The Birmingham age-herald., 1908-01-12
STOCK MARKET IS ON UPWARD MOVE. Bank Statement Is Much Better
 Than Expected SITUATION VERY BULLlSH Only Danger Now Is That the Advance Will Be Too Rapid-Railroad
 Stocks Show Consider
 able Improvement.
SITUATION VERY BULLlSH
BY THOMAS G. sHorwELL.

New York, January n.-(Special)- While a good bank statement was ex- pected, Wall street was not prepared to- day for the splendid showing actually made by the banks. The legal reserve js made up with $6,oO0,OOO to spare. The panic Is over. Normal conditions prevail in the financial markets. Normal c--~si- tions will soon prevail in the commercial world, and instead of year of hard times and distress, the immediate future holds promise of the greatest year in the history of America. Everybody is start ing with back to the wheel and on rock bottom. and the only direction they can go, is forward and upward.
 Nothing like wild boom is desired in the market, but the situation is extreme ly bullish, and there will be a boom in spite of all that Wall street can do 10 prevent it. The public has denounced Wall street so long that it has in its own mind attached unmerited importance to the movement of prices it will, un- doubtedly, be subjected to before long. The only danger in the situation now is that the advance will be too rapid
 Chief among the leaders today were Baltimore and Ohio with rise of 4 points; Consolidated Gas, with rise of 3A points; Great Northern, 21s points; Southern Railway. preferred, 31a points; Airbrake, 9 points and Union Pacific, 21a points.
 Excellent reports made by the Canadian Pacific and the Canadian Northern, were compared with those of last year unfair ly, because a great storm prevailed in that region last winter. putting the roads practically out of business.
 Sentiment in the steel trade has i'm proved materially, with the easing of money. The best proof that money is easier, is furnished by the sale of $4O O000, GOO of equipment notes by the New York Central. It is true the Central had to drag in its solvent subsidiary property to back up its credit, but it got the money and the influence of it's success will un- doubtedly help things.
 Greater activity is exhibited among mining men than for some time past. Stocks are appearing the New York curb in considerable volume and there is an attractive demand for them from the public. Curb brokers report better 
 The total number of shares of stocks sold today was 391 ,351, against 510SSS the same day last year.
 The total par value of bonds sold to- day was $1,752,000, against $994,0O0 the same day last year.
 Cash gains by the banks for January break all records. The greatest gain ever known was $4O,00000O for the month. The gain thus far has been above $25, 0O0 with three more reports to be received It would surprise nobody in Wall street if New York gained s750O0,O0O in Jan uary The panic was violent to the point of insanity and the return movement promises to be just violent.
 The Erie railroad shows a decrease in net earnings for November of $969, 172.
 Foreign markets were quiet and gen. erally steady. Americans were uncertain at London.
 The tendency at Berlin was quieter but prices were maintained.
 Prices on the bourse at Paris today opened heavy on the news from Morocco, but the close was strong.
 The bank statement was even more fa- vorable than anticipated. The increase in the surplus reserve item was $17,- 59s 60O or one of the largest weekly in creases on record This wiped out last weeks deficit of ,550 and resulted na surplus of s60S4,05o
 The restoration of the bank surplus was mainly due to the large gain in cash, amounting to $1S,3s9,900.
 A decrease in loans of $l5722,2O0 was reported while deposits increased $3,lS5,2 ,20o.
 Bar silver in London today was quoted Ac higher at 25 9-16d per ounce. Today's New York market was 1sc higher, at 55kc Mexican dollars were Ac higher, at 4SA@52c.
 United States government bonds closed unchanged In the general bond mar ket prices were irregular The principal dealings were in American Tobacco As,
 JAFFE JEWET.RY GO.