The Montgomery advertiser., 1907-12-28
E Johnstone & Co. Cotton Merchants and Exporters
 Cotton Bought n Alab.m. and Mississippi Branch Offices Troy and Dohan. Ala and Jackssa Mis-.
THE STOCK MARKET

New York. Dec. 27.-Prices of stocks nad comprehenSive and subetantfal rally toTday, eT N h the volume of the market expand was poorly disirfbuted and was concentrst- ed in the favorits stocks of the speculative eismsns nrs i1dicatins |, the professional source
 The demsnd vas generally ascribed to covering operations by the bear. clement. the high 1,onsy period of of the M last few days M One of the houses making the largest pur- chases on stocks today advised It's custom ground that liquidation. would be, withheld from the market whenever possible until money becomes easier sitter the first of 2 There was some active support in the market. and the desire to help the market balance sheets ss of December zee M sist V was -s bs. lieved to furnish the motive for some of this support. Some of the days incidents ment of sentiment. One was the falling off in the premiurl on currency and the in sssnss f the Ss%.nS in rency movement offered corroboration for this inference. The shipments of currency last year and the transfers to other points through the sub-treasury were decidedly the smallest for any week since the financial these conditions, the Bank of Ensisnd se- M cured all of the gold in the open market in London at r.. rece:r,0n Ts, iron the precsd
 
 American, affairs London was encouras- sod oa o and % the private discount rate in Berlin further quieted apprehension regarding the position Germany made some accession of its gold holdings for, the week, but showed q heavy expansion of note issues and of credits. The Bank of England return was decidedly weak. Its decline in percentage of reserve to liabilities from 45.ao to 70 per cent. ss.5o to s7.is per cent. in this week last year.
 By reason of the continued inflow of gold sub sub-tressnry. together with the p'' diminishsd movement to the interior the New York hanks appear to have gained upwards of ther substaptial reduction in the deficit is promised therefore. The sub-treasury pay ,., msnts refiecssd in part of the current as. of government expenditures over receipts for December thus far having reached $6,- ceipts over expenditures in the correspond ing period last year of sf.2s77ss. It is this course of the government revenue ope- rations which keeps alive the question of an early necessary draft by the treasury on the deposits with the national banks. An Mas m aas ssynys ny SsnRs deposits which. have followed the expiration of the sixty day period of notices requtr- trust companies Withdrawais now would forfeit the six months interest due at the end of the year. and the short period vet have % eAp heiped tow stoWards s s Keeping down down the of deposits A sharp reaction in foreign exchange rates marked the cessa- ton of demand against gold engagements abroad
 The weeks exports of wheat and corn al- so rose to the largest figures for the pres ent season. The days gains in prices of stocks were nearly all maintained in spite of late rise in money rates.
 Bonds were steady Total sales par value Si, si4, ,O00.. United States bonds were un- change on call.
 CLOSING STOCK LIST.