The Montgomery advertiser., 1907-01-10
THE STOCK MARKET
PRESSURE TO SELL WAS DECIDEDLY
 MODERATE.
Demand Seemed to Come Largely From Uncovered Shorfe Who Had Fol- lowed Rauid Decline of
 Previous Day.

New York, Jan. e.--The pressure to sell stocks which appeared urgent and precipi- day. and after a short time gave place to some inclination to buy. The demand seemed to come largely from nncevsreo s,,ea yesterday There was also some appear ance of supportinx orders. These dimfnisn- ed to aifuost Eothing on the advance m total of sales is evidence of the marrow pro portions of the market. The trading sank Into stagnation at times during the day. The most conspicuous continuance of the liquid- atinE tendency today was In the southern stocks
 of Southern Railway were due to the pro gress of the settlement of the estate or the late president Of the company. but today maintenance of the dividend on the prefer red stock was in doubt. These rumors' however met with disclaimers from unoffi-
 Mortimer, Pacific sold with the rights de- duced and the rights also were deait m on the stock exchange. Compared with the iwth rights, the price today went as low as t5s and the rights as low at 2o%. Great Northern preferred also was under pressure A supposition that an inquiry into the reia- tions of the members of this group similar to that now making into the Hartman group would follow the completion of the latter was given sme responsibility for the weakness. but the selling of Northern Pacif- ic was like that which followed the appear ance Of the subscription rights to new St. Paul stock. and in les degree rights on other stocks of late.
 The effective support of Union Pacific Reading and Amaigamated copper nao a material effect on speculative sentinen, panies are placed hv the Interstate Com mefcc ComnlIssion's inquiry was tac.cr m restraining any renewal of large speculative ventures. The successive important devei- openents regarding the finances of these companies are supplemented by effective comment and ruufors of probable effects
 Today's interest in the subject was largest in the departure of reports of the intended departure for foreign countries or some or the capitalists whose testimony has been expected to be taken by the commissio. me yesterday. but the rate eased after the opening and did not touch yesterdays max mum Rates for time money were rather easier in tone. although not duotaoly chang ed The inclination of lenders to taks funds out of call loans and place them on time conditions continues
 The shifting of loans Is attributed in part to the necessity of banks to restore. their reserves to the 25 per cent. level before they are free to disburse dividends, for which the usual period is now at hand.
 London discounts hardnened today and discouraged hope that the Bank of Eng lands rate would be lowered at the weekly meeting of the governors tomorrow. The strong return in gain of cash. in repayment of loans and in reduction of the volume Of it's emergency circulation. The market closed strong after a eonssasrsD,e Teac''cH ns in sympathy with the acute weakness oi
 Bonds were decidedly firm and there was a faint appearance of January invest ment demand. Total sales par value $2.- 33s 0OO United States 2s. coupon advanced M per cent. on call.
 NEW YORK CLOSING STOCK LIST.