The Montgomery advertiser., 1907-01-09
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THE STOCK MARKET
SPECULATIVE SENTIMENT UNDERWENT
 A MARKED ALTERATION.
Various Factors Contributed to This Result Includinw Several. Rumors, The Fall ure of Which Pointed
 to Bears.

New York Jan. s.--The stock market be- came sharply reactionary today and specu- lative sentiment underwent . marked alter result. including several rumors of which the failure of confirmation pointed to . bearish origin. The principal influences on oyer the money outlook. and the disquieting effect of the obvious pressure to sell Union rssfls @ The tone of the ,a money bn market s,net " in the rate to 10 per cent. late yesterday. snd t became evident that the existing . rssumption of speculative M ~ activity on a a large scale. The bank statement of Satur- day leaves no ground for surprise that the money market should still be in a sensitive
 The added scarcity of call loan funls is partly due to the increased demands of attributable also to a disposition on the part of the leaders to place their funds in time loans rather than on call, This has helped last few days. The movement is evidently based on the supposition that time loans are not likely to hold at present rates. The disposition of speculative borrowers to de- pend on call loans. even at higher lever which may be short lived. is based on the sas or Co s ssnes five per cent. notes of the American Tele- phone and Telegraph Company recalled to the attention of the fnsncs, %osa ts 'ns 5aS to be supplied. The example was of added force owing to the underwriting last spring of Q s1e0, ,00o.e60 convertible bond issue of this company ou which installments payable from time to time should supply large re- sources on hand. The resort to note is- significant of the unfavorable conditions for the market
 The downward course of the London dis count rate also halted today and the pros pect of ss.000, 900 shipments of gold from London to Brazil was disturbing factor la h A GNlvr nas. ntr U cA Of Union Pacific aroused a feeling of uneasi- ness that more was looked for from the Interstate Commerce Commission's invita-. tion thap has been allowed to be understood and that important holdings were being re- doced on that account.
 The continued absence from his office of the head of the system also gave rise to rumors of more serious disability than has been publicly admitted. The rumor that Jo, Morsan was Ill ,osr apparenty ror Snyoa special weakness in the Morgan stocks gave force to the rumor for time until many in- quirers at the& office of the ftnancfer brought disclaimers of the reports.
 Southern Railway ran off sharply. and it was supposed that liquidation for account of estate of late dominant figure in the company was responsible.
 United states Steel also was heavily sold. The announcement that the New York Gen. tral would repay the dividend payable on January 18th on Thursday of this week was a promise of a modifying influence on the firmness of the money market, but 1t was also regarded as a testimony of the neces- sity felt for measures to conserve the ease of the money market. Sub-treasury opera tions have yielded si,s7I.ooo to the bayks since the bank statement was compiled. There was some covering by shorts at the declines which were quite severe, but there was no effective rally and the market closed irregular.
 Bonds were irregular. Total sales par value $1.sss.0oe. United States bonds were unchanged on call.
 NEW YORK CLOSING STOCK LIST.