The Montgomery advertiser., 1907-01-26
THE STOCK MARKET
DECLINE INsTOCKs HAD DrsCOURAG-
 ING EFFECT ON SENTIMENT.
No solieitude was manifested for the Cours .lt 5... of Prices by Placing of Pro-
 teetive Buying Or-

New York. Ian e5-The new decline ly stocks today had very discouraging effect on speculative sentiment .n the market com. ing after the slight recovery which had beer achieved from the sharp fan last week The drliIess and siuggishnessso this week have been viewed as a waiting period which was to end with a definite tendency in one direction or another
 Today's fall in prices conveyed the im- prsssisn that the question had been uetticd In favor of renewal of the selling .novc- ment.. The principal feature of the days market was not the weight of the selling In spite of the weak showing but rather the almost total lack of any measures of support fer the market. Some of the principal time on transactions largely made up oi 1oc share lots No solicitude was manifest ed for the course of prices by the placing of protective buying orders
 There was an apparent consent to the de- cline by all parties interested At the same time there was heard some discuss sion of the necessity of allowing stocks to settle to lower price level in order to any movement of the congestion of invest ment securities much of which is still in first hands.
 Some of the days news received an un- favorable interpretation and helped to ex- plain the renewed depression in stocks. Such wes the bringing of suit by the Minnesota state authorities to annul the charter of the St. Paul, Minneapolis and Manitoba
 
 Northern. suppiementing the suit of prevent the proposed new issue of Great Northern stock.
 The report of the interstate commission on it's investigation of the eastern soft coal roads served to revive some of the unpleas- ant impressions of the time when the .nves- tgation was in progress in spite of the re- vulsfon which has occurred in the meantime in the feeling on the subject. For instance there has been lively speculation conducted In the coa1ers the assumption that the divorce of the coal mining properties from tho railroads would involve the distribution of large sum to stockholders in the pro- ceeds of the sale of the coal companies. To- day, however. the prevailing depression of sentiment was reflected in the contrary view taken of the effects of the recommends tions of the commission.
 The money market was distinctly firmer in tone today in all deparementss There was little alteration in the supply and but a sen- timental effect caused by the notice served by the Secretary of the Treasury of his desire to have government deposits with the banks recalled before his retirement from the department on the coming fourth of March. The prospect of the withdrawai of upwards of s30. .o0o.000 from the money market during February caused higher rates to be asked and had its effect on speculative sentiment insthe stock market
 Estimates of the weeks currency move ment, indicate a gain by the banks of about S5.o0o, 900 of which $s, SAT, 900 came from op- erations with the Sub-treasury. The private discount rate in London was shaded today and the Imperial Bank of Germany ,nade . strong showing in It's weekly ttatement
 The maturiyt tomorrow of the final 20 per cent installment of subscriptions to new Canadian Pacific stock was believed to ac- count in part for the special weakness of that stock. Reports of the hitch in the ne- Eotiations for a merger of Lake Superior copper properties seemed to affect Amalga- mated Copper. There was practically no resilIency of the market at any time but-a final slump in the Pacifics had very little effect on the general list.
 Bonds were firm. Total sales par value s1.soo. 900. United States bonds were nn- changed on call.
 NEW YORK CLOSING STOCK LIST.