The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1908-01-20

pronts By the powerful spec NATIVE psr-
ty which had been pursuing Organized
operations In the ore nous market serv-
cd 40 material offset TO this demand.
The flrst and most important relief 81
fordsd BY the promo inssd rela xation OF
the money market has been In the fa-
cilities afforded for stristlv mercantile
nseds. Anxiety on tbs point has yrse.
tical1y passed away.
The quick response Of stocks. OF rail-
road equipment omp1nies TO the news
OF the sale of s3o,0eo,"u9 New YORK
Centred equipment trust notes tne
proceeds OF which are =, 80 for pay
nient OF equipment already delivered.
was Significant OF the field and the ex-
tent OF this anxiety. The sale OF these
notes was made much OF as q proof OF
the restored corfidence Of capital and
its Willingness to seek renewed Invest
Fhent in corporate expenditures. This
Impression was modified by the terms Of
the sale. which were on an Investment
return OF s IA to rs per cent, with
marked preference for the series of the
notes with the longest term TO run :
The reported terms OF sale of $780,
900 OF Consolidated Gas one-year six
per cent notes on a seven per cent ba-
sis. was additional evidence OF the con-
tinued high attraction stilI considered
necessary to- secure new capital. In the
more immediate money fsituation con-
alteration is given to the Immediate
necessfy for the United States Treas
ury to draw from the deposits with the
national banks to repienish It's working
balance. which Is depleted by the grow
ing deficit in the current revenues. A
movement by the national banks to-
wards the retirement Of note issues is
gaining force with the heavy return
tide OF cash from the country's circula-
fion. The movement to establish rs per
cent reserves with the admission OF
New York trust companies to the
Clearing House, IL pursued, will call
for an accumulation OF cash estimated
at $50 100000.
brought forward by the sharp rise In
foreign exchange towards the end OF
the week. 1t Is possible also that while
the easing Of the money market has re-
suited In rapid retirement OF perhaps
naif OF teh loan certificates issued py
the New York Clearing House, there Is
an Important residue of these tnstru-
nnants which were issued for the re-
lief OF trust companies whose retire
nnenf may be delayed by the character
~ fha collateral securing them, Wnicn
is slow to be marketed.
Much the most important ccntending
influence against the growing ease OF
the money market IL the evidence OF
its Railroad traffic has fallen TO
low ebb and the American Railway AS.
ISOLATION estimated 100000 freight cars
lala IN the country. Heavy decreases
in railroad earnings make up the bur
den OF reports and are accompanied by
ygide.reaching plans for curtailment OF
service. suspension OF improvements,
c,sttinr down OF working force and re-
S,,ctiun Of pay to those retained IN
service. Some sign Of Improvement
was reported from the iron ana steer
u,hich the year opened. There as hope
rms niSested that Improvement is at
hand. but the fact that present condi-
tions are to be reflected In reports OF
81 rnfnrs vet to be made up makes
makes speculative temper apprenens-
i've Of the effect OF these reports as
they shall come to hand.