Los Angeles herald., 1907-12-25
NEW YORK STOCK
AND BOND MARKET
ny Associated Press.

AH8oClotcu y
NEW YORK Dec. 24-The stock exchange
might almost as well not have been in session
today for anything that was accomplished.
there was slight furry of activity In the
first hour and after that the market became
lethargic. The prc-holiday influence was partly
responsible for this, although there was lack
ing the usual trimming process caused by
closing up OF accounts over the holiday, sucn
outstanding accounts being apparently at a
minimum. This probably explained the COM
raratively small effect of the state on money
market on prices. Underlying strength was
inferable Cor this resistance of the market to
the influence of money conditions The day
was almos. devote Of incident. There was
some weakness in the railroad and electrical
equipment stock, which was traceable easily
to the fears of cutting down of outlay by the
railroads to keep pace with the declining tend
ency OF earnings now clearly in evidence.
News of the closing OF Memphis savings
bank kept alive the bad impression caused by
Mondays bank happenings at Atlanta and New
Orleans rhe abstract of condition OF nauonai
banks throughout the country shown by re-
sponses to The controllers call for December
80 was regarded as reassuring as to the conoi-
tlon of the banking fabric as whole the per
eentage OF legal reserve to deposits standing
On that date at 21.31 per cent. compared with
81 % per cent on August 20 and 20S0 on No
vember i2 last year Although there has been
shrinkase of individual deposits Tor tne e
shorter period os s142. ,6S6. the government
deposits have in the meantime increased by
$40, 734, ,6e0, and that factor must have affected
also the specie and legal tender holdings ma
teriaIly, the decrease In holdings being only
SO. .s3S. .7e6.
But 1t is in the items rejecting the interior
relations Of the banks that the dislocation or
fire usual banking conditions most sharply
defined The sum due from bank reserve
agents has shrunk since December p by Sl46.-
S43,3s2 and since November II of last year
s21A 496.646 while the amount due other banks
and bankers has fallen s1,536.6i7 since Au-
gust 90 and slightly less in the yearly com
parison. The measure OF the tremendous with
lrawals of banking reserves Of smaller banks
which were on deposit in the reserve and CEN
tral reserve cities when the shock of October
passed through the body of the banks. 1t is
persistence Of this condition which is giving
responsibility for the persistence OF the cur
rency premium in New York and the embar-
rassmen In exchanging operations. The opinion
Is growing that the way out of this state Will
be by the restoration of a supply by the New
York banks by their own measures, after whicn
banks elsewhere In the country are expected
10 resume their normal relations with the re-
serve centers. The accomplishment OF these
results Is expected now to be delayed some
time after the first Of the year The htgn
money rate in New York caused another vio-
lent downward plunge in foreign exchange
ates and money and discounts hardened IN
London 1t was seen with satisfaction tnat
discount rates receded in Berlin. where troubles
from an overextended Industrial position some
what similar have been feared. The stagnant
conditions progressed the day advanced.
Bonds were irregular. Total sales, par
value. 81, 600. :,
United states bonds were unchanged call.