The Montgomery advertiser., 1908-01-21
THE STOCK MARKET

New. York. Jan 2o.--The stock market
seemed indisposed to move far in either
early part OF the day giving TO marked
Guinness until the sudden decline just at the
closing The actual occurrence OF events
anticipated by speculative buying Is likely
20 lead to heavy selling to take profits.
That such selling was Ia moderate volume
today might be partly attributable to the
iarse amount OF reaiizing effected during
The conclusive evidence furnished by sat
uradys phenomenal bank statement of the
teal redundancy Of the money market was
clearly an event to schedule in the list Of
hopes realized. There has been considerable
previous speculation also based on the ex-
peetation that the government authorities
would permit q modus vivendi for the coal
carrying railroads pending the judicial as
certainment OF the validity OF the law re-
curing the diverstment OF their ownership
OF the coal properties.
The confirmation OF this expectation on
Saturday was calculated to invite realizing
sales by speculative buyers of the coal
stocks and those stocks were. in fact, af
fectsd by such selling; Besides these
there were several elements OF positive de-
pression with which the market had to
contend.
American Smelling broke with some Wild
ness in the early dealings and again at
the close and its weakness was accompa-
nisd by gossip rssardins the Fouree Of the
mental effect of the episode. The state
ment Of earnings for December of the
Baltimore and Ohio was Impressive for
several reasons. Coming as the first OF
the large systems to make returns for that
period, It was not cheerful index of the
gentarl showing likely 10 be made by other
by the fact that only small increase in
the operating cost figured in the result
which was primarily due to the falling off
The statement Of the president of the
company accompanying the report that IS
per cent. of the falling off In gross earnings
was IN connsesion WI htns steel lnou .s,r
alton on which speculative sentiment is al
ways sensitive.
The resisting power. Of the market SEEM
ed to be negatively indicated by the fact
that Baltimore and Ohio and the United
States Steel stocks were affected only In
trfling degree by this incident. On the
responding to some of the factors of posi-
tive strength. strong sustaining influ-
ence was offered in the absorption OF
Southern Pacific, on rising scale. Penn
syIlvania responded temporarily to the de-.
eision of the Pennsylvania Supreme Court
against the validity Of that states effart to
penalize the transfer OF suits ny forei s,s
was mode something Of as evidence OF the
judiciary safeguards against wrongful meas
ures against corporations.
Some Improvement in confidence over the
future of business was reported owing to
the easing Of the money situation. The
fall in rates for time loans to per cent.
for all periods now reported shows q easier
condition OF the Nancy market than expect
ed at any time during the w0nole of last
year, 1t was not until the last half hour
of the days session that the doubtful fluc-
tuations OF stocks gave way to positive
weakness.
Bonds were Irregular. Total sales par
value s3.S20,00O. United States 2s declined
Il per cent. on call.
CLOSING STOCK LIST.