The Birmingham age-herald., 1905-01-18
SOME SOFT SPOTS
 IN DAYS MARKET Decided Shrinkage in Volume
 of Dealings TONE WAS HESITATING
Weakness of AmaIgamated Copper Also Had Sentimental Influence. Considerable Talk of In-
 creases and Prospects.

New York, January 17.-There were fea- lures of strength In today's stock market but they were varied by soft spots here and there. On the whole the market showed the effect of large distribution or speculative holdings which were effect ef on the opening oul-e of the week yes- ferday There was decided shrinkage in the volume of dealings, along with the hesitating and irregular tone that was de- veloped.
 The seeming culminat4on of the rise ia Union Pacific was of a sentimental effect on the whole list, which showed clearly the want of the stimulating in- fluence which the strength of the stock has exercised for several days past. The serving of formal notice of the contesting interests to apply for writ of certiorari to review the opinion in favor of the Northern Securities company was under stood to have the power of stay on any distribution of the assets of that company pending a final decision of the United States supreme court.
 This served as Encouragement to the rumors which have been industriously circulated that a compromise, a prompt distribution of Northern securities assets, and the comprehensive readjustment of railroad relations in the whole trans-con- tinental field would be announced at an early date. Union Pacific rose steadily over last nights level several times, but it was constantly affected by the feeling ol the demand in the efforts to realize The weakness of Amalgamated Copper algn had a ntip1anfal influence. the more se as the price of the metal was further advanced, and reports continued persis- tent of an intended increase in the div idend rates.
 Dividend increases and prospects played B considerable part in the days market. The placing of Chicago, St. Paul, Mime npolis and Omaha on per cent divi- dend basis caused rapid rise of 19 points fin that stock, and removed the hopes or increased disbursements on some other issues Kansas and Texas preferred Chesapeake and Ohio and American smelt- ing were manifestly affected by such re- ports. Reading was easily the center of interest in the market, and there was no specific news to adjust it's fresh advance. The large amounts of this stock which have been taken out of the market to effect the distribution of it's control among other railroads, has left the float ing supply so small that it responds steadily to operations designed to move the price. For this reason it has be- come a favorite with operators who desire to make an effect on speculative senti- ment. It proved by no means equal, how ever, to Union Pacific as an instrument for that purpose. The outside market held its recent large share of attention today, although activity shifted from Northern Securities to International Mer- cantile Marine, which, together with Northern Security, is one of the late cre- ations in the period of wholesale securi- ties which was too late to go through it's preliminary stage in the outside mar ket and make it's entry on the stock ex- change itself. A violent break in the United States shipbuilding stocks also