The daily morning journal and courier., 1906-01-18
HESTERDAHs STOCK MARKET
Feature the Revival of Speculative
 OperatiOns.

New York, Jan. 1.-The feature of to-day's stock market was the revival of speculative operations in number of stocks which have been exhaustively exploited in the speculation of the im- mediate past and which passed through a period of profit-taking subsequent to that speculation. There was a lively renewal, in the same connection, of great variety of the old rumors, mostly pointing to the combinations and merg- CTS. The capacity demonstrated by the movement for the completion of a di- gestive process of proft-taking in the market and a still further advance in the stocks affected made a considerable impression on speculative sentiment. The reversion of the market operations to these stocks was accompanied by constant protit-taking at other points of the list. This extended to many stocks which showed strength in 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 the speculation to former channels was that of Union Pacific. ! This was subjected to some further ex- tensive profittaking in the earlier part of the day, but it broke through this restraint later and rose to a new record l level above 159, with marked effect on the general speculative sentiment. The Smelling and metal stocks were anoth- CT example of this tendency in the mar ket. Smelling and Lead both rose to new record levels. Amalgamated Cop per was kept down, or forced back when it did advance, by a constant stream of realizing sales. The news concerning these properties was plentiful, but was entirely in the form of vague rumors A settlement of the Montana Copper war, a merger of the Smelting and Lead companies and gigantic combination of all the copper mining, smelling and allied metal industries are samples of the character of these rumors. There was an enormous distribution of tele- graphic correspondence from Boston all day in connection with the market cam paign. The movement in Colorado Fuel was of similar character, the rumors regarding that property pointing vari- ously to its absorption in the proposed southern iron merger and in the United States Steel corporation, and to a pure ly speculative campaign in the market having the same origin as the recent operations in the southern iron stocks. The actual news of the day was not i'm portant, beyond the continued heavy accumulation of cash resources in New York. Money rates in consequence con- tinued to work easier.
 The constant pressure upon Amalga- mated Copper proved too strong for the resisting powers of the stock. It's sharp break late in the day decided the course of the rest of the market which had been subjected to steady profit-taking under cover of the advances in the spe- cialties which have been described The price of copper in London fell sharply and some apprehension was expressed of possible reaction in the markets for other metals. 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, $6OO5, GOO.
 United States bonds were unchanged on call.