The Montgomery advertiser., 1907-01-03
THE STOCK MARKET
PRICES OF STOCKS MANFRED DURING
 SESSION.
constraint en Speculation Was Not Explain able by Any Immediate Develop
 mefts, They Being frr Most Part Favorable.

New York Jan 2.-Prices of stocks wa vered uncertainty today and showed tend, The volume of business was on an insisnlfi- cant scale. The constraint of the specu- lation was not explainable by any immediate developments, these being mostly favorable But the longer outloook was the subject or much consideration and of greatly mixed interpretation. There was wealth or au- 'thority in evidence in the annual reviews on the< great showing of the year just past, but there was in all of these rather sur prising unison In the note Of caution min Eled with even the most hopeful presages and from that ranging downward in the scale of optimism to admission of prob able early commercial reaction and depres- sion. This had its effect on stock market
 The future of the money market. also seemed far from clear. in spite or the day in this market and in foreign markets as we'll. Berlin discount rates eased in a way to give gratifying evidences of the sue that market. which was especially dreaded. London discounts ran off in pronounced way. The early 20 per cent. rate for call loans here was not held long. The huge volume of the clearing house exchanges are witness to the annual requirements. Com dltions seemed tending quickly. therefore, been relied upon to revive stock market ac- tivity. modifying factor which must be reckoned with Is the course of the treas ury operations in the future, and which were especially dwelt on in the January cir cular. of the National City Bank. Provision is already. piled for the return of $100o0.- banks. half on January 2Oth, and half on February 1st and the latter date was in- timated as the period for beginning the return of the S27100o.o00 of deposits made with the banks ip September last. The cirsular estimates the excess of governmen mt revenues over payments between now and additional The opinion is expressed that money ssrates will be sustained by these causes up to the time of the maturity of the outlook will De affected by the alternative of redemption of~the whole issue or of par tial refundfng: Meantime prepayment has falling due up to and including May 1st
 A striking feature of the days financial markets was the violent advance in the for- eign exchange market. The demand for remittances seemed urgent. fin spite of tho easing of money markets abroad. It was inferred that obligations which were defer red during the stringency in money here being covered on a large scale. The price of demand sterling rose fully two cents in the pound over that of last week. The high interest rates charged stock market accounts for December had dis couraging effect on holders of stocks on margin. The average rate for the month charged by stock exchange houses was 12 per cent
 The impending inquiry into the relations of the Harirman group of railroad properties by the interstate conlp1erce commission was the occasion of some depression. The Hill stocks were supported and there was sub sidence of the rumors of money troubles growing out of the severe declines in those stocks There were other points of occa- sional strength. but they yielded in the course of the trading; The market closed irregular and near the low prices of tho
 Bonds were irregular Total sales par value .so4.ooo. United States bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST.