money
marie. in this country, owing the fact that
exports Of the metal do not indicate weakness
in this country's business or financial situation
nor Go they reject a withdrawal Of the metal
for European account for any reason other
than that which is presented by legitimate in
W l'l4'i4 I44'ItdtN motors t1ll money has
declined 20 a level which makes it possible fer
borrowers 10 secure accommodation at rates
which cause no hardship while time funds on
the basis Of ~ TO per cent for sixty to ninety
days certainly cannot he considered high Re
ceip.s Of currency continue in large amounts
and there IS little prospect of a change in the
movement for several weeks to come probably
not before The end Of February at least. Colo
Is now being shipped 10 South America. and
further amounts doubtless viii go % Mexico
hut rs the holdings os the yellow metal in this
country are extensive. we can well afford TO
supply the requirements incident 10 the estab-
Nshrent az the gold standard in Mexico md TO
the needs OF South America. which actually are
being filled by London through the local mar
ket.
Ease in money ard activity IN all lines OF tho
country's industries naturally serve 70 restrict
+ beaTish operations IN the stock market. while
they doubtless VIII he effective in bringing
about even greater activity in stock market
' speculation and larger purchases for investment
. account. Efforts OF traders to bring about i'm
. por.ant reactions have not been successful and
/ even If there should he & good sized decline "a