The Montgomery advertiser., 1908-01-16
THE STOCK MARKET

New Fork. Jan. -1s.---Ths reactionary movement of the market becsme more pro- nounced today and prices gave way rath- howwsr ana the msasurss of support were str .sreasth here ana there in the narks.. intended rather obviously for sustaining ef- feet asainst the profit taking sales which srs psosrsss The turn ,S the bS Sos5ss a1s marked change in the tenor of news but ac- counted for rather on technical grounds the to follow prices to a higher level for the present on the basis of such improvement in conditions e. has already occurred. Evil ink facilities was no less striking than
 Interest rates were lower for all classes of loans and the call loan rate at the stock exchange showed rapid approach to ab- soiute ease, No official information is cetsinable as to the clearing house loan loan these Instruments are in progress of rapid retirement. the rate of which has been suf- ficient since last Saturdays bank statement to insure the total extinction of the whole issue in few days time
 The violence. of the reflux of funds to banking reserve centers deprives the dis cussion of the unfavorable course Of the government revenues Of any dstgroing ef- feet z The growth of the deficit in the ed s12.oeo. 900 for the fiscal year. compared with Q surplus over expenditure for the ssns period last yssr of SssogSGSs S ss. ws haa ss,o00, eco. makes 1t certain that large calls must be made on the banks for surrender of government deposits in short time
 From other indications 1t is evident that not only are banking deposits returning freely to New York. but the needs of the Current .redemptions of national bank notes are running very large the total thus far in January. aceording to yesterdays state have reached nearly $t3,00o.o00 or eonsid- erably over a million dollars q year To days debit 0ssnGs & Sf ts5s 1f shG bSuse notes @ sss presented for rsdsmption. These ishment of the five percent redemption fund with the treasury, The circulation, however. has set in with some froce as lawful money at Washington by the banks
 Yesterdayss treasury statement sho1eed the total retirement thus far in the present month to have reached the sum $s.347,0S3 and this figure marks the first occasion on which Sa hs 6 Sesa % atsndinr G1 the limit of the permitted retirement of bank notes in any one month from s3,ooo.ooo to 80, 000, 900; with the month still but half gone 1t will be seen taht contraction of the enormous expansion of circulation following the panic has actively set in. Under these deposits from the banks in moderate amounts is not expected to affect the mon ey market unfavorably.
 The significance of the inflow of money as an exhibit of trade contraction received more attention in the prevailing mood of the financial district today The contin- ued reports of the declining railroad earn inRs and of retrenchment of expenditures by the railroads and other great corpora tions was given consideration. The action expected on the Amalgamated Copper div idend was awaited with interest in view of the examples of reduced disbursements in copper securities which have been offer ed. The closing tone WIS irregular.
 Bonds were irregular. Total sales par val ue S3,S72.000 United States 3s declined per cent. on call.
 CLOSING STOCK HIST.