The Montgomery advertiser., 1908-01-28
THE STOCK MARKET


 Z. New York. Jan sg.--Priccs rose briskly in todayss stock market in face of several hap panlnSs that have been dreaded by the speculafiye eleTsnt for some time. thus psc. which confuse observation of the course of speculative markets There wes undouDt- say isrEs seins on the short sids Sssa or 'eo to gain circulation of an unfavorxbls turn In the affairs of the National Bank of North Amcrice, and there was buying by these ment of a receivership for that bank in q profit taking movement A short interest is had also been built IR in anticipstioI, ,, % os for a government suit to annul the Harri- man railroad merger.
 The harmful effect of neither of these events was as great as had been anticipated and no appreciabis liquidation was induced by them to help the shorts in securing stocks to fulfil their short contracts. by the definite elimination of these unfavor- able factors from the market and which was encouraged by the small effect at which they had on sentiment The formu- iation of the rnmors that have been current regarding the banking situation Into the official Announcement concerning the Na- feeling of relief. and the whole situation was felt to be bettered- Another influence In strengthening confidence In the banking by next week the condition of the trust companies and state banks in New York will be the subject of . weekly statement remove once and for all the obscurity and uncertainty which have surrounded the ac- tual financial position In New York bv req son of the growing tnadequacy of the clear ing house bank statement to reflect fully the conditions as whole
 The noed of cash which Is now flowing into New York will also facilitate the es- tabiishement of the reserves of trust com panies, which are sccntemplated in bringing those institutions into line with the general Hx.~ A..@w war4xs HZ-r AEs<M A
 Teday's statement of the United States Treasury operations sohwed deposits ir na- tionai banks reduced to ss4s.12s.ss5. the re- deposits after the panic having reached 4te.sss.05e. These two movements tend 70 take up the slack in the money supplies and to avert an outward movement of gold. The heavy redemption of bank notes oper- ates in the sarns direction Current re. dempttous thus far this month have Eeacns ed the sum of $a1.a3l,001 and deposits or lawful money for retirement of circuia- tion in the same time amount to $e,bls.Ss4:
 Foreign exchange rates here conunuea to advance today, neEertheless ,and bankers look for some outward movement of gold. which is likely to be restricted by the limiting forces referred to-.
 The advance In Northern Pacific was an important sustaining influence and asseI- tions of a coming extra disbursement on that stock were revived St. Paul was progress in the construction of It's Pacific coast extension. A large grain moxement in the Northwsst was factor for. stocks of all the railroads in that region, Outside a substantial expansion in the grain move ment, railroad officials reported q continu- anee of the shrinkage in tneir ui uaic. There was vigorous rebound in American Smelling from its recent acute depression. Professional profit taking in the latter part of the day greatly reduced the exLreme gains and the closing tone was heavy.
 The bonds market made more empnatic response to the growing abundance or IoanabIe funds than has yet been apparent in that department, in which the tone was fairly buoyant The total sales par value $6.f5s,00o. United States 2s declined h per
 CLOSING STOCK LIST.