The Montgomery advertiser., 1908-01-08
.. F. Johnstone & Co. Cotton Merchants and Exporters
 Cotton Bsughs in Alabama and Mississippi :. Branch Offices Troy and Doshaa Ala and Jackson Mis-.
THE STOCK MARKET


 New York, Jan. 7.--There was a contrac- tion in business In stocks today and the market gave other indications of conserv- came into play yesterday. Cautious profit taking was pursued where price advances had proceeded far enough to make this att
 In group of high priced stocks in which purely speculative accounts are at all times small on account of the large sums requir- ed to operate in them, there were some striking advances Stocks of thls class suf- fered most severely In the ruthless liquid are supported by buying orders ii, sufficient volume to protect their security as coliat- eral in loans. When the panic ruled how swept away and prices dropped many points at time on marketing on small supplies. Now that the strain of such selling Is past. 1t is found possible to mark the prices up- wards by successive bids with great facility. There Is much reconstructve work of this kind to be done in t.e market and the clearing of the financial skies is being avail ed of to perfect 1t.
 The buoyant appearance given to the great service in sustaining speculative con- fidence in the pushing of operations or the rise in stocks of which the floating supply is much more liberal and which are at all times much more active. In these the effect of the freer market supply was ob- vions % tSaay m holding back the prices buoyantly.
 The evidence of selling to take profits
 
 ket offered favorable opportunity created some suspicion of the rise in prices which has occurred and of the reports which have been put into circulation to account for them.
 Professions were stili made today with great earnestness and appearance of entire confidence that large extra dividend on Northern Pacific had been determined upon, although 1t was admitted that a meeting No of Oais coSia be secured and the information was thus kept within the realm of speculative chances. The stock was quite steadily sold all day with ultimate decisive effect on the tone of the whole market. Evidence of the rapid improvement in the money sit uation continued to- manifeset themselves but they were not stimulating to the speculation as they were yesterday. Reports of difficulties in the diamond trade, al- though adjusted by a trusteeship gave di- rection to some of the discussion which pointed to possible mercantile embarrass- ments in other directions. The increasing demand for commercial paper furnishes one possible safeguard against such difficulties and its development therefore is watched with satisfaction.
 The Important point about the refIux of the interior bank. funds to New York banks deposits which hHs now set in in a plentiful stream. is that the loaning capacity of the banks making the deposits is not impaired by 1t. although the available credit of the New York central reserve banks are greatly
 Rumors of the intended application for a receiver for one of the smaller western grain carrying roads was a factor in the late reaction in the market
 $3.332.000. United States 4s, coupon advanc- ed K per cent. on call.
 CLOSING STOCK LIST.