The Montgomery advertiser., 1908-01-30
ltiE SlUCk MArSkEI

New York. Jan. 2s.--No effective obsta-
cies were interpreted 10 prevent the down
ward DRIFT OF prices OF stocks today. which
Nax made q most diminished volume OF bus
mess from that which has been the rule
Tor many days past. The pressure 70 sell
showed no sisns Of urgency but the beney-
olenf control which has been apparent since
the present week opened was Withdrawn.
leaving the market 70 its own tendencies.
the supporting measures which have been
had been attributed TO the large BANKING
and capital interests, the supposed motive
6slns tn. psrehsss e protect the =, market ma
cent developments that should be dreaded.
The passing OF several Of these Incidents
OF protective measures In the market to-
day. The appearance OF the u. 8. Steel
corporations quarterly report, with its ON
II the business Or the Corporation following
incidents.
been SO clearly outlined In preliminary esti-
mates. both In the fikures of the quarters
not earnings and Ia the tonnage OF orders
on hand. that no marked change OF .senti-
ment was caused BY the reading of the re-
port.
Greater interest attached to the current
which no hint was offered in the United
States Steel report.
some questioning was heard of how much
might be affected by orders which 1t was
sought to have cancelled after the set
back In, business occurred and which the
authorities OF the company refused TO all
low cancelled, but consented TO postpone de-
livery on. The heaviness Of United States
Steel led the downward turn In prices.
In the opinion of operators on the floor
of the stock exchange the dominant infiu-
ence In the depression was the reports OF
renewed measures against the power of
corporations in contemplation at washing
Very definite runors were in circulation
regarding the contents of special messages
from the President 70 Congress SAID 70 pc
intended for an early day and bearing on
q new empioyeeg liability law, enlarged
provisions against discrimination for union
labor and drastic restrictions on speculative
operations In the market under the gutse
OF anti-gambling regulations. There was
not Of dissatisfaction perceptible IN the
ment OF n remnant Of the clearing house
certificates issued TO tide over the Crisis
That further extension OF time for tnls
purpose should bs deemed necessary 70 m
sure two or three OF the smaller banks from
endorsements which 1t was beheveo
would be caused by forcing their hand at
this time. left the ultimate outcome OF the
situation In some perplexity.
There was q perceptible check In the
downward course Of money mon me rates Tssetion IN
foreign exchange was the response 20 TINS
condition.
New offerings Of railroad notes and the
tempting interest rates still borne by these
issues are diverting some sums away from
the time money market. The discussion OF
a Forthcoming New York city loan for an
amount Intended to be from $4,000 Oe to
$40, 0Oo, 900 for a long term and to bear IN
terest at AZ per cent was also in the mon
ey market.
The rise in the New York Traction
stocks proved a poor substitute as . sustain.
ing influence for the recent strength OF
more prominent railroad stocks. A reduc-
ton IN quotations for copper at the New
York metal exchange was an incident OF the
day. Covering by bears late In the day
developed q continued supply OF STOCKS
and the saKging tendency gave way to more
pronounced weakness at the closing 1855
Bonds were irregular. Total sales par
value SB.074.e00. United States bonds were
| unchanged on call.
CLOSING STOCK LIST.