The Birmingham age-herald., 1907-12-31
STOCKS RETAIN
 FIRM POSITION Prices Are Marked Up Without
 Much Recession |CALL FROM THE TREASURY New York Banks Must Turn In Daily lnstalIments of Cash In Order To
 Prevent a Deficit In the
 National Treasury.
CALL FROM THE TREASURY

New York, December So.-The eventful financial year drew toward it's close with activity in stocks today under the re- straint of seasonable circumstances. Call money rates went higher, but the ad- vance was not so violent as had been feared. The extent of the actual calling of loans seemed to be small. No effec- tive obstacle was interposed therefore, to the marking up. of prices, which was being pursued in the interest of the year end showing in balance sheets and in- vestment holdings of institutions. A com plicating factor in the money market was the notice from the Secretary of the Treasury to the national banks in New York that they would be expected to pay over IS per cent of the government de- posits in daily instalments cover ing the next 10 days, the first pay ment having been made on Saturday. This means a daily requirement. of from s700,OO0 to $S00,O0, the government deposits s7O0, 900 to $S00,000, the government deposits 000 00O.
 The condition of the treasury working balance. which had run down to the vanishing point, seems to have left the secretary no alternative to the drawing on Repositories for cash, although the ap- parent exemption of banks outside of New York from the demand was the oc- casion of some comment. There is a growth of confidence in the rate of i'm provement in the money situation, which is to be expected after New Years The London financial world was strongly inn pressed by the competition for the week ly gold arrivals, which all went to the Bank of England at reduced price. Discounts receded sharply in London and an early regulation in the Bank of Eng land official rate is considered assured. rate, and there was a violent decline in the sterling rate at Paris. This series of events was due as much as to any thing to the rapid decline towards ex- tincton of the premium on the currency in New York.
 The action of the days call loan mar ket gave some feeling of assurance that even the temporary needs of the yearly settlements might be passed without not able disturbance of the money rate. The 45 per cent rate of the last week of last year and the 125 per cent rate in the previous years closing weeks, supplied precedents on which unpleasant anticipa- tions have been based the more so in ' )view of the s20,000,000 deficit still exist ing in the New York bank reserves, in spite of last weeks extensive recupera- ton. Today the opening 20 per cent rate was the highest. The rate of re- 1cuperation serves to quiet anxiety over the revision which will be necessary for the mercantile obligations within the next month.
 The falling off in sales of merchandise and the slowness of collections is abund- antly testified to by all signs, but there is expert authority in New York for the opinion that the commercial credit situa- ton offers no cause for anxiety. An in- cident of the day was some increased of- ferings of funds in the time money mar ket although the increase was not suf- ficient to alter materially the almost dor mant state of affairs. The railroad traffic officials were quite candid in admitting their expectations, and that they could not perceive the sources of any immediate restoration of activity there. Former re- ports of traffic congestion were changed in some instances to complaints of idle car congestion. Limitations go with these returns of declining traffic of plans for economies in proportion, the inference fol- lowing of large reduction in demand for equipment facilities by the railroad com panies. The days gains were fully re- taned at the closing.
 N, Bonds were firm. Total sales, par value, s2, ,722. .OO0.
 United States 2s declined F per cent or call