The Montgomery advertiser., 1907-01-18
THE STOCK MARKET
DULL AND HEAVY TONE PREVAILED
 FOR MOST or DAY.
There was Nothing Like the General Weak ness Wbich Developed Yesterday at
 any Time During the

New York, Jan. 1.-The dull and heavy tone which prevailed for most of the oay m the stock market seemed to be due to sym Pss yta ss There Mas nothing like the general weakness which deyeioped yesterday at any time during the day. fhe general list moved narrowly tnrousnou.. There was a dip along the whole line when any special weakness would develop at some special point and an appearance or resii- iency in the intervals of liquidation Tn few stocks
 The hesitatine and inconstant movement of the market kept sentiment much confused During the course of the days trading clearer perception was acquired of the nm its of the selling and feeling regarding us significance became better defiEad The fact became known today that syndicate has been dissolved which underwrote the last issue of Erie convertible bonds. offic- ial details of the transaction are lacking but it was generally believed that the largest part of the issue had proved unsale- able. The outcome of the underwriting IS a reinforcement of the lesson of other exam ples and It's effect is enhanced by the knowledge tha similar conditions exist In the case of other syndicates.
 In order to move the market for such holdings 1t seems necessary to make large concessions in prices A like course is in dicated as necessary in the securities ove, hanging the market to secure new capitai to proceed with the great enlargement et railroad facilities which railroad authori- ties seem agreed in considering essential to cope with the present business Of the country. But the belief gained ground to- day that there was special causes affecting the stocks which suffered most acuteiy in yesterdays decline. having to do more with the speculative position in the market than with the financial affairs of the compa- niez.
 Yesterdays sinister inferences of an in ception of a stock market struggle between financial giants gave place today to an all ternative belief that crippled speculation ac- counts of smaller importance were inyoiy- ed. Aside from these special incidents ID the market developments were favofaole.
 The reduction in the Bank of England rate of discount was decisive mark of the relaxed tension of the worlds money mar kets. The weekly statement of the Bank of England showed clearly that the action of the governors to conserve the volume or business, which is main object of the existence of the bank. The Bank of France and the Imperial Bank Of Germany also showed the reflex movement of cash into bank reserves. tn this market the rate Tor time loans for afl periods yielded to below six per cent. for the first time since the re- cent stringency prevailed. The banks con- tinued to gain heavily from the sub-treasury the amount for the weeks statement rising by today's statement to ss,7140o0. The &C., ton of Amalgamated Copper for several days past has indicated the yielding of ear Her speculative hopes of an increase in the dividend rate
 There was consequently only a moment nounced as unchanged Constant fluctua- tions marked the trading which to the end of the day, and the closing tone was irregular.
 Bonds were irregular. Total sales par val ue 1,S24, ,000 United Statse new Is advano- ed t per cent on call.
 NEW YORK CLOSING STOCK LIST.