The Montgomery advertiser., 1906-01-19
THE STOCK MARKET
POSITIVE DULLNEss AT TIMES IS
 NOTICEABLE.
Proflt-Taking Industriaily Pursued. Howev- CT finder the Cover of the Sustaining
 Force of Strong Features of
 the Trading.

New York. Jan. IS.-The trading in stocks
 today for most of the time was not up to
 yesterdays rate of activity and the market
 fell into positive dullness at times. An ex-
 cellent medium for marketins stocks was of
 fered nevertheless, and profit taking was
 industriously pursued under cover of the sus-
 tainina force of the strong features OK the
 trading. Explanations of the movement or
 the stocks were mostly of the nature of ru-
 nor. which failed of authentic contirma- Of the more substantial standard stocks the feature of the day was the renewal or the recent active speculation in Reading. This was striking counterpart of the re version into Union Pacific and the smet- in Reading was traceabie to the same sources as that which occasioned It's long advance in the hands of the pool The price was carried to a new record above 14s. Mean time there was conspicuous realizing Tn Union Pacific. Smelling and lead, after
 rising to new record prices were also snoa suoe movements. the most prominent in the rail. road list were the Southwesterns, Missouri | movement which affected minor members of the group in less degree
 The generally accepted explanation or this movement was that the group has been persistently laggard throughout the prolong- ed speculation which has extended to al-
 most every part of the market. stress was laid also on a published interview with the head of the system expressing very confident opinions on the promise for sustained pros perity These railroads for some time past have been maxim unfortunate comparisons of earnings, last year, owing to special advantages to them from the St. Louis Ex- position, and those comparisons are now oniy beginning to show to advantage in the cur rent earnings Great interest centered upon IAmalgamated copper all day as action on the dividend was expected before the mSr-
 ket closed.
 The restricted movement of the stock
 during most of the day signified some meas ures of restraint on it with the purpose of detracting from sensational view or the dividend meeting. The directors had not been long in session, however, to consid- CT the dividend action before rumors began to fly about the stock exchange with potent effect on the market movement of the stock.
 The general expectation was of A per cent dividend for the quarter. but after the as
 sembling of the directors a false rumor was put into circulation that the dividend would be placed on per cent. or per cent. rate per annum.
 : Amaigamated Copper. which had sold as
 low as 11oE; shot up to 1lss on enormous enormous violently. On the announcement of the div idend 1t dropped to 110, but closed at III 4,
 a net decline of A. The late break in the stock unsettled the general market and the closing tone considerably.
 Money continued to accumulate at this center and interest rates to work easier
 The decline in the discount rate of the I'm Iperial Bank of Germany, by full per
 cent; showed the great relaxation ,I. oi money money
 ment of the Imperial Bank bore out the showing.
 ] in reserves of nearly s11,000,0e0 with an eff fective loan contraction, which raised the lproportion of reserves to liabilities to nearly | 43 per. cent. compared with 33 h per cent last week The decrease of $27b00,000 in the
 item of government securities showed the extent of the measures taken by the bank to remove money from the market Foreign exchange here was firm and New York ex- change at Chicago fell to forty per cent dis ! count as against the recently prevailing pre- mium.
 Bonds were firm. 2 Total sales par value. | S5, 355, 900. United States bonds were all | unchanged on call
 NEW Y0RA s1SSCA HIST.