The Montgomery advertiser., 1908-05-12
THE STOCK MARKET

New York. May tt.--specuiative sentiment wss stiIi under the dominion of the bright SS,eh % oI,so0k nss Ter eoroporation finsneinS ss, pIins up ef bank reserves and the declln- sources for further fictation of new capital issues and executive officers of the railroad eompenies correspondingly relieved of the paralysis of railroad credits
 Aprii figures are larger than for any pre- vious month this year. and leaves the four less than in the corresponding four months Of active financing laet year. The stimu- lating effect of the Pennsylvania bond issue to the list during May sufficient to bring the figure fully abreast of last years fig ures and the opinion is advanced. in view of this showing. that total new capital author ised during 1908 win not fall short of the s2. 1o2.5s2. 900 authorized in 1907.
 me union Pacific issue Is most immeo ed terms and amount continued very active today That considerable portion of the granted. but France and Germany were as- stunned as more likely destinations for the foreiGn ailctments than London. as in the
 PeruraI of the Saturday Bank statement was impressive in It's disclosure of the meas ure of the resources available for new bor- rowing. The sI.27o.s24soo of deposits held by the clearing house banks on Satuday form an absolute record and the sss.ss3.475 surplus above the legal requirement Of the casn reserve has never been exceeded except in the after panic period of 1904, when forces of the same nature were at work to cause the accumulation as are in operation now: Confidence in the money outlook. founded on this showing was little altered by the prospect of resumption of gold etpos.s tposss ury on account of the return of Government deposits by the banks Discount rates in London and Paris declined and the Bank oF EnRland tha nrfce of gold, in spite of further purchases for Paris ac- count in London. Outside of the money
 velopments to prompt hopes of enhancing
 values. The committee on car efficiency Of i the American Railway Association made an. l other fortnightly report on the number or ] idle freight cars in the country which show | ed for April 2s, in addition to the record figure of April IS of 57714 of freight cars formidable total of 4is.S3s representing an | enormous valuation of investmentfon which no earnings are accruing.
 Railroad officials reported that no im- | portant change was perceptibie in the traf- | fic showing. Weather conditions in some
 localities last week effected to some . ex. | tent the feeling of confidepce over the | wheat crop prospect
 l The stock market showed stocks
 being pushed upwards & which hs,ons nave rbsps nGs
 was heavy, realizing at the same time in 1 the recent leaders of the advance. The con
 sr ouence. The special strength of Chesapeake 1 and Ohio; and Norfolk and Western was in | connection with reports that New Haven | was taking over the holdings of the former | sold by the Pennsylvania With view to 1 safeguarding it's soft coal securities supply | In the same way that the Ontario and Vest
 ern holding was directed to the anthracite | supply. ase | Bonds were active and strong. Total
 sales par value ss.3s4.ooo United States | bonds were unchanged on call.
 CLOSING STOCK LIST.