The Montgomery advertiser., 1908-01-02
THE STOCK MARKET

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 New York. Dee. 3l.-The stock exchange community saw the expiration of the year 1907 without regret but with some ttempt year. The sssaYn shesrfui sentiment aT @ sSowed id signs of being forced to a degree and was not mainsainsd lint in throushopt the session 1w- cipal incentives to the early advance in prices which came from abroad where there was s.quitesa widespread feeling of encour- provement in the the banking banking situation after the end of the year. There was a pro- nounced recession In the private discount rate in London and confident assumptions that the Bank of England official rate would come down on Thursday. The tone of the market in Berlin showed subsid- yearly settlements at that point which has been. regarded as a dangerous point up to recently. When the time for trading ip this market for foreign account had pass ed the foreign influence on the market waned and prices began to sag.
 The call money market was affected by the operations incident to the last day of the year. but not to anything like the ex- tent that had been dreaded. Some of the selling late in the days was professional profit taking based on the rise of several ! days past. The professional element had been inclined to mistrust this rise as attrto- utabie in a large part to manipulati0n in ket values of securities in balance sheets of investment, holding institutions. There is disposition to take for granted also that the Industrial reaction must run to consid- .erable lengths before. the point of recovery is reached. There Is less apprehension of commercial embarrrassment as prompt relaxation in the money market Is now looked for. which will add to facilities for carrying mercantile credits. A process of liquidation in general business is regarded as essential however. following the violent upheaval in the bahking world. Sensitive ness to future demands on the money mar ket was disclosed in the effect on the New York city bonds of the intimations that the city would issue long term bonds to the extent of s2o.oo0,0oo to $3o,ooO,ooO some
 The 4M per cent Of 1857 recedea two per cent. on this news The knowledge Of the needs of large financing by some of the principal railroad companies weighed on sentiment, and affected the stocks imme- diately coneernedi especially. The statement of the .Atchison system of earn ings for November showed so sharp an fn- road on the net return that railroad stocks were affected unfayorably throughout np- on its publication. A nominal decrease in the gross return for that month is accom- panied sby swelling in the operating ex- penses of $E254.0T7, the net return failing, in consequence to $1.1s4.2s4, compared with S1,9S0, 4e7 in November of last year The anticipation of the cut In the Anaconda dividend was a depressing influence on the market. There was rebound after the declaration of the dividend although some of the gloomieS .forebodings had hinted at a danger that the dividend would be passed altogether instead of being cut from 20 to aper cent. basis, the copper stocks were relatively little affected by. the rise in the London quotation for copper serving as an offsetting factor. The appointment of receiver for minor steel company made a bad Impression Last prices were about
 Bonds were strong. Total sales par value S2, S30,000. United States bonds unchanged on call.
 rT nCUNH er0CE UTeT