The Montgomery advertiser., 1906-02-02
THE STOCK MARKET
WIDE AND CONSTANT FLUCrUATiONi
 OF PRICES.
Half a Dozen Times or More During the Day the Current of the Market Changes Its Course--Trans-
 actions C0nEested.

New York, Feb. 1.--It Is rarely that prices fluctuate so widely and so com stantly as was the case in the deal ings on the stock exchange today. Half dozen times or more during the day the current of the market changed it's course. Neither declines nor ad- vancea were 4ong pursued. Transac- tions were very large in a few active stocks, but the constant fiuctuation had the effect of unsettlfng specula- tive sentiment and discouragtng at tempts to read the temper of the mar ket. The general list was compara- lively dull in consequence and simply averages in the active speculative fav- orites. It was asserted that some very large transactions on either side of the market in the prominent aetive time.
 The inference was drawn from these evidences that floor traders were mak- ing up the market to a very large ex- tent and that the principal operation originated in the board room itself. The important factors in the move most altogether of rumors or vague suppositions, lew of which were con firmed by the event or by any author itative announcement. Great play was made on the assumption that negotia- ttons were in progress for a settle ment of the long standing disputes in the copper trade, which would do away with the expensive litigation and cost ly reprisals which have characterized this trade war. The ccppers opened s eupb masket sas stook With of the upward rush in force at the close last night The abrupt reactions due these advances dashed the ,specula- tive confidence.
 The reports were revived In all their variety. including an alleged plan for wholesale merger Of copper, smelting. mining and lead companies. Reading was another active center of speculation and moved as uncertainty connected with the tone of the pub lished remarks of the president of the United Mine Workers on the negotIa- market control of the stock was again asserted in the buoyant rebound The circulation of a report that congress information on the Union Pacific con trol of the Southern Pacific on the same lines as the Pennsylvania Rail- the early heaviness in that group. The throughout: The United States Steel fto1l stocks made good resistance although early with the rest of the market
 The steady absorption of them led to their show of strength in the late dealings; In general, however, the principal strength of the later mar ket was shown by the stocks which were under pressure carrier. The de-
 
 as a point of vantage for the upward movement later. Money continued easy and foreign exchange yielded fur ther. The heavy absorption by the sub-treasury did not aIIect this result Besides that institullon's gain since the last bank statement of $3,613,60O. it had a credit balance at the clearing house today of a practically equal amount, caused by the payment to the government of central Pacific note on account of the working out of the settlement of the governments land grant claim. The ease of the foreign exchange market also was unaffected by the hardening of the discount rate in London, although this had the ef- feet of moving the sterling exchange rate at Paris in favor of London
 These movements again were in spite of an improvement in condition of the bank of England and a deterioration in the bank of France. The specula- tive taste for deal rumors asserted it. self again in the late buoyancy of the Pacific and the frregularity of the market was maintained by the renewed selling of amalgamated copper under cover of this movement.
 Bonds were steady. Total sales par value, $2,990,0 1000. United States bonds were all unchanged on call.
 NEW YORK STOCK LIST