The Montgomery advertiser., 1908-01-18
THE STOCK MARKET


 New York. Jan. l7.--substantial progress was made today in the digestion of specuia- tive profit taking which ha4 been accumu pact, The sharp reaction which enyeloped yefterday was quite widely extended during the early trading today and afforded such rehet from the spreesure bearing on the market that the way was opened for a ms terial recovery. The bears had been active short sellers in the decline and thefr act did the circulation of rumor~ of important changes in financial institutions. especially an alleged passage of control of the Eqai- table Life Assurance Society to !. P. Nor gan. This rumor. coupled with the aggress- i've advance in Northern Pacific. was the sraa eltsenve ,b la9tor m turning ,ss market ana ic showed resistance to the early depression in conunuance of the same showing in yes terday's decline.
 The persistence of this strength gave 1t impressiveness and served to convince ths skeptical that some good news was forth coming regarding the stock, the result be |. ing revival of assertions of an intended extra disbursement on the stock, such as were current prior to the. declaration of the regular dividend Money markets gave striking evidence of the continued growth of banking reserves both here and abroad. The declining tendency of foreign discounts in the London market driving down the London discount rate. did not prevent a rapid rise in the sterling exchange rate here export movement. Reserves are now ac- cumuiating so rapidly in New York that this prospect seems Is have no disturbing
 The banks have made another heavy gain on the weeks interior currency move ment, receipts on balances from the interior having reached apparently in the neigh borhood of $s,00O.090 besides about s2,0Oo, 900 on sub-treasury operations. That ex- ports of gold at this time would hinge money market considerations rather than on merchandise accounts against us as in- dtcated by the foreign trade statemeAt for December, showing an excess value of ex- ports of $lIh. .s65. which is more than twice as great as in necsmber of 1906.
 December gold net imports amounted to brought in during November There has been an abrupt falling off in value of De- cember imports of merchandlse to ss2,2SS. 771 compared with &i10.943, 900 in Novem- Der and s154.850.00o in December of 1908. making a striking exhibit of the countrys reduced consumption as an effect of the fi- nancial crisis. December exports on the other hand have risen several million dol lars over even the November record to an absolute record for any one month at s207.- I7s,436. The enormous outward movement of grain and cotton has conduced largely to this result.
 The violent early decline in prices today centered largely in the metal tndustrials. Amalgamated Copper and American Smelt- ing beins special targets of attack. for of the mining industries. New York Gen. tral was also pressed for sale sharply, the long account in the stock having been com stderably extended in the buying following the sale of equipment notes
 The selling of Amalgamated Copper was accompanied by comparisons Of the relative high price of the stock now and when 1t was formerly on two per cent. annual dividend basis.
 The extent of the retrenchment plans out lined in reports concerning some of the great railroads was a weight on sentiment The late recovery was well maintained and last prices were near the best.
 Bonds were heavy. Total sales par valua ss.s50.0oo. United States bonds wereS un- changed on call.
 CLOSING sTO6yK NTaT