The Montgomery advertiser., 1908-01-10
E. F Johnstone & Co. Cotton Merchants and Exporters
 Cotton Bsugh in Alabama and Mississippi Branch Offices Troy and Dothaa Ala and Jackson Miss
THE STOCK MARKET

New York. Jan. s.-The speculation for the advance took on considerable anima- in volume and professional operations to lift prices were conducted with boidness and aggressiveness.
 The misgivinxs which caused the setback The pronounced Improvement in the money situation was held to be of sufficient value effective, factor in soothing the apprehen- sion caused by yesterdays news of the receivership for the Chicago Great Western and particularly of provision having been made for meeting the coming maturtties of note issues of number of railroads not
 Efforts to obtain official confirmation for these reports were of no avail and they were left in the form of intimations. Their influence on speculatives sentiment was none the less decisive. although the stocks of the particular companies thus supposed to have been relieved did not always share in the strength of the day's market Some of the other factors in the days rise were similarly of a yet undefihed kind. The coalers for instance. rose vigorously. buyers protesting confidence that action. would be taken by Congress to defer the operation nf the Hepburn bill requiring the railroads to divest themselves of ownership of the coal properties. The operation of this re- quirement 1 has been much dreaded as threatening as an extreme effect possible total suspension of business by these com, in Reading and carried that stock to the highest price it has touched since August. vss o of Pierpont Morgan and from remarks on the financial prospect attributed to the same on the side of inc money market there was many convincing evidences of tho eff fective rehabilitation already effected there So active demand for commercial paper has sprung up amongst money lenders that uneasiness has subsided and no fears are any longer felt of endorsements for any solvent business.
 increasing offerinss of time funds were reported at declining interest rates while borrowers were reported to show growing disposition to hold off for still lower rates The Bank of France reduced it's official dis count rate to the level prevailing before the crisis and the Bank of England made so strong a weekly return that some surprise was felt in London that further reduction was not made in the official discount rate of that institution
 Enormous payments of credits were re- ported by both of these government-con- trolled establishments while the heavy re- duction of government deposits in both ex- money market by government disburse- ments.. The English bank gained heavily also in bullion holdings. although the French bank reported small decrease in
 Gail loans were not quoted higher than -6h per cent. here and yielded from that rate thus indicating the increase of facili- ties available for the conduct of speculative operations in the market. The radical cut in the rate of the countrys Iron proouc- tiion reported by the leading trade organs and further returns of large decreases in railroad earnings were Ignored.
 The market broadened and showed in- creasing strength. during the day and clos ed strong and animated with gains fully maintained.
 Bonds were irregular. Total sales par value sA266, 900. United States 2s, registered declined M. while the fours coupon advanc- ed < per cent on call.