The Montgomery advertiser., 1907-01-04
THE STOCK MARKET
NO PRONOUNCED VIEWS ON sPECULA-
 TIVE OUTLOOK.
Operations Were Largely in Hands of the Professional Traders. and Move
 ments Were to Scalp

New York. Jan s.--The stock market of today failed to reflect any pronounced views on the speculative outlook The operationss were largely in the hands of professional traders and the movement of prices indf- cated that they shifted their position rom ,ms s9 ums from , one s,as scs,n profit. There was some evidence of a supply Of numDer of prominent stocks and in others there was demand to there was in the first case little pressure 70 dispose of holdings. and on the other hand a sluggish movement of prices. The Harri- man stocks were still under some special pressure and this was naturally attributed between these properties by the Interstate Commerce Commission. which is to begin in New York tomorrow.
 Reports of an indisposition of the presi- dent of the company today have affected the stocks. Delaware & Hudson Tell away sharply in spite of the increase In the divi- as holders have contended for. Amalga. mated Copper was prominent instance Of strength due to current reports of an intena- Atchison was helped by reports of the same character. The market was made ap aI, most entirely Of individual movemsnts oi this kind due to special causes. The list as a whole was lethargic and gave no sign of the working of any reinvestment demano such as often follows the distriputioh or profits at this time of the year
 The money market continued to relax. as it was expected 1t would be after he first of the year The --aximum early rate TOT call loans was 14 per cent. compared with 20 per cent. yesterday and the rate sot down to per cent. comparatively carry ln the day while 3 E per cent, was the low point touched Another days large f2eaI- ances at the clearing house snoweG tne rapid progress of the annual settiements' although the settlement was adjusted evi- dently to cover two days instead of one, so that the clearings for the first business day of the new year are no where near tne record touched last year, although the total of the settlements effected Is much larger: The sharp reaction from the high figures or yesterday in the foreign exchainge markse indicates that the urgent demand Tor femle. tances had been met. All three of the great and all three showed the effects or the great year-end strain. especially the lmpe- rial Bank of Germany. for which the de- crease in cash for the week amoun.eo sal tse ooo SIT s65 0Oo the loan expansion $31, 1,A4o,ooo and the increase in note issues s!3.7sS ooo
 There was some recovery in the discount rate in Berlin from tn drop ot yesIeroay; but the discount rate Tn Lonooh . cons,av.u rnI laxation here from the stringency or tne December money market, 1t Is consiccreu doubtful whether the recession in mone~ rates will extend to actual ease.
 Reports of railroad net earnings TOT NO veuber received today showed the uniform growth in operating expenses with core. spending effect in the proportion or nes earnings. some railroads showing an appre,, ciable decrease in net an ans character of the market was emphasi@eo as the day wore on. .,..
 Bonds were steady Total sales par value s1 sSO. O00 United States new 4s. reslstereu, decIined h and the coupon % per cent on call
 NEW YORK CLOSING STOCK LIST.