The Montgomery advertiser., 1908-12-24
THE STOCK MARKET

New York, Dec. 2s.--The speculative com munity remained convinced today that m in contemplation la railroad relations. The first effect of the announcement or the PuzL chaEe of control Of the Colorado anu SontM- ern by the Chicago. Burlington and Quines had mixture of misgiving as q possiple prelude to a renewed outbreak of the an wsss m s .sSns app rentiy has passed away and the incident hes come to be accepted as an unmixed enceur- agement to speculative enthusiasm.
 Its influence was very manifest today as yesterday in the continued circulation ot rurnors and conJectnres as to possiets tuf ther mergers and absorptions. Ths soutn- western raiiroads were the fayorite sub- Jects of these rumors. but almost any one sir,ss,4S St sns 50r st aissavSntaEe sgainst tho disfavoF of the larger systems was conalo- cred available for subtection to these Fa-
 The market was spotty at times. .owink partly to the reactionafy tendency or seme Of the minor stocks which figured m0st prominently in the rumors of yesterday. The usual favored mediums and for speculative activity also were beiated in their response to the upward movement and were pressed also that an active speculation is in pto- gress in bonds of class which must pe lifted from a condition of doubtful seeurtty' into a higher grade security with the com pany's affairs in control of powerful cor poration of first class credit s tne enormous trahsactione In bondsaof that elaes which have sweiled the volume of the bond market for two days past to almost record proportions. The speculative element sn violent reactions which occurred today in the prices of some of them which rose most yesterday, the price movement going As wide in some of these cases as in the shares At the same time. the investment demaad for first class bonds was excellent and tne ready absorption of new bond Issues as 1ass as they are offered constitutes one eD the strong underlying conditiqna. of the present financial condition, so long 9g this condition is manifest and the call lean mar ket Is kept free from violent fluctuanons.
 There is little Influence felt from the more immediate changes in the money sup ply Large ineursions are sttll being maae On the cash holdings of the banks Today,s sub treasury operations closed withdrawal of S3,5s4,00o from the banks undoubtedly due to a further payment of subscriptions to the Panama bonds This brings the loss of the banks on this account for the present banking week up to ss, s,ss3.0oo. There is a failing off in demand for time leans, and an unwillingness to pay the cur rent asking rates, which argues an expeet- atton that easier terms will be precuraoie confidence that supplies of banking funds would be forthcoming from outside sources before money rates had risen materially above the present moderate levels. E1ain- Brooklyn Transit, on the revlRal of the oft- eu, repeated .ruEaor of dividend declare. tion impending. and in Bethlehem Steel on . story that Andrew Cernegie would re- affaira The market showed DO aspect at afty time of what is caAaa holiday dNllness, the days business proving iaF8e sene'
 Bonds were irregular. Total sales par val ue s1o.6ss,Oo United states bonds were unchanged on call.
 CLOSING STOCK LIST.