The Montgomery advertiser., 1907-01-23
E. Johnstone & Co.|
 Cotton Buyers and Wafehousemen fssssss Props. Harssrc csnprs
 c.tton Bought Any Point In Alabama Storage and Consignment. Solicited Lowest nsrapce best facilities
THE STOCK MARKET
VALUES WE'RE EXCEEDINGLY UNsTA-
 BLE TO-DAY.
The Range of the Fluctuations was Narrow and thA Volume of Dealings on which These Were Made
 waa Email.

New York Jsn. 2z--values were exceed- insly unstable in the stock market tooay. Fluctuations were constant, whether upward or downward. The range of the fiuctua- tions also was narrow and the volume of dealings on which these were made was small. The limited dealings apparently were in professional hands and there wa. no evidence of any awakened outside interest in the market The transactions of the day seemed to represent nothing more ths- constant manoeuvring for position be- testing operations to ascertain the tendep- cy of the market A doubtful state of spec ulatiye opinion ie the natural inference frofn these appearances
 The current discussion and mixed senti- ment in the outlook as it were found express sion in the neighborhood of the stock ex- change confirmed the inferences. The broF- CTS employed in the execution of orders ip the influential stocks conveyed an snpres- son of important buying and of protection of prices against attack by inside interests in the properties.
 The suggestion was prompted that the absorption of a substantial character was going on at any concession in prices lockin~ to an accumulation of shares. This appear ance had the effect of intimidating the bear element and they refrained from lnak- ing any aggressive attacks on prices accord- ingly. On the other hand the conviction was noted that the licuidaetion which has been completed. There was dtligent watch fuiness for the reappearance of selling which might indicate continuation of tn" process
 opinion was expressed that the temon- stration of the completion of such liquis- ation would fine a large short interest still uncovered in the market waiting for re- sumption of liquidation for an opportunity to cover sharp rally in prices would be expected from such covering movement
 Divided between these conflicting possi- bilities. the forces in the market were sFn- ployed largely in reconnoitering and in fr1mp flsv,n 4kA uffu ion tA siaa It. self The market was concerned almes' entirely with such technical considerations and little attention was paid to any thing else. There were in fact, no develop ments of importance in the general situation.
 The reduction In the official discount rate of the Imperial Bank of Germany was ex- pected and was in conformity to the rem erai relaxation going on in the worlds money markets with the refiux of funds 70 the reserve centers usual at this season fcl- lowing the turn of the year. Interest rates here continued to yield, both for call and time loans. The money market waa ex- tremely duii and borrowers were inclined to wait q hoped for opportunity for even bet ter terms than are now brocurable. The decline ifT~ interest rates is leading te tho retirement of loans placed here by interior banks during the pericd of high rates.
 It is expected that this process is serving to expand the loan account of local banks which are calie1 on to accommodate bor- rowers whose loans are thus placed, but this pfocess does not affect notably the cash holdings as the funds are left on deposit here by the interior banks. Transfer ws~ made to the sub-treasury of $1,00o,00o from San Francisco to New York Discounts R' London and sterling exchange here reced- ed. The day's net changes in stocks are generally small as would be expected in such a market, The market was heav~ during the latter part of the day and last prices' were about the lowest
 Bonds were irregular. Total sales N,474.- 100, United states bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST.