The Montgomery advertiser., 1906-01-18
THE STOCK MARKET
REVIVAL OF SPECULATIVE OPERATION
 IN SOME STOCKS.
Capacity Demonstrated by the Movement for the Completion of a Digestive Pro- cess Makes Impression on
 Sentiment.

New York. Jan 1.-The feature of today's stock market was the revival of speculative been exhaustively exploited in the specuia- sion of the mediate past and which passed n tnrongh a period of profit taking subsequent
 There was lively renewal in the same connection of great variety of rumors, mostly pointing to examinations and mer- gers. which have already played principal parts in the advances effected in those stocks The capacity demonstrated by the process of profit taking in the market and a still further advance In the stocks affected made considerable impression on specula- tive sentiment. The reversion of the mar ket operations to these stocks was accompa- nied by. constant profit taking at other points of the list. This extended to many stocks. that 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 rever- sion of. thek speculation to former channels was that of Unien Pacific This was sub jected to some further extensive profit talk ing Tn the early part. of the day, but it broke thts restraint later and rose to a new re- cord level above l53 with marked effect on the general speculative sentiment, The Smelftng and Metal stocks were another ex- ample of this tendency in the market Smeiting and lead both rose 10 new record ievelssw Amalgamated Copper was kept down or forced back when 1t dfa advance by Q constant stream of realizing sales The news concerning these properties was pientt- fri but was entirely in the form of vague rumors. 4 settlement of the Montana Cop
 per war, merger of the smelting and lead companies and a gigantic Combination of all the copper mining. smelling and allied met al industries are examples of the character of these rumors. There was an enormous distribution of telegraphic Correspondence from Boston all day in connection with the market campaign The movement in Colo. rado Fuel was of similar character, the rumors regarding that property pointing va riousiy to It's absorption in the proposed Southern iron merger and in the United States Steel Corporation and to a purely speculative campaign in the market having the same origin as the recent operations in the Southern Iron stocks The actual news of the day not important beyond the continued heavy accumulation of cash re- sequence continued to work easier. Inter est attaches to the probable action of the Bank of England authorities on the discount rate tomorrow, owing to the operations of the bank this week designed to advance the open market rates which Is usual preiirn- mary loan advance in the bank rate but the bank has been unable to secure the supplies of gold in the market this week and this being the case an advance in the bank rate Is less probable. The constant pressure on AmalGamated Copper proved too strong for the resisting powers of that stock. It's sharp break later 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 specialties which have been described. The price of cop per in London fell sharply and some appre- hension was expressed of a possible reaction in the markets for other metals Attention was attracted by the remarks of President J. J. Hill of the Great Northern asserting that the nation was living profligately and some selling said to be due to the tenor of the address. There was 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 s6,005, 000 United States bonds were all unchanged on call.
 NEW T0hA AIgRNtA TTER