The Birmingham age-herald., 1905-01-17
MILLION SHARES
 CHANGED HANDS Considerable Show of Strength
 in Stock Market UNION PACIFIC THE LEADER Subsidiary Steel Companies and Rail- road Equipment Companies Show ed the General Effect of Metal
 Trade Conditions.
UNION PACIFIC THE LEADER

New York. January 16-Transactions on the stock exchange rose above the million share mark again today. and with the increase in animation there was con- siderable show of strength. The conspic- uous movement in Union Pacific exer- clsed a sympathetic effect on 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 market also gave evidence of hesitation and difficulty in resisting the reaction. After its 5-point rise of last week and with it's advance today through the figure which had been pointed to in the current speculative gos- sip as the objective of the movement, Union Pacific naturally came in for some heavy speculative proft-taking.
 The accumulation of orders over Sun day, which had been attracted by the buoyant movement on Friday and Satur- day, helped to carry the stock up through offerings to realize to a higher record for the movement of 1301k An additional g. 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 re- sponse in Southern Pacific and St. Paul was only moderate, and in the railroad list at large was even less notable. Among the industrials and specialties, however, there were various points of supplementary strength Amalgamated Copper was especially active and strong under the infuenuce of the near approach .zn k1.z aa-- T ally acted upon. United States ~leel pre- ferred was effectively bought, although its advance was somewhat belated, and the current gossip regarding the showing of earnings for the December quarter was more helpful than last week. The sub sidiary steel companies and railroad equipment companies, as well as the elec- trical and smelting companies, showed the general effect of the metal trade con iitions.
 The money market was easy in all departments, and for call loans was practically glutted as the result of the heavy inflow of currency from the in- terior last week. The paying over by the national banks of the 10 per cent. installment of government deposits in accordance with tho call of the Secretary of the Treasury seemed to be entirely without effect on the ease of the money market, and the gold exports prospects were equally disregarded The congestion of money here had an unfavorable rather than a cheering effect, especially as 1t was accompanied by Q tone os less con fdence on the part of railroad traffic officials throughout the country. The car supply was reported distinctly easier from all quarters, Gnd some falling off fin the freight movement was generally admitted, pointing to q midwinter Hull in trade activity. which induced some feel ing of hesitation ir speculative quarters. The alleged threat of labor troubles on the Pennsylvania system. though official ly. 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 congested