The daily morning journal and courier., 1907-01-23
YESTERDAY,S STOCK MARKET
Prices Exceedingly Unstable Limited
 DenIings---I'rOfessiona Handn.

New York, Jan. 22.-Prices were ex- oeedingly unstable in the stock market to-day. Fluctuations were constant, whether upwards or downwards The range of the fluctuations also was mar row and the volume of dealings on which they were made was small The limited dealings were apparently in professional hands and there was no evidences of any awakened outside in- terest in the market. Trading seemed to represent merely a constant man oeuVring for position between profess sional operators, or testing operations to ascertain the tendency of the mark ct. doubtful state of speculative opinion Is the natural inference from these appearances. The current discus sion and mixed sentiment on the out look as 1t found expression in the neighborhood of the stock exchange confirmed this inference. The brokers employed in the execution og orders in Influential stocks conveyed an impress sion of important buying and of protee- tion of prices by inside interests against attacks, The suggestion was prompted that absorption of substantial charac- ter was gong on at any concession in prlces This appearance intimated the bear element and they refrained accord 1ngly from aggressive attacks on prices. on the other hand there was q suspicion that the liquidation that has been a feature of the recent market had not been completed. There was watchful- ness Tor the reappearanoe of selling which might indicate a continuation of this process. Opinion was professed that the demonstration of the comple- tion of sucE liquidation would reveal a large short inf crest waiting for re- sumption of liquidation for an opportu- nlty to cover. A sharp rally in prices would be expected from such cover ing movement The market was con- cerned almost entirely with such tech nical consideration and little attention was paid to anything else. There were in fact, no developments of importance in the general situation. The reduc- tion in the official discount rate of the Imperial Bank of Germany was in con- formtty to the general relaxation going on in the worlds money markets. 1n- terest rates here continued to yield, both for call and time loans. The money market was extremely dull and borrow CTS were inclined to await d hoped for opportunity for even better terms than are now procurable. The decline in in- terests Is leading to the retirement of loans placed here by interior banks fer was made to the sub-treasury of S1000,000 from San Francisco to New York. Discounts from London and sterl- ing exchange here receded. The days net cnanBeS Tn stocks were generally small as would be expected in such q market. The market was heavy during the latter part of the day and last prices were about the lowest.
 Bonds were irregular Total sales par value, $1,474,000.
 United States bonds were unchanged on call.
 Looking ahead to the business of the new year and the conditions which will surround it, such as enormous demands for capital and less favorable foreign trade, Boody, Mcclellan & Co., are among those who cannot figure out any continuous upward movement They say no one can tell as yet how such problems as have been raised by MT Hill will finally be met by the rail- roads, although admitting the belief that that the industrial companies will be kept busy by the great demands of the railroads. and that this will tend to give strength to the industrial securi- ties quoted on the exchange The most that can be said is that the market in the immediate future is likely to be more natural than in the past, and to afford better opportunities for speoula- tive turns than have recently been pre- sented,