The Montgomery advertiser., 1906-01-17
THE STOCK MARKET
CONTINUED TO MAXI
 SOME PROGRESS.
Volume of Dealings Contracted From Recent Iy Prevailing Average and Move
 ment of Prices Was Va
 rEable and Irregular.


 New York Ian 16-Speculatton continued to make progress today though at a some what diminished rate The volume Of deal- ings contracted from the recently prevailing average and the movement of prices was va riable and irregular. Large profit taxing wes still in evidence and this had the efiect at times of driving prices backwards. But the market was at no time without points or strength and some notable recoVeries were made from the declines forced by the reailz- sz ing process This was regarded as dem onstratfon of the absorption power or the marke and encouraged continuance oi speculative ventures for further rise III prices. - ,.. - {,
 The demand was not steadily manifest anu
 during the periods of reaction the buying became perceptibly languid and indifferent. The reports current of the enormous lnolvia- ual holdings in various stocks notaDiy m Union Pacific. which were being iquioats,u, =, had the efefct of arousing distrust over the market attitude of those vested with lnsioe information regarding conditions or the properties whose shares make up the stocn a market The realizing in Union Pacific was supplemented in it's influence on sentiment by the persistent pressure on Amaigamate9a q meeting for this stock gave rise to much surmise and uncertainty The announce
 ment of a reduction in the price of copper on the metal exchange was an aditionai inilu- ence on Amalgamated copper. The London market for copper also showed
 a notable spread in the discount on futures' as compared with the price of spot copper. The recovery in these two prominent market
 specialties was of much influence in reassur- ing speculative sentiment. A goou erect
 was produced also by the advances shown in some railroad stocks of the substantial grade and of a free enough market supply to pre- vent their movements from being suspected a of manipulation to the same extent as would
 be the case with closely held very high pric- ed stocks.
 and the Southern group were examples or this class. There was little news to expalin
 the days various movements, itedsn ane hsnte9- a9 ternoon found explanation In todays enor- nous clearings by the banks. which rose to $637, ,4S9,10s, a figure never before exceeded. except by the January Srd clearinss or this year. dividend ~avments falling due on January Is serve to explain these heavy check ex- changes and these disbursements may be expected to help the money market later. are stnl arriving here and the gain by the
 banks from the sub-Treasurv since the bank | statement rose today to $5,S55,000. The | shipment of $1, ,000. 900 in gold to Mexico was ] of small effect under these circumstances. The foreign exchange market showed | little change, in spite of the increasing sup | plies of money in his market and also Of a sharp advance in the discount rate in London
 today The latter was in response to the taking of money from the market by the Bank of England, which is a usual rrellml- l nary to an advance in the banks official | discount rate.
 | Tn Paris discounts became easier and in | Berlin it is expected that the Imperial Bank
 will reduce It's official rate of discount at
 The statement of this country's foreign rade for December shows an excess in value | of exports over imports of S9S,552.000 more than doubling the trade balance in our favor | of the preceding December. The vast re- sources thus placed at the command of the | foreign exchange market largely explains the | facility with which the enormous demand has been met for remittances to cover matur- | ing loans from foreign lenders Another | factor in this result is an awakened demand on the part of foreign investors of American | railroad mortgages, which bond houses in | Wall Street report to be a conspicuous de- | velopment of the last few days.
 1 stocks continued to move irregularly to the close new points of strength at that
 time being mixed with reactions on realiza- | tion. l Bonds were irregular Total sales par
 value S4,O20, 900 United States 2s. registered | advance 4 per cent. on call.