The Montgomery advertiser., 1907-01-17
THE STOCK MARKET
HEAVY IIaulAAFias is STOCK MARz
 KET TODAY.
The Most Qosapiepeps Phase Qf the Subject as pfvelqpea Ioday Wes the Seeming
 sources In Hand Might Bring
 q Check to Disbursement.

New York, Jan. ls.--There was heavy liquidation of securities on the stock market today due to the constant sxtepsiop ef the asss fer new sss sE ns the yuhjset n deysiapsd today WIS the seeming iptimatiQr that the need of the re; sources in hand fcr the work of the railroad s disbursement Of profits to stookhoidsrs tn the case of soms ycompauiaa
 This suggestion proved espsoialy inflpen- tial to speculative ssntimsnt towards the low sssssls. sssssa ssssss ss: a sssss sss class ss ing to the hekvy discount which must De allowed for the ssme kind of securities win ts reduce the security for the naymsnt ef fixr
 Ruhiishsd remarks sn the subject of Gsp.. ital requirements by President Thpmas ot the Lehteh Valley end President Finley of threatening necessity of greater outlay of earnings in Improvements owing to the difficulties ip the way of raising capitaa ts situation was most acute on the Morgan group of stacks. The Southern RatlraaA stocks broke violently and the preferred stock especially seemed to lack any bids for efsrings nressed to sale
 The remarks ef the two railroad presi- dents referriAs to capital requirfments were aeeaptea alsa in wider sense as snI2Ecips the universal requirement or the rairoad IT. dustry for great additionai outiay of capitol in the face ef heavy grewth in the cost of material and labor
 The feeling was revived in full force. which peEyadsd the market % when ,,nana ,ns rsnn1 that estimates hitherto presented of thA capital needs sf the railroad corporations had been grossly miscaiculatsd
 Erie was tho earlier stock to show close syapathy with tha dump in southern Ren; road the rest of the market being aisposed fss time to ignore the movement, The first spread oe the movement was to other to have simlar difficulty ip raising capital The growing weakness of the market was due very ssnsraily to the censideraticp or teA samA topic from different points or recently in copper stocks on the talk of R merger of important Michigan properties gays way to sudden weakness in AmasEa- mated Copper, when the sussastion rapna utterance that . new issue of that stock might be involved in the supposed merger The vuinerabla condition of tha market tn5 vited aggressive taeties by the bears and a large scale. This was mapifest ,p the ru- mons1 which circulated and which met with authoritative deriais and also in the extent of the demand to cover shorts at times when the iiqutaatian spent its force. The forces of replenishments of money supplies con tinued to operate and the call money mar ket showed positive ease at four per cent and below.
 Funds are reported to be fiomins to New York from the interios in larsa volume and sub-treasury operations have yielded to the banks this week af,1oa.00a piacounts in London yisldea again and the impression was strengthened that the Bank of England discount rate will bA lowered tomorrow sterlina exchange at Paris. however, broke sharply The continuation of the hauid- atian caused stocks to sell at the lowest of the day In the last half hour. but shs demand from uncovered shorts caused a nRt- ly which was held to the closing.
 Bonds were irreguiaE. Fetal sales par value S3,o4s.0oo. United States bonds wars unchanged on call
 NEW YORK CLOSING STOCK LIST.