The Birmingham age-herald., 1907-12-27
TRADE STAGNANT IN STOCK MARKET Brokers Are Waiting for the
 New Year Settlements OUTLOOK IS FAVORABLE
Reports of the State Banks of New York Show Prompt Recovery from the Depression-Stocks contin-
 ue Weak To the Close

New York December 26-The money sit- nation continued to manifest it's influence today by keeping down the volume of transactions in stock rather than oy any notable depression in prices. The market was so near the point of stagnation thal there was little demand for loans on call and the quoted rate was unaneeleo Ill A degree to correspond. The renewal rate was well maintained, however Ihe eX- tension of the holiday in the Lonooh market through today took oft portioh of the usual dealings and aggravated the dullness of the market. Aside from the money market there is a persistence Of some anxiety over the working out or the commercial situation over the end of the year. A favorable development III this particular is some revival, as re- norted in the demand for the smaller in- terior banks throughout the country for mercantile paper. Provision for large ma turtles in this field which fall due early in the new year is of great importance to the working out of conditions With out breakdown at some points. Mills and wholesalers In various lines of trade are carrying large lines of commercial paper for customers with the certainty that any undue pressure for settlement might preciptate failures.
 The reports of the New York trust cOmDa0leS or cOnQlllOnS Oil DcSOiApSh ~ in response to the call of the state bank ing department by comparison of the va rious items with those of the preceding call on August P, reveal how general and severe was the pressure on these lnstl- tutions during the period of the crlsis A heavy shrinkage In deposits ana Ill loans is not all confined to the few com panies that were immediately subject to spectacular runs. These institutions hav- of fbai8 resources on deposit with the clearing house banks the extent to which their resources have been impaired makes a. striking exhibit of the severe drain involved upon the banks in accordance with withdrawals Of deposits of interior~banks.
 The incidents of the day were few. Hopes of easier money were kept up by story of the intention of the treas ury department to make the pending withdrawals of government deposits from western banks, rather than from all in proportion, owing to the indications Of hoarding of cash by interior banks in the returns to the controllers onlce. There was no official sanction for this report There was strong rebound In the foreign exchange market, the sale for cable transfers especially rehecting the belated demand for remittances in time for the year-end necessities. The declaration of the dividend on Missouri
 
 Pacific to be paid in stock confirmed the expectation foreshadowed by the previous movement of the stock itself Pennsyl- vania was the subject of unfavorable ru- mors regarding the coming earnings re- port Pressure continued on New York Central and American Sugar of the kind that has been in evidence for several days past.
 Railroad earnings in general were un- der discussion and prospect of their de- cline was a main factor in the heavy tone of the whole list. Delaware and Hudson was helped by the decision to maintain the dividend for the coming year at last years rate. The weekly state ment of the Bank of France showed slight changes in the various items and the statement of the Bank of England was postponed owing to the London hol- iday. The stock market was practically in a state of suspended animation dur ing the latter part of the day, but prices yielded up to the closing,
 Bonds were irregular. Total sales, par value, ss70,OOO.
 United States 2's advanced F per cent on call.