The Montgomery advertiser., 1908-01-09
THE STOCK MARKET

New York. Jan s.-Events today confirm ga the doubts which began to manifest for . present rise in stocks and they were practically abandoned.
 2 Some natural reaction followed with ths had bought in hopes of an extension of the advance but the backward movement was moderate measured by the extent of the previous buying and the advances.
 The action of the Northern Pacific direct ors In declaring only the regular quarterly dividend proved particularly disconcerting To bull party in the speculation which had advanced very bold commissions for consideration of an intended distribution of ten per cent. in extra dividends The failure of these prophecies greatly discred- tted the claims on which this bull party has worked. which included intimations of encouragement and backing from important capital interests
 The confirmation of yesterdays rumors of an intended receivership for the Chicago Great Western revived misgivings of further damage to be suffered from the financial crisis and the resulting reaction.
 The sympathetic effect of this news was posed to be In similar condition of fl- nancfal need especially those with heavy temporary note obligations Incurred during the past year. with a narrow margin of surplus earnixs of fixed requirements and with heavy inroads upon the previous rate of earnings caused by the business reaction. Reports became current of offerings at a wide discount in the curb market of the Erie one year notes. of which $500, 600 were tSSue0 10 mature t0 the coming ApFll.
 A ss.000.0oo Rock Island Issue natures about the same time. The finances of the Southern Railway offers sufficiently close ment today. The condition thus presented is general enough to have an influence on railroad securities as whole. Railroad companies of first class credit as we'll as those lower in the scale were driven to tenn porary note issues last year and very heavy maturities fall due all through the present year.
 The issues were made. not with the in- tention of redemption in cash at the expt- ration of the period, but of refunding into longer time obligations as soon as the then prohibitive interest rates should have yield ed. Such incidents as those which came , ho s,hfx awaxen the csgta snnpiy Ir in some of the eases even in easier con dition of the money market.
 Ruling prices of some of the temporary railroad note issues suggest faulty condi- conditions.
 in fact constitute important element in the working out of the financial future. Foreign markets as well as our own have shown their sensitiveness this week to an- nouncements of new government loans. It became known today that city revenue bonds had been sold to the syndicate which ob- tained an option on them at the time Of previous subscription. A heavy volume of mercantile credits also remains to be taken care of.
 Encouraging progress in this respect is re- ported, but sentiment is easily affected by news of even minor business embarrass- ments. The pushing of prosecutions against financial offenders and notice from super vising authorities of exact compliance with restrictions to be required looked to as part explanation for the abstention from speculative activity of some previously con- spicuous forces.
 An influence in the same direction Is the new regulation soon to go into force for weekly statements of financial condi- tions to be made to the state banking de- partment of the trust companies as well as the state banks.
 The coalers were sustained to- some ex- tent today by reports of probable congress sional relief from the requirements for di- vestment of ownership of coal properties. The large tonnage of anthracite transported in December also was a help to the group. Renewed intimations of the shaping of government suit for dissolution of the Hartman railroad merger weighed on these stocks.
 There was turn against a short interest in American Sugar after the stockholders meeting and the market enjoyed a rally in sympathy with the upturn in that stock
 Bonds were irregular. Total sales par value $2,722.000. United States fours reg | istered. advanced kand the coupons X per cent. on call.
 CLOSING STOCK LIST.