The Montgomery advertiser., 1905-01-17
WALL STREET REVIEW
SHOW OF STRENGTH IN AN ExRAND-
 ING MARKET
Conspicuous Movement in Union Pacific Ex- ereises . Sympathetic Influence. Amaignmated Copper and
 Steel Preferred Both
 Advance. -

New York, Jan. 16.--Transactions on the Stock Exchange rose above the million share animation there was a considerable show of strength. The conspicuous movement in Union Pacific exercised a sympathetic in- fluenc eupon the whole market. But during the course of the day when the movement in that stock showed signs of having run itself out the tone for the rest of the mar ket also gave evidence of hesitation and difficulty in resisting the reaction. After its 5-po1nt rise of last week and with It's advance today through the figures which had been pointed to in the current specula- tive gossip as the objective of the move ment. Union Pacific naturally came in for some heavy speculative profit-taking. The accumulation of orders over Sunday which had been attracted by the buoyant move ment on Friday and Saturday helped to carry the stock up through offerings to ra- alike to a high record for the movement of l20h. An additional 3-point jump in Northern Securities on the curb kept up the parallel between the two stocks on which the movement has hinged throughout The sympathetic response in Southern Pacific and St. Paul was only moderate and in the railroad list at large was even less notable. Amongst the industrials and specialties. how supplementary strength. Amalsamated Copper was especially active and strong un- der the influence of the near approach of the period when the dividend is usually act ed upon. United States Steel preferred was effectively bought, although its advance was somewhat belated and the current gossip re- RarOlnK the snOW1ng or earnings TOT tho December quarter more hopeful than last week. The subsidiary steel companies, and railroad equipment companies well as the electrical and smolting companies showed the general effect of the metal trade condi> tions. The money market was yer yeasy in all departments and for call loans was prac- tically glutted as the result of the heavy inflow of currency from tho interior last week. The paying over by the national banks of the 10 per cent. installment of Gov ernment deposits in accordance with the call of the Secretary of the Treasury seemed to be entirely without effect the ease of the money market and the gold export prospects were equally dsregarded. The congestion of money here had unfavor- able. rather than a cheering effect, especial ly 1t accompanied by tone of less confidence the part of railroad traffic officials throughout the country The car supply was reported distinctly easter from freight movement generally admitted. pointing to a mid-winter Hull in trade ac- tivity. which induced some feeling of hesi- tation in speculative quarters. The alleged threat of labor troubles on the Pennsylvania system. although officially denied, seemed to be the reason for separation of the stocks of that group from the days movement The days business was not only largely con- gested in few prominent stocks. but came from conceatrated sources. less than a half dozen large houses heIng accredited with dealings anywhere up to 50,000 shares apiece The closing was easy.
 Bonds were firm. Total sales (par value) s6, ,705, 900. United States As advanced x per cent, on call