New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-30
Closing prices Of chief active bonds dealt in,
with nat changes FoTICv-.
STOCK MARKET OPERATIONS.

After an exhibition Of considerable strength
in the forenoon operations weakness developed
throughout the list. many securities declining
point or more from the closing figures OF Satur-
day. The absence Of an aggressive buying move
ment and a disposition on the part OF holders
Of securities 70 realize profits were effective in
fuences IN bringing about lower quotations.
while the report from Washington that Con-
gress would investigate the control Of the Balti-
more AMI Ohio by the Pennsylvania on the
ground that the Antitrust law was being vio-
lated served to encourage bear operators to at
tack the railway list IN general Conservative
operators, however, were not at all alarmed over
the prospect of serious results from the attitude
Of certain Congressman and bear spectators
regarding the relations between the Pennsyl-
vanla, Baltimore and Ohio and Norfolk and
Western companies, and It was not thought
probable that there would be a sustained de-
cline in values merely on the basis OF political
agitation against the railroads. AS a matter OF
fact the decline which took place yesterday
merely a continuation Of the Hquidating move
ment which developed last week This liquida-
ton is improving the general health Of specula-
ton, and II IS noteworthy fact that the largest
interests are not disposing OF their holdings,
sales representing. as a rule, the transactions Of
weak speculative pools and overloaded indi-
vidual traders.
price declining 6 points under the low level
recorded Saturday while the general railway
list, as a rule, moved TO a range well under the
low figures made last week Pennsylvania Nor
folk and Western and Baltimore and Ohio nat
urally were sold on the Washington news but
there was no great liquidation and no Indication
that substantial owners Of these securities were
at all frightened over the possibility OF an in
vestigation Of the control or the Baltimore and
FRNs
sylvauia. The Metropolitan issues We're weak
selling being induced by the objection TO the
merger plan by minority interest. The sales
Of these stocks, however. did not represent i'm
portant liquidation, nor did they create the be-
lief that the objection OF the minority holders
TO the proposed plan would be- effective In in
terfering with a final combination OF all the
local transportation companies The chief re-
suit OF such an objection probably VIII be to
delay for a time the carrying out OF the proposed
scheme. Final prices were at or near the lowest
figures of the day. with the heaviest losses IN
American Smelling Anaconda Brooklyn Rapid
Transit Canadian Pacific Colorado Fuel ~.
Paul National Lead, New-York Central. Read
ing, Sugar Refining, Pennsylvania Norfolk and
Western, Metropolitan, Union Pacific and the
United States Steel shares In these issues net
declines ran from . to 8 per cent
Surplus reserve OF the associated banks IN
thls city Is below the average level for this
period OF the year despite the fact that money
is moving toward this centre IN fairly good sized
volume The gain last week in cash, amounting
10 over S35OOOOO was one OF the smallest how
ever for any corresponding week in preceding
years while the increase IN loans was so LARGE
that the reserve above legal requirements re-
celved no benefit from the gain IN cash In the
last two weeks bank loans have expanda5 ., -,
extent Of over S36OOOOOO and at the crrra,,
rate OF speculation in securities the nrosnacts
are that there will be a further material .14,
ton 70 the loan account IN tho course Of the rav,
te" weeks Rapidly growing loans. however,
DO not necessarily fOreshadow weakness IN tb,
financial situation, inasmuch as the loans ar.
well secured while the banks are IN a nosi+,or
20 Aquidate such accounts at any time without
bringing about panicky conditions in Wall
Street The burden OF foreign lending IN +b,s
market may soon be shifted TO the local hanks
ana IN mat event there doubtless will ba a
hiIHeF zone IN the time department OF the mona,
market a large amount OF Europeap 7,,,,.,.
mas peeh lent i'm New-York I'm the last siv
mounts ana very many OF these loans ara ,C,,.
reaching maturity. or course il the urosD.cts
favor profitable rates for funds here r,o,,. =,
the-oahS VIII he renewed. and in this case -
IolS o' goid may be postponed for = tima