The Birmingham age-herald., 1908-01-15
Abundance of Funds Leads to
 Stability In Trading
MANY NEW STRONG POINTS
Railroad Stocks Show Good Tone In Spite of News of Retrenchment and Growing Ease In Money
 Market Aids Conditions.

New York; January 4,-The growing abundance of funds in the money market afforded facilities for the conduct of speculative operations, and was taken advantage of freely by number of the professional class. The result of these operations was the maintenance of prices at level generally above last night. The business was most unevenly distributed. however, and the price movement was checkered one and notable for some of the omissions from the list of stocks affected as much as those that showed conspeu- ous strength. Reading, Hartman and the Hill stocks were fed out in about equal proportion to the demand at all times so that the movement of these stocks was restricted, notwithstanding a continuance of a considerable share of activity in them. These are the stocks which have been the features of speeula- ton and the resulting speculative profits in them with the opportunity offered by the sustaining effects of the new points Of strength was obvious.
 The new points of strength were de- .veloped in rotation, one stock or group being advanced for time and then fall ing back to give place to a new point of attention This is the favored method of operation of the professional class. Much stress was laid on the sales of New York Central equipment trust notes, for which J. P Morgan and company have Invested $30,0o00O0. running from one 10 four years. Reports point to a rapid allotment of these securities to bankers and dealers, but the demand from in- Vestors Was not so much dwet on, al- though the notes are being offered to yield 5A to 53s per cent. But the ready allotment reported to be found for them was seized upon a sign of improvement in the tendency of capital to move into investment New York Central itself, lead the days advance in the stock mar ket
 Reports of readiness in making payment to equipment companies by some of the leading railroad companies of the coun- try have been a depressing factor in Westinghouse Electric company receiver ship, and d ready sale for equipment notes may be regarded as affording as- surances to these companies against em- barassment through delayed collections. This was avowed ground for brisk recov- cry in railroad equipment stock Less attention was paid to returns of gross earnings of railroads which showed some heavy decreases from the amount of last years corresponding earnings. Details of projected economies of railroad com- panies by reduction of working force and cutting down of salaries of executive of- ticers were considered of less importance as indicating the outlook than was the money market future
 There was pronounced recession in the rates of interest for time loans caused by larger offerings and also by decrease in demand for this form of loan The refiux of funds to the reserve eenters seems to be on so large a scale that no lnisgvings are entertained of the effect of the treasury withdrawals of govern ment deposits from the national banks pr of other possible requirements While the market had an easy appearance near ly all the time, the process of lifting prices had traversed pretty much the whole list by the end of the day and the closing tone was distinctly strong.
 Bonds were irregular. Total sales par value, $4252.OOO.
 United States bonds were unchanged on call