Los Angeles herald., 1906-01-18
BY Associated Press.

BY Associated GIeSb.
NEW YORK, Jan. 1.-THE feature OF
today's stock market was the revival
of speculative operations in a number
of stocks which have been exploited in
the speculation of the immediate past
and which passed through n period of
profit taking subsequent to that spec
ulation. There was a lively renewal in
the same connection of a great variety
OF rumorS, mostly pointing to combina-
tions and mergers, which have already
played prin cipal part in the advances
erected In these stocks The capacity
demonstrated by the movement of the
completion of digestive process OF
profit taking in the market and a still
further advance in the stocks affected
made. considerable impression on
speculative sentiment
The aversion Of the market opera
tions to the stocks was accomplished
by. constant profit taking at other
points of the list. This extended to
the earlier part of the day. so that
they were made to yield their gains
in the subsequent dealings.
The most conspicuous example of the
reversion of speculation to former
channels was that of Union Pacific.
This stock was subjected to some fur
ther extensive. profit taking in the
through this restraint later and rose
to a new record level above 15p. The
smelter and metal stocks were a sam
pie of this tendency in the market,
smelling and lead both rising to new
record levels.
Amalgamated copper was kept down
or forced backward when it did ad-
vance by a constant stream of realizing
sales. The news concerning these prop
critics was plentiful, but was entirely
IN the form of vague rumors. A set
tlement of the Montana copper war,
merger of the smelling and lead
companies and a gigantic combination
Of all the copper mining. smelling and
allied metal industries are SAMPLES of
character tbaEa
The movement in Colorado Fuel was
similar in character, the rumOrs re-
garding that property pointing various
ly to its absorption in the proposed
southern iron merger and the United
States Steel corporation and to a pure
ly speculative campaign in the market
here, the same origin as the recent
operations in the southern iron stocks
The actual news of the day was hot
important. beyond the continued heavy
York.
Money rates in consequence con-
ttnued to work easier Interest at
taches to the probable action Of the
bank of England officials in the dis
count question, owing to the operations
Of the bank this week designed to ad-
vance the open market rates. which
in the bank rate. but the bank has
been able to secure the supplies of
gold in the market this week and, this
being the case, an advance in the rate
The constant pressure upon Amalga-
mated Copper proved too strong for
sharp break later in the day deter
mined the course of the market, which
had been subjected to steady profit
taking under cover of the advances in
the specialties. The price of copper in
London fell sharply and some appre-
hension was expressed of a possible re-
action in the market for other metals.
Attention was attracted by the re-
marks of President ]. J. Hill of the
Great Northern. asserting that the ma
selling was SAID SAID to be be due to the the tenor tenor
of the address. There were rallies
from the late break in sympathy with
the downward plunge in copper and
the closing tone was steady.
Bonds were irregular. Total sales,
par value, $6,000,000.
United States bonds were all un-
changed on call