The Birmingham age-herald., 1906-10-11
EXPANSION SHOWN IN STOCK TRADING Strength in Market Was Better
 Distributed RUM0RS PLAY LARGE PART Union Pacific and St. Paul Rise Joint Iy On Revival of Reports of
 Closer Relations of
 Interests.
RUMORS PLAY LARGE PART

New York, October 10.-Dealings in stocks expanded in some degree today anl strength in the market was better dis tributed aad consequently had more sym pathetic effect on the general list. The result was to diminish the spotty appear ance of the market. That appearance was not entirely abolished however, as few stocks showed discropoI tionate strength and activity. These stocks were of a bet ter class than yesterday, when the low grade of tie secu1 ties which began to appear In the list of candidates for spec ulative favo pad a detrimental effect on the tone, oi the wnoie speculation.
 There was no change in general condi- tions to account for the better tone of speculation. The most conspicuous move- ments were accounted for by rumors of specific developments regarding the indi- vidual properties, most of them vague and unauthorized. The prospective dividend increase in combination projects were con- spicuous features in the days stock mar ket gossip. Union Pacific and St. Paul rose jointly on a revival of reports of closer relations. The rumors gained ad-
 
 election of the president of the St. Paul as director of the Union Pacific at the annual meeting yesterday That meeting also gave rise to renewed assertions that the pamphlet report to appear immedi- ately would contain important information bearing on the addition to the value of the property Assurances from uthorized sources that the report would not be ready for several weeks did not seem to diminish the active speculative operations in the stock which were attributed to the so-called western clements. The large in- crease in gross and net earnings for Au- gust reported by the Union Pacific was in favor of the movement. Olhe- railroad stocks did not in all cases respond to similarly favorable showinss. Northern PacIhc's prosperous annual showing did not seem to help that stock. Ths ore deal group was sluggish until late in the day when the demand for United States Steel developed enough strength to carry 1t to the highest price on the present move ment The extraordinary prosperity in the copper trade was moderately reflected in the movement in Amalgamated Copper. Hopes of dividend increases we Q motives for the rise in Pennsylvania and American Smelling. although the latter stock Shontd ehC tilS1l Ol pIOHl-tdk1liB III us wide advance during the course of the day. The same was true of some other stocks, which rose sharply earlier in the week.
 Money continued to work easier in spite of the man lest pressure for remittance to London, which made sterling exchange strong not only here but in Paris and Berlin. The advance in the official dis count rate of the imperial Bank of Ger many was ineaccordance with expectation and the private discount rate receded thete today. In London. however, private discount rates advanced, and it was con- sdered probable that the Ban6 of Eng land would advance it's officiai rate to- morrow in view of tn heavy withdraw als of bullion iron it's already depleted supply as shown in lat weeks state ment. The bank sent anoti'er $1,25O 900 to Egypt today. It is believed that New York has made a large reduction of it's indebtedness to foreign money markets this week. That it could do SO without disturbing the relaxing tendency of the local money market is regarded as en- couraging evidence of the improvement in the local money situation. The improved