The Montgomery advertiser., 1907-02-22
THE STOCK MARKET
WAS UNIMpoRTANT AS MARKING ANY
 EXTENSIVE ADJUSTMENT.
so Far ss the Process was Followed Impres' sion was Left of Very Small Com mitmenfs in Market to
 he Retired.

New York. Feb. 21.-The stock market to- day was unfnportant as marking any ex- tensive adjustment of financial relations or as . reflection Of events on the movement of prices With three holidays interval in prospect there was no disposition to enter on any new commitments to De ieft to the hazard of unexpected developments at a time when action of security holdings would be hampered The usual tendency at such . time Is rather to reduce commit mitments- So far the process was fol- lowed today. the impression was left of very small speculative commitments in the mar ket to be retired It was the smallest of days because of the year and prices moved only with the greatest effort by the room traders.
 The special weakness of Union Pacific which has been the feature of the recent the resumption of the trading on Monday is likely to find the dreaded interstate commerce commission inquiry in force again. again There was % no spec special pressure TO be prompted by the outspoken assertion of the head of these properties that reaction in business which has been vaguely argued as possible in recent stock market discus sion had actually set in. The weakness of the group seemed not to be mitigated by the fact that MT. Hill was inclined to except their Northwestern territory from the field of the reaction which he perceives to have set in: or by the fact that he regards the reaction as a means of relief from some of the endorsements in the money situation as well as of overstrained railroad condi- tions.
 Reading was under pressure on reiter- ated rumors of an intended note issue which were without any confirmation dur ing the day. The news from Washington that the general board of the navy had been tn conference over the national defense was of some effect in keeping alive a vague misgfvins over the possible results of the California difficulty with Japan The iike- fihood of a poor bank return to appear be- fore stock market operations are resumed was taken account of. The banks seem to De gaining thus far this week on the inte- rfor movement. but not sufficiently so to offset the withdrawals by the sub-treasury
 The outcome Of the discussion of ths Aldrich currency bill also may change the current of influences in the market
 The Bank of England weekly returns today clearly showed the continued ontroI Of the money market by that institution, chiefly by the large increase in government ey supply in the market and to compel the resort to the bank by borrowers. The considerable increase in other securities is the consequence It was this increase that was responsible for the decline in the ratio of specie. the bullion holdings showing a liberal expansion. The Bank of France reported moderate fmproymeent in position ana sterling exchange ct Paris moved up Discounts hardened fin London and eased in Berlin. Prices here were little changed although the attack on Reading and on Baltimore and Ohio was renewed late in tha day. II. sA"
 Bonds were steady. Total sales par value s1.sse.o00. United States bonds were un- changed on call.
 NEW YORK CLOSING STOCK, LIST.