New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-23

Closing prices OF chief active bonds dealt IN,
with net changes follow:
STOCK MARKET OPERATIONS.

While stock market movements showed great
variations in prices, the greater number Of
active securities presented net gains at the
close. especial strength being exhibited by many
issues. notably Reading, which made new high
record price at 1872 The supply Of Reading ap-
pears to be heavy yet the demand for the shares
is so active that the price advances without
material difficulty. Southern Pacific also was a
noteworthy strong feature, advancing over .
points on the largest total trading reported in
any part Of the list. While Union Pacific, which
active too, ended the day well under its
closing quotation in last weeks market. There
was no explanation for the decline in this issue
beyond the pressure Of realizing sales. An ad-
vance in the price Of Southern Pacific naturally
is a bull argument on Union Pacific a the latter
company is such a large owner Of Southern Pa
Cihc securities, holding S9OOOOOO0 Of the com
mon and $1SOOOOOO Of the preferred. The as
sets OF the Union Pacific in the shape Of holdings
in other companies amount at current market
prices to over S254,OOOOOO, made up by over
SGOoOOOOO of Great Northern preferred, over
S5OoO00OO Of Northern Pacific. over S64, 900 900
of Southern Pacific. 81, 100000 Of the preferred
and S5T750OOO Of the Oregon Short Line As
It also holds Northern Securities stock Of a par
value Of nearly $13,OOOOOO and Chicago and Al
ton preferred of a market value of SSOO0OOO
This assumes that the company now has the
nuT1ner Of shares owned IN December, and if.
reported, il has taken advantage of the current
high price Of Great Northern preferred and
Northern Pacific TO part with some of its hold
ings it readily may he seen how great its profits
have been in these issues. Great Northern pre-
ferred and Northern Pacific being wonderfully
valuable stocks. an increase in their market
worth adds Immensely 10 the value Of Union
Pacific, and the increase in value of Union Pa
cifcs assets and the companys large earnings
are responsible for the buying Of Union Pacific
stock
Copper issues showed great irregularity, Ana
COnda, for instance. covering range that ex-
tended over y points, closing at a net gain Of
. per cent compared with a net decline Of IL
in Arnalgamated. Many Of the low priced is
sues were in active demand, although in some
of the cheaper priced securities profit taking
operations prevented Improvement in their quo
tations. this being particularly marked in Kan
sas and Texas, American Linseed and United
States Steel common In the last few minutes
Of trading the greater number of issues declined
and as consequence part of the improvement
which began in the last hour lost. In the
bond department total operations were again
extremely heavy a we'll distributed volume
Of business with the largest transactions In the
| japanese 412s, American Tobacco As. Colorado
Midland Is and United States Steel Sinking
Fund IS.
Investment buying Of stocks Of railroads in
the Northwest including Canadian Pacific is
sues, IS based on the growing Industrial expan-
sion In that part Of the country. which is re-
hectcd in the large earnings of the various COM
panies, noteworthy Instances OF which are pre-
scented in the recent returns OF Union Pacific
Canadian Pacific Great Northern and Mime
apolis, St Paul and Sault Ste. Marie. In the
case Of the last named company there has been
( a gain at the rate Of nearly 100000 a month
IN gross since July l. comparison being made
( with the same period year ago. For the first
week in January the increase amounted TO near
{ y II per cent, making from July l a gain Of
nearly 81 per cent. while in the same time oper-
I ating expenses increased nearly % per cent and
J net earnings more than 43 per cent. II the COM
pany maintains this rate OF increase in the re-
mainder OF the current fiscal year there viii be
q gain n gross Of over 100000, or more than
: 1&9 per cent. The company has made a big
} forward movement In the last five years in its
, earning capacity. partly through extensions and
new l.aes. which nave been lail out through a
@c4..t- .-.c- mas .-oycd most profitable to