The Montgomery advertiser., 1906-01-12
THE STOCK MARKET
EVIDENCE AGAIN OF RESUMPTION OF
 ACTIVITY BY CLIQUES.
Profit Taking stH Noticeable, but Its Eff feet on Prices Is Not So General
 ns on the Day Before.

New York. Jan 1I--There was evidence again of the resumption of activity by or. or. kind which conducted. the aggressive ad- vance up to the first of the year and which the interest of the recent profit taking. That profit taking was still in evidence today, but its effect on prices was not so general
 The average level of the market rose sSoys that of and gsns in special al dealings expanded materially. There was little in the. days occurrences of news to upward movement of some of the more sub stantial influential stocks was effective on Immediate ne eonSditions diversed from the gold S upwards p at Paris % again thus relieving the pressure of New York from that source.
 powerful ana 'ii relief waa si felt that the Bank of England refrained from advancing the Of that showed Su meager recuperation from the depicted re serve condition of last week; such improve the s27. 7.o0o.Ooo loan contraction. This brings the proportion of the reserve liabfl- ftfes up to a9. 50 compared with Ss. S7 per cent. last week. but against the ratio of 44 .5o per cent this week last year. The day which was withdrawn for shipment to South America, It is believed therefore
 the money sss market s % o in it's rate effective before resorting to that to expect an s ousso of goid Iatsr % owins to the heavy obligstfons to foreign ienoers fall ing due within the next few ns weeks; ssr. sser. was some renewed selling of bankers bills for the use of foreign funds.
 to the money market already this week ss.o1so0o. and there was anothe: heavy s sovernnent @ 's On % account of sranssortatien of that institution on teIeeraPhlc transfer from San Francisco. The easing of the foreign face of this replenishment of the local mon sy market as the easing of the money rate o ars Tas to saS made sn u0 e features of the days market were mixture of high grade seasoned dividend payers paying small dividends or none at all. both amongst railroads and industrials. of the low grade. There was a wide intervening gap in the list amongst the average market neglected throughout The renewed ad- vance in Union Pacific to a record level on the market. Increased dividend expect ations were the factors
 The Hlll group was made the subject of absorption of connecting lines to the Gulf These rumors apportioned the Missouri, Kansas and Texas system to Burlington and the Kansas City Southern to St. Paul. The movement in the lower grade stocks was improved earnings to warrant expectations of dividends. The Southern iron group re- sponded to revived merger rumorR. The market took on great animation late in the day and many favorites amongst low grade stocks were rushed into prominence and Amalgamated Copper threw off its earlier restraint, but the character of the market was not essentially changed. The closing was generally strong. but there were some irregular spot on realizing.
 Bonds were steady. Total sales par val- ue S3.710,000. United States 2s, coupon ad- vanced \ per cent on call.
 NEW YORK STOCK HIST.