The Montgomery advertiser., 1907-01-22
Johnstone & Co Cotton Buyers and WaIehousemen
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THE STOCK MARKET
CONDITIONS IN STOCK MARKET MUCH
 CONFUSED TODAY.
Market Did Not Maintain the Buoyani Show of Interest With Which It
 Opened and Did Not Even Make . Good Resistance.


 New York, Jan. si.-conditions in. the stock market were much confused again to- day The market did not maintain the buoyant show of strength with which It sistance to the renewed selling pressure which developed during the day The in ference was prompted that the upshoot of prices at the start was due largely to the higher prices which was caused by the buying was taken advantage of to renew the liquidation as was the case tnst week There was bnoyant rebound Ct the last again.
 It was not surprise that considerable uncovered short interest should be develop ed in the market .whors .ae downward turn upwards effected. It was hoped also that the arrest Of tile rapid decline If prices would fortify the position of long ac- counts in the market so as to relieve them from the necessity for recovering the coul- fnitments as was previously the case last week.
 There was buying at the opening in great volume. which was attributed to the large as an intimation of a determination to sup- port the market. The time occupied rince the market closed on saturday in can vass of the situation found no warrant Tor the rlmors of financial difficulties which were in circulation Saturday and there was m understanding about the stock exchange that some arrangements had been perfected for the protection of number of accounts which were everhanging last weeks mar Let.
 In the loan crowd also the rates on a number of stocks which had been most freely sold last week, indcated the propor- tions of the short interest in those stocks. It was not apparent that the decline of last week had resulted in bringing in very un- wieldy selling orders to commission houses, such IS are likely to follow q Sunday inter- val after considerable decline.
 The various conditions combined to nwak- en the uneastness of the bear party and nrompted them to the active buying of the first hour. With the completion of the buying of this character the action of the market became disappointing again to the hopes of an extended recovery. The ha- ture of the selling in the rnterborouRh- Met on sentiment. It was accompanied by ru- mors that additional capital issues were to be forthcoming from this new quarter.
 On the other hand much attention was attracted by report that plans were shap ing in some of the railroad corporations to modify their intended outlays for the conn ing year for extension and hetterments. Tha New York Central was indirectly indicated by these reports which were without offic- ial sanction, however. Such tendency was accepted as promising some telaxation of the strain on capital supplies. But the bearing on the prospect for continuance of industrial activity at the present level was taken large account of also.
 Money continued to work easier and call loans were made for the most part of at five per cent. or below. Interest rates time loans also continued to decline. For eign markets were affected by the expect ation that the Imperial Bank of Germany would reduce its discount rate tomorrow and there was an easier tone in the foreign exchange market here.
 The renewal of liquidation during the day served to revive reports of the necessa- ry scaling down of some important ac- counts otN long standing and which it is supposed were helped over the end of the year in the hope that the easing of the money market would offer better chance for liquidation when this liquidation was out the market rebonnded suddenly and closed buoyant at the top prices for the day.
 Bonds were heavy. Total sales par value si,ss4.o0o. United states bonds were all unchanged on call.
 NEW YORK CLOSING STOCK LIST.