Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-01-18
NEW YORK STOCKSANDBON
Speculation Revsrts to Leaders Which
have Been Esgls,ted for Few Days
NEW HIGH RECORD FOR UNION PACIFIC
smelling and Lead Also Rise
10 New High Levels-Sharp
Drop In CoRee In
London.

NEW YORK, Jan. 1.-THE features of to-
Gays stock market was the speculative
operations In number OF stocks which
nave been exhaustively exploited in the
speculation of the immediate past and
which passed through period of profit
taking subsequent to that speculation
There was a lively renewal in the same con-
nection OF great variety Of rumors mostly
pointing to combinations and mergers,
which have already played a principal part
In the advances effected in those stocks.
The capacity demonstrated by the move
ment Tor the completion of a digestive
process of profit-takng in the market and
sun further advance in the stocks at
fected made considerable impression on
speculative sentiment The reversion of
accompanied by constant profit-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
cifc. This was subjected to some further
extensive proit-taking in the earlier part
of the day, but It broke through this re-
straint later and rose to a new record level
above 1859. with marked effect on the gen
eral speculative sentiment The Smelling
and Metal stocks were another example OF
this tendency in the market. Smelling and
Lead both rose to new record levels. Anal
gamated Copper was kept down or forced
back when It did advance by constant
stream Of realizing sales. The news con-
corning these properties was plentiful, but
was entirely in the form OF rumors. The
settlement Of the Montana copper war. a
merger of the smelling and lead companies
and a gigantic combination OF all the cop
per mining, smelling and allied metal in
dustries are samples OF the character OF
these rumors.
The actual news OF the day was not inn
portant beyond the continued heavy ac-
. emulation of cash resources in New York.
Money rates in consequence continued TO
work easier. Interest attaches to the prob
able action of the Bank Of England au-
thorities on the discount rate tomorrow,
owing to the operations Of the bank this
week designed to advance the open mar
ket rates, which is a usual preliminary
I 10 an advance in the bank rate, but the
of gold in the market this week and, this
4 being the case, an advance in the bank
! rate is less probable.
| The constant pressure upon Amalgamat LED
! Copper proved too strong for the resisting
/ powers Of that stock Its sharp break
| later in the day decided the course of the
rest of the market, which had been sub
jected to steady proht-taking under cover
of the advances in the specialties which
| have been described. The price of copper
| in London fell sharply and some appre
! hension was expressed OF possible re-
action in the markets for other metals
( Attention was attracted by the remarks
of President ]. j. Hill OF the Great North
, ern asserting that the nation was Twins
prohigately, and some selling was said Z
be due to the tenor of the address Ther'
I were rallies from the late break in sym
patty with the downward plunge in copper
and the closing tone was steady.
Bonds were irregular. Total sales, pal
| value, 100000. United States bonds were
ali unchanged on call.
| Quotations on the New York Stock ex
change ranged as follows:
Go1 HiQh n