The Montgomery advertiser., 1908-03-14
THE STOCK MARKET

New York. March 13-The stock market lspsed back into dullness today and the decrease in activity was accompanied by an uncertain and at times fevsrish price
 The effect was to confuse speculative sem timent to large extent. Stocks which in sales while other new strong stocks were advancing. thus giving the appearance of a r,,a reana,ns msrk dos r, lne eaarac'sr Q. sne of continued guardianship of the market by operators equipped with powerful resources fleete1 @ % tke important @ M reduction Of % the short interest. premiums having disappeared. The moderate pressure on market of sales to realize on the other hand. did not indicate inconvenience for those long stocks.
 Prices rose rapidly in the last half hour to the strong closing New factors In the market, were not important. Much atten- tion continues to be directed towards Wash ington and to reports of conferences at the White House. The denial officially made had been ordered attracted much attention. The stock exchange had become somewhat reconciled to the prospect of an inyesttga- tion. but the trouble taken to deny the in- tention to make one was given importance as a favorable indication.
 There was some expectations also of more comprehensive statement to come from the Presidents official family explaining the scope of plans bearing upon the iegis- lative program in Congress which have been the subject of vague rumors for several days with confusing effect.
 .sThe Union Pacific was actively dealt in the ns early sS of stockholders to demand an accounting of the directors of purchases of Illinois Cen rectors. M - was Ac connected with the movement
 The estimates of the weeks currency movement have offset the withdrawals or loss in cash seems to be not more. than between t2,OO0,O00 and S3. 000 Foreign influences were not in favor of the market: r... fAaf nd London suffered from the flow of new loans appearing in that market. decline In British coneols in spite Of the easing or the London discount rate was the conse- quence.
 Reports of . disagreement between the United States Steel Corporation and the Pennsylvania Railroad over its contract Tor steel rails was denied. and the deenial gave a new upward impetus to United states Steel with sympathetic effect on the whole per strengthened the copper industrials.
 The comptroller's statement of the condi- tion of national banks at the close or pns, ,s, completed for all the banks showed an in- crease in per cent of legal reserve to 2s47 compared q :sl on. December Sd and 2i.bs : The sis2,sS4 GOO loan contraction since December 3d, last. gives some measure Of the business contraction for that period; accompanying as 1t has heavy inflow of cash into reserves. the amount reaching s127, 900 for the period of less than three months. The item due from nation al banks" etc, has increased Si09, Tf3.bs4 since December and that of due to nation al banks" etc. $1s6, 54o.545 in the same time but as the first item is still sIS0. 9t9.- 303 below this time last years total 1t is evident that the progress in the readjust- ment of the direction growing out of the panic in the interpretations of banks is not yet completed.
 Bonds were irregular. Total sales. par value S23sS,000 United States 4s, register ed declined per cent on call.
 
 CLOSING STOCK HIST.