The Montgomery advertiser., 1907-01-15
THE STOCK MARKET
THERE WAS SOME vERY AGGRESSIVE
 DEMAND FOB STOCKS.
Which Showed Some Aggressive Strength in the Market fer Time.-Market Lapsed inte puIlness After
 Working off.

New York Jan 1I--There .was some very aggressive demand for stocks today. which showed some aggressive strength in the market for . time A demonstration of in the market hAndiing of a handful of speculative fayorites but the later market showed decline of speculative interest. The market iapscd Into duiiness after the commissten houses over Sunday. The later sag in the market was due partly to dis- appointment over the volume of those ac- cumuiaticns. which save rise to complaints from commission houses and little promise of a growth of outside interest in the market sufficient to sustain a campaign for rise in pricea
 the Western Railroad stocks with Southern Pacific and St. Paul the most conspicuous features. Southern Pacific was the suo- ject of some runlors about the stock e e change Of an Intended further increase in the dividend rate. London supported Americans and sent over some buying or ders. The early carrying rates on Amer jeans in connection with the stock market settlement were high but there was some recession in the rate before the day ended.
 The Bank of England secured ss.soo.eee gold from India and there was some revival of the discussion of probabilities Of re- duction in the Bank of England discount rate this week. Foreign exchanges moved in favor of London and lessened the threat of demand on that markets gold hold ings. A&
 The copper market was strong both here and in London Official. intimation was given of the intention of the United states Steel corporation to hold the prices Of steei rails and of other products against any ris- ing tendency with the purpose of conserving the stability of conditions in the trade lt also was asserted in the same statements that contracts for steel rails for Iu,ure delivery are not canceliable at the Will or the purchasers as was the case m past years. The possibility of revocation oI contracts which form an important element in the unprecedented volume of thrilled or ters on hand of the steel corporation has been dwelt on in recent discussion as an un- certain factor in the futre of the trade. m the late reaction there was evidently some recurrence of Influence from the iears 2. unwieldy capital issues still to be placed in the market
 Chicago and Northwestern was conspic- uous in the break on rumors of an cary issue of new stock. Canadian Pacific also was affected by revived rumors of an early new issue of stock There was call Tor the payment of fourth fnstailment of le per cent of the subscriptions to s1oo,ooo,ooo or convertible bonds of the American Teie- phone and telegraph Company following the sale of s25 900, 0eD of notes by that company last week 1t Is understood that part of the consideration for the purchase or .nese notes was the scaling down of the original price of the underwriting contract Tor the convertible bonds, said to be from s4 10 sf The transaction constitutes an Item in the formation of the uncertain s sen.ins over the money outlook. Money continued to work easier In this market Sub-treas- ury operations are yielding large amount to the banks the gain on the new panh week already amounting to s4,287, ,0e0 The sub-treasury also was debtor at the clear ing house today in the sum of $2, ,1ss, 4s4
 The market closed under the influence oi the late reaction and generally below the level of Saturdays closing.
 Bonds were firm. Total sales par value s2 ae1, coo. United states bonds were un- changed on cali.
 NEW YORK CLOSING STOCK LIST.