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

New York. Dec. 1f.<-The withdrawal of effective support for prices, except in spot ty and irresular fashion and the dull yield ment at the stardiness with which the dis- location of financial affairs is working to- wards wards correction # is clear that a specu. prices and hold them over the end of the year counted upon initiation before that time of the rcfiux of cash reserves into the larg- stringency in all depsrtments of the money market which ta c consequence. E
 Confidence is unimpaired that at Q given be a sudden reflux into bank reserves and something like redundancy of supplies in the credit markets.
 The impression has taken hold of the speculative element In the stock market, however. that a miscalculation has been made of the period of survival of these con-. ditions and revised anticirations are dis of the year The tone of admonition of some of the banks to speculative borrowers and the running up of the call money rate this week carry this unmistakable intima- tion with . heavy deficit below the legal reserve requirement still existing for the clearing house banks. with the persistence of the premiu on currency in New York and the continuance of shipments of currency to interior centers to say nothing of an un- ascertained volume. of clearing house cer- tificates to ba reckoned fn the New York banking position, 1t is borne in upon the minds of spectators that present anticipa- tion of easing conditions to come might prove premature. This idea is strengthened by the contemplation of the large require ments to be met before the end of the year for maturing mercantile paper and for which means must be found to insure Keep Ing afloat commercial enterprises. 1t is to be remembered that the increment of cash reserves achieved by the New York clearing house banks last week reported a, balance of receipts of foreign gold over further large shipments to the interior and that these shipments are going on In spite of the apparent strength of interior banks exhibited in the reports to the comptroller of the currency as of December 3.
 TO keep open this source of replcnishment involves q strain on foreign money markets and the threat of this is arousing some dis uuietude there. The German position es- pecially is regarded as delicate and It's pass ing safely of the year end period will De greeted with relief in all markets. The expected congratulations and .retirements both of banks and influential stock ex- change firms and denials of many of these reports do not entirely deprive them or an influence on market sentiment.
 Such topics are accountable for the spe- cial weakness shown in some individual stocks, which in turn are sympathetic influence on the general list. Estate set dement's and probable dividend prospects are other potent influences on special stocks.
 cident with a decline in the call money rate which culminated in a brisk rise in the last hour. Except in extreme cases the early losses were recovered and lncst of the fay- ored stocks were. quoted materially apoVe yesterdays closing. Heavy short covering there was also conspicuous strength shown by Reading. St. Paul, the Hill Stocks. Sou thern Pacific and Amalgamated Copper Bonds were heavy. Total sales par value ss, 0s6. 900. U. s. Bonds were unchanged on call.