The Montgomery advertiser., 1908-12-15
THE STOCK MARKET

Az@~~@Es~s
 New York. Dee. s-specuiative opp eratioHs in stocks were restrained By the outlook in the money market but il the absence -of- actual withdrawals ea ereditss there vas no active pres sure 70 sen The marking up of prices here and there In the list wag a sus- taininE lunupnce and facilitated what prent taking sales were made without mnch eRect on prices until 2 sudden relapse at the end which wiped out the gains There were a number of devel- opments in che news which helped to advapee gpFtces sad these were supple ms1ted pg l-Sn rSneEs which got some sc ury operations revealed the principal factor;@ofi depletion of bank reserves in the gain, of Saturday of that insti- tuition of 3IO.s23.0OO, bringing the loss Of the banks to the Government for the new banking week to s15.3S7 ,000. These changes are due to the pay ments for subscriptions to the Panama run though the present week. The sum. added to the s3.s00.00o .gold shipped to Paris on Saturday which has not yet figured in the bank state serve of the banks Jn Saturday of sls.- S99,626.
 Demand for remittances from New York sti.r continued nnd made the ea- fall occurred during the day. The possibility of a check to the gold outgo was a factor in the strength shown by the stock market. Much importance freight rate changes with the Inter state Commerce Commission by the Trunk Line Association and the Trans Continental Freight Association and the Continentei Freight Association and the bracing all the principal railroads of the country. The proposed changes are far too. complicated and numerous to lend themselves to ready anaiysia, but "a AA hn f.s kx.av engaged upon them for months while prominent leaders in the railroad world have been ousy preparing the public mind to accept higher rates, led to a benefits to the revenues of railroads would be yielded up by the new changes. The abounding yielding of the eouptry's agricultural wealth, sum- marked In the annual report of the Secretary of Agriculture, made for cheerful views of property holders. One of the day's incidents that had sentimental effect on the speculation the curb market to over 70 the first time in several weeks. This rise was believed to be connected with the ma turing plan of reorganizing the cap- to bring the shares more nearly into line with securities active in the daily operations of the market. A report that the Pennsylvania Railroad had placed it's steel rail orders for the year was promptly denied by the president of the company. The Supreme Court decision eexmpting E.. H. Hartman from the obligations to answer que- ries Of the Interstate. Commerce Com. mission was regarded as a step to- wards restr:ation of the power of the commission. American Smelting was the weakest feature and was sold down to successively lower stages from gen eral distrust of the price level conn pared with earning power and dividend prospects.
 This coupled with the furry to s1-2 per cent. in call money caused the late break in prices. A number of import. ant net declines was tine result Bonds were irregular. Total sales par value SS,6S0,OOO. U. s. bonds were unchang- CLOSING STOCK LIST.