The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1908-01-24
F. +. tombstone & Co.
Cotton Merchants and Exporters
Cotton Bought in Alabama and Mississippi
Branch Offices: Troy and Dohaa. Ala and jackson Miss
THE STOCK MARKET

New York. jan ss.-The movement on
the stock market today was under con-
able to make much irnpression on prices.
Their dealings made M large portion OF
the total transactions The reduction In
Banks Of France aad England was made
the occasion for opening prices here on .
The promptitude with which advantage
was taken OF the advance to make sales
for the purpose Of realizing profits was ac-
cepted as illuminative OF the desires OF
the professional traders attempted TO follow
this hint by sales Of stocks In continue
tion of the movement they found abatement
of the offerings coming on the market and
felt Obliged to turn again and cover their
short contracts. An Inference was drawn
Of strength on the part Of the bull party
sure on the decline. but q desire to reduce
their holdings at profitable levels was ar.
gued from the eaEerness OF the selling on
Prices feii back sharply to. the lowest
at the last. The pause in speculative act.
news affairs. The rapid progress towards
ease In the money market was unaccom-
panied by any positive evidence OF a reyiv'
although Improvement in sentiment in va
rious lines OF trade was discernible as IL
applies to hopes OF future revival.
regarding which. however. the appearance
of the United States Steel quarterly report
next Tuesday 4 awaited before formins
any definite conclusion on the subject
The reduction OF the Bank Of England Of
dcial discount rate from five to four per
cent, war wider than was anticipated but
the accumulation of reserves to a proper
ton Of 54.s per cent. Of the liabilities prov
ed the necessity OF the step In order TO
conserve the central institutions ,, effect
rate was still higher than the preyaiiing
open market rate which also receded before
the reduction IN the bank rate The &C.
France confirms the uniyersaiity Of the
easing tendency OF money. 1t was sig
nificant of the feeling persistins towards
standing the rapid accumulation OF the
money resources. that suggestions OF new
loans even when reported % Ps aT ,ss.G ar ar
curities of the companies affected Della
ware and Hudson was an example, the se-
zee dsc Y snss q
placing Of q slo.oo0.ooo one year note issue
The seeking Of only short time accommo-
S Ss'i the Gonsoiidsted Cas- Company. and the
extension secured for other short time loans
soon maturing were regarded Ms offering but
moderate promise q ,mms s acvsnSas y
piling up Of funds in the banking centers.
The announcement OF q treasury call on
eminent deposits was passed over as an I'M
important incident. The same was true
of the advance OF foreign exchange to-
wards the gold export point.
The handful 81. railroads which have re-
ported their net earnings for December
cannot safely be accepted as criterion
9se t sr,aa ass shown By these few roads Is
SO heavy as to leave formidable impress
sion Of the possible exhibit to be made by
ponds were Irregular. Total sales par
value &2.2S4,0D0. United States bonds were
unchanged on call
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