The Montgomery advertiser., 1909-02-17
THE STOCK MARKET

' q -
 New York. Feb, 1s--The stock maf- ket today prUyel- itself unready to
 follow the adyance of yesterday and thus disappointed the hopes of the
 that advance might preclude revival Of the demand Interest fell away to the vnnfsking point agaie today and
 the later hpurslof the session saw con Tsski Inc Lsadoa market nj ' R led il's the way way in this course, the tendency tffere bee ing iistinctly5 reactionary from yes terday's strength. As the foreign shapins sspcnlative ! 1 sentiment yester- day in New York, the contrary move
 ment there today. was of important sympsthetic effect. The reduction In l pePlai bank of Germany confirmed the | impressfon of the downward course, or 1 interest rates abroad. and the promise of potential source of demand for cumuiations in banking reserves. This factor. which strengthened foreign stock markets yesterday, was without effect today. The Indication thus
 1a as Hs ss oas %y by the. news that trust companies in New. York had sent out notices to. de- positors of an intended reduction in Of @ .intsrest paid paid by by 'fR these institutions on different classes of deposits. has l ranged from to per cent and has served as q potent attraction to draw in deposits from all over the country ana also for large accounts from capi- taiists anu financiap institutions, in- cluding. 1t is said, the savings banks. With the prevailing low rates Tor money and the additional reserve re-. auirement up to IS per. cent of de- posfts, which was imposed on the trust companies on February 1, they find themselyeg unable to use these funds on terms which will reimburse them for such, high rates to the depositors. It is believed that the reduction of interest on these deposits win have the effect of diverting large sums into investment in bonds on many Of which the rate of return is stlli much above the interest rates. on money. The sup. ply of new issue of bonds continues very large. The markets haJ M under der %nstriaD aloan a Irish Land ySGSfsSs parchsSe loan. a New York City SIC, ,000, 900 core porate stock issue and a coming Bur lington bond issue of probably $20,- count of these large prospective re- quirements or from mere sympathy with the tone of the market. the bond division today was inclined to drop in 2 way that has not been In evidence
 The passing of the years interest on the Texas and Pacific second incomes was an unfavorable influence on the kOuu nhaEkcts 8ittCuHn@ tn8t tebuo VI the class with a few qualifications Of a bond property so-called. The sin- sietent rumors of a coming cut in steel prices led to a thorough canvass of the authorities in the trade. This effeo. lively disposed of the rumors, but gave little ground for cheerfulness over trade Conditions. 4 cut in prices was pronounced impoiitic before the new tariff schedhless had been determined, as no hope of attracting orders could be entertained from action before that time
 The period of effective revival was put forward to later in the year by high authorities iu the trade and a re- duction in the present operating activi- ty of the United States Steel Corpora ti0n was admitted.
 The reported illness of the president of the American Smelting and Refin- ing Company initiated against its stock and with some sympathetic ef- feet elsewhere.
 Bonds were heavy.
 Total sales par value. $5,S60,00O. United States 2's registered declined 1-4 and the coupon advanced 1-4 per cent on cali today. |
 CLOSING SHOOK IkHE