The Montgomery advertiser., 1908-12-16
THE STOCK MARKET


 New. York. Dee. ts.--The money market showed the further effects today of a di- mlnishins m supply and the increasing de- the banks of a little vver mtllion dollars [ moderate by comparison with the day eenn oea0re DroSsh, the cash loss on tAat ,sn sc- 100. which Is but little less than the figure or the surplus reserves shown in the tlnne on account of subscriptions to ths PanamG Canal bondsy
 Preparatons were ln progress today. for application for the Brazilian coffee loan. of which a s10.ooo. .00o. apportionment will be offered in New York tomorrow. These demands for banking facilities outside the the vanishing point have the effect Of dis lodging soTne loans employed in speculative holdings of stock and in causing shifting
 The speculative position was made vul- nerabie by this situation and there was . party In the speculation ready io take sd- vantage of it. The purpose of this party, was proclaimed by advertisement and bY Nociferous protestation. followed up by an extensive line af selling orders from Bos- ton. The market. was not, without support at different stages which made drag on the decline and caused occasional raHles; The rising an the rates for call money ana the rcssened inclination of tendsrs tn ptara funds in that way hampered the spscuist- i've buying and Jeff the way open to the forces operating for q decline. The ap- pointrnent of a commission by Governor Hughes to probe the methods and practices Q 0tdtAnE1f tune use by the bear party. although s'ib- stantial element in the stock exchange membership welcomes the work thus set an foot. There were some happenings. which reinforced the bears in their attack, which laid large stress on tho unsettiink effect of tariff revision. especially of the steel sched- ules.'
 Tue examination by the ways and means committee Of the House of important steel men gave point to this contention.
 Part of the acute weakness shown by American Smelling In, the last few days h2s been attributed to the proposition to re- duce the tariff on lead. A bad effect wAs produced by the reports of the increasing agitation over the proposition of the raii- roads to advance freight rates and 0ver the extensive increase said to be involved in the changes proposed to the interstate com merce complission The threat to take con- gressional action on the subject opened up h. prospect of hostile activity towards who have counted on the advantage of the increased freight charges to the holders of the railroad securities5 A reduction in copper quo tatiuns at New York metal exchange was a factor In tho depression shown by the metal industrials nia Railroad of the reports of the placing of It's steel rail order for the year was the cause of some disturbance, as the holding back of that order Is of influence on the business of all the other railroads. A much more active demand was reported for time loans and less was offered. resulting in advancing rates in eonsonance with tho rise to four per cent. in call loans
 The firmer money market reduced the demand for remittance of funds to foreign Expected engagements of gold for export therefore were <fot made. Tho considerable demand to cover shorts at the end If the day was testimony to the professional orl- gin of much of the selling.
 Bonds were heavy. Total sales par value sS,le4.OeO. United States bonds were un-
 CLOSING STOCK LIST.