The morning journal-courier., 1907-12-30
STOCK MARKET lrd Drift and likeness ect scantiness of Money Supply.
NC SETTLEMENTS
u Loans to Meet N. Y., N. H. and Other Subscription
 Obligations.

I ,Ixhward drift of prices of ot week in a market that was I ee at times reflected the re- \ einhuence of the scantiness of ' Implies and the purpose to
 velopments in the commercial over the end of the year. The
 If anxiety was clearly indicated
 brisk rebound in stocks at the
 the week induced by the de- 3decline in the premium on cur
 W the cancellation of gold en-
 nent in London and the differences
 In from these incidents of a clear
 {of the money situation Prepara-
 as for the yearly settlements made M lirenents which would give care
 their provision in normal money # ditions. Besides dividend and inter- II payments for January estimated at & ound $1S5,000, 900, there fall due on
 luary subscription obligations for
 Northern Pacific and New York,
 Haven & Hartford stock and
 {rican Telephone & Telegraph con
 ble bonds to the amount of near
 l0,000,000 There was a good deal
 hlling of loans by the banks in \ Daring for this financing, which ex- cised an active oppressive influence # operations in stocks. There was, & Nsides, the apprehension that the Money situation would react unfavor- Foly on commercial affairs after the Itrst of the year Large maturities fall Ilue at that time of mercantile paper based on extensive previous purchases BDf merchandise of all varietes, for (which the market has been notoriously hlhfavcrable in the depression which fensued upon the banking crisis The market for mercantile paper in New York since that time has been scarce ly more than nominal and the prospect of the continuance of that condition causes anxiety over adequate demand fer need "a extensions of some of these maturide denfbligatisas.
 zsiT UT the weeks developments Which attracted most attention was ths #reviVaI of a demand on the part oi Anterior banks, small in itself, but re- garded as important, as a possible symptom of better things, for mercan- { tile paper of the best grades Besides this immediate need of mercantile bor. Towers, a feature of the money marke flor the coming year will be the larg, volume of temporary note issues of tn, great railroad and industrial corpora tions which were put out last year fol emergency expenditures, after the mar ket for ordinary bond issues became glutted, and which fall due at various periods throughout the coming year tc a total estimated at s119 OO0,Oo0
 The banking position upon whicl these conditions converge had igh thrown upon it last week from 6severa < sources. There was published the diges of condition of all the national bank as shown in reports to the controller o the currency as of Dec. 3, and also re ports to the New York state bankint department of condition of state bank X and trust companies as of Dec. 19
 The conditions thus reported show a precedent for quick recuperation an, reflux of funds to banking reserves al ter the panic has subsided. The rat of this recuperation, in the presen case, however, has been disappointing < ly slow. The continued inflow of i'm ported gold to New York, the outf1oy of cash from this center and the per < sistence of the premium on currenc are unnistakeable proofs of the tenac 3t- yc,vith which banking reserves hay
 sn withheld from re-deposit in tn
 Stral reserves. In the case of tn
 Eings banks gratifying evidence ha
 in afforded of the entire susidence (
 rust amongst depositers.
 Fl ast week saw the expiration of tn
 ty day limit imposed on the with
 hwal of deposits by most of the say
 Is banks
 VI sorne preparations were made fc
 jssible extra demands and these prer tations had some influence in tighter 'dg the weeks money market. I'll event proved that an Insignificant pro portion of those who had given notiC of intended withdrawal took action 0 the privilege. The near expiration { tie six months interest payment an the fact that withdrawals now wou forfeit the six months interest is b. lieved to have had dissuasive int1l ence on intended withdrawals.
 Trade advices and reports of railros earnings are carefully scanned for il dications of the course of the country industries and the discussion of div dend prospects is brought prominent forward as a corollary.