The Montgomery advertiser., 1908-01-07
E. E. Johnstone & Co. Cotton Merchants and Exporters
 Cotton Bought in Alabama and Mississippi Branch Offices Troy and Do,han Ala. and Jacks.n MnA
THE STOCK MARKET


 New York Jan. s.--Many wide advances were recorded In the prices of stocks today and the volume of business sensibly ex- banded. The movement was uneven and spotty with large activity, congested at a few points where also the principal rise oc- cured. except for wide advances in a few inactive stocks which have not sold before in the interval of the general improvement in the market.
 The dealing were Highly professional and 's ins short iatsrese farmss S sn ,mportaot sao feature of the day. Profit taking at the end greatly reduced the days gains. The the rise was the prcnounced relaxation in the money market. Not only was money decidedly easier, but the conviction was general that the breaking down of the final barriers to the restoration of normal bank ing conditions would be followed by some thing like q rush back into banking de-
 Such a contingency was expected at a much earlier stage, AS an effect. of the passing of the panic. The proclamation year-end was the cause of much disappoint- ment but last weeks events proved conclu- sively that the turn had come The heavy inflow of cash from the interior indicated that the last stronghold of distrdst had been overcome and the interior banks were replacing their funds on deposit with New ' The money market shows the effect of this turn of events in all departments. The ssSsspae fs s for s oa en rbsse se wers increased supplies offered in the time loan department and the interest rates were marked down considerably Even in the commercial paper department which has reflected little of the Improvement hitherto, there was reported some increased demand although rates were still maintained at q minimum of eight per cent This new de- mand came from some of the large banking centers outside of New York.
 The 5etterment of the money situation extended to foreign markets. although the effect was offset by dissatisfaction with the news of the coming Notation of Prus- sian loan. estimated at s75.ooo.o00. Dis counts declined nevertheless, at Berlin and London. Sales of stocks were made here for London account when prices advanced. so that foreign demand contributed nothing to the advance.
 Conspicuous strength in few stocks was vance. Of these Northern Pacific was most prominent. The animated speculation in that stock was based on constant stream of rumors regarding the alleged intention No official sanction could be obtained for these rumors.
 The Hartman stocks were made strong on assumptions of the benefits to accrue to them If from the supposed project affecting center of speculation and the group of coal CTS were all very strong.
 The better relative showing of earnings which these roads have made since the gen eral reaction, compared with other rail- roads, helped the advance. Reports from the usual official sources of the course of railroad traffic gave Q rather gloomy pic- ture today, traffic officials agreeing in the view that no immediate prospect offered of [ Bonds were firm. Total sales par value s3.4so.O0O. United States bonds were un-
 CLOSING STOCK HIST.