The Montgomery advertiser., 1907-12-24
THE STOCK MARKET

New York, Dec syATiehtening up of the money market today gave unmistakable warning to the speculative element of the The Wsrnns 1a Was hssasd ana Ss lapsed into condition of semi stagnation in consequence, The rise in the call money rate. while exercising this restraining in- fluence on speculation did not seem to force any large amount of selling of stocks direct part to profess,onn onsnators apeu iS who Sonsht weak in anticipation of the good bank state , ment but who were disappointed with the paucity of the outside demand attracted in
 Attention centered almost exclusively on the money market and it was concluded that the large rccuperation effected by the banks last week had not yet put them into any position to discontinue the process of ficit of ss1.751. 900 below the legal require ment. The completion of this process of restoration is now regarded as essential to dissipate the continued reluctance of the
 interior hanks to take up normal banking relations again There are unusually large requirements to be met in any event by the New York banks in connection with the an- nual settlements.
 While the larger profits indicated by the record total of s1s4.655,00 in dividends and interest payable in January are matters for encouragement and promise for 8 good re- investment demand the problem of finane- the straightened condition of the money market.
 There are extraordinary requirements be- sides to met on January 1st including s11.- 625.000 for subscriptions to new Northern Pacific stocks. ss, 900 for New York. New Haven and Hartford stock. and $S.o00. GOO for American Telephone bonds. Another contingency of the coming week ia the ex- 11 sns ssty as perod or nSsses n during the banking Hurry in New York in the latters part of October.
 It is known that many of the notices of withdrawal given at that time have since been rescfnded and some of the banks have lifted the requirement. in the meantime and stnk urffb bdrux a xxrar Nevertheless it is probable that some degree of preparedness will be looked for with the notices. The s narrowing o Of the suppIS of funds to loan on call is thus seen to be ann ply accounted for and in fact occasioned no surprise.
 The closing of bank in Atlanta and notice of assistance to be rendered after in- vestigation by the clearing house to a bank in New Orleans made bad impression. There is some anxiety over the outlook for the government fiscal operations. the decline in the revenues pointing to the early neces- sity for the use by the government or some of the funds on deposit with national banks. resort to checks on deposit by the treas ury department to throw the treasury de- partment operations into the clearing house transactions is hoped for.
 One feature of the tenacious hold of in- terior banks upon their cash resources is the continued scarcity of New York Ex- change and the large number of cheeks on merchants and Jobbers. The money strin- gency caused downward plunge in the sterling exchange rate ana more gold was engaged in London for import. The taking of the dividend from the price of New York Central was followed by special weak ness which seemed to imply distrust of the maintenance of the dividend rate. Reports of intended reductions in prices of steel products after January 1st were a depress- ing factor.
 Bonds were irregular. Total sales par val ue s1.3o6.0o0. United States bonds were up- changed on call.
 CLOSING STOCK LIST.