The Montgomery advertiser., 1906-01-25
THE STOCK MARKET
srEooiALacH iREAcHEs ffsaHS FLocD srAen. nnslaIS'
For Time the Downward Tendency oi Stocks is Checked-No Heavy Un- loading Before the Weak
 Closing.

New York. Jan. 24.--Speculative buying came into the stock market again this morn to the downward d' course n of "d prices whicS unsettled the early market yesterday. There , vas no heavy unloading again before the an entire cessation of selling to realize prof its on heavy scale at any time but the splcuous yesterday were opened at higher prices and with this advantage to start with action without being carried back to below last nights level
 The complete. restoration of wire commu- nication with the West was given It's share of the credit for the revived speculation. But the technical condition of the market was yesterday. With the weak commitments for the rise shaken out with large profits in tons which precIpitated inc reaction with the irregular realizing and the attraction entry into the market at profit and with the bear account considerably extended on the chances to buy stocks to cover coptrsets the market was in better condition to resume the advance than it was to continue 1t be- Tore the reaction. The conspicuous fea- ture of this resumption was the marked pref erence shown for stocks of the cheaper grade Fifty separate issues could be enumerated on which dividends were paid and which today and rushed to higher level Gains ranged all the way from to over points .The The spread of the demsnd is normally
 
 to the lower grade of securities. This TO- tation has made little progress heretofore in the present advancing movement in stocks. Amongst the established dividend paving railroad stocks and the more sub stantial industrials are many stocks where new high records have been an almost daily occurrence for many weeks, past. Amongst the low priced stocks the other hani up to the high records of 1901 and 1902. If has often been argued that level of pros perfty which warranted the advance in div fdend payers to their present prices ought to dividend payers by the increase of their prospects for dividends.
 Various attempts have been made to bring them into line with the rest of the list, be prejudicial to the credit of the advance in the seasoned dividend payers. This was the ground for today's movement and very little news of any particular properties was heard very heavy movement of corn to the Gulf ports as a result of withdrawal of rate reductions by Northern lines helped the Southwestern group. Union Pacific and taining factors for the general list and when Union Pacific began to crumble the sympa- thetic effect on the general list was i'm mediate. Action of the Union Pacific divi- dend has usually been taken before this pc riod and when the executive committee ad- Journed without action today misgivings arose over the increase in the rate which has been counted upon. The low priced stocks saved some remnants of their ear Her gains. but there were some threaten ing breaks in the high priced stocks. espe- cially in St. Paul, Reading and the Pacifics and the closing tone was weak.
 Bonds were irregular. Total sales par value. S5,S90.000. United States old As, declined M per cent. on call.
 NEW YORK STOCK HIST.