The Montgomery advertiser., 1908-01-04
THE STOCK MARKET

New York. Jan. 3.--Ths course of today's stock market was succession of baciSings and filings refiecting the uncertain feel ings or the professional eIsment which was concerned most in the dealings. Opposing considerations came into play at different times and enjoyed a temporary effect In shaping the. course of prices. Early in the day factors of depression were given most weight in the discussion the floor of the stock exchange although the actie weakness ot Northern Pacific probably had much effect on prices in general any. larger deelopment in affairs This stock was the market leader yesterday and those who bought 1t then on the assurance that an extra dividend was to be immediately forthcoming. apparently had misgivings to- day and sold out. At the same time the series of railroad earning report for Mo- ember aroused grave apprehensions of the ultimate consequence to dividend dishurse- ments of such rato of inroAd on the net veturns.
 The Pennsylvania railroad was added to the list today. Pennsylvania earnings re- ports are always accepted as highly repre- sentative. owing to the great variety in the classes of it's traffic and a ten. per cent. de- crease in ret earnings of this road for that reason makes a strong impression on the feeling toward railroad stocks in general
 The Louisville and Nashville showing was even poorer. the net return being all most cut in half for November. minor factor in the morning depression was the report of the failure of small bank in Colorado Speculative support centered on Reading and 1t was the rise in that stock that turned the market upwards. The rapid easing sHs cai loan marNet was a help to the stock market. Tte call loan rate went no higher tban ten per cent to- day and from that level receded easily. Brokers who have handled funds for hold CTS of cash. seeking premium on curren- cy, notified their customers today that there was no demand the traffic had come to a definite end. This and the evidence in the weeks casn movement that money had flowed freely to this center during the week was the late strengthening effect on stocks.
 The gain of the banks on sub-treasury op- erations small, partly owing to the surrender of government deposits which has been going on during the week while incoming United States gold coin amongst that imported and which does not figure in the assay office checks in sub-treasury operations has supplied s1,403,1O0. The direct express movement with the interior seems to have been to the advantage ot New York Baltimore and amounts to near S4.000.000 or over, so that the weeks gain in cash appears to have exceeded $5,- 900, ,0e0 The effect of the. weeks money tjmated but that conditions are working to- wards recuperation of the banking position is clear. The stock market turned very strong after the estimates of the currency of refined sugar had quite a pronounced effect on sentiment regarding the commer- cfal and industrial situation and a number of industrial stocks became strong. led by American Sugar itself. further rise in the London price of copper was another were quotably lower and an increasing sup ply of funds WIS reported. The tone of the late advance became as uncertain had the morning decline and the ending was easy.
 Bonds were firm: total sales par value $2.774.00o. United States bonds were un-
 CLOSING STOCK LIST.