Los Angeles herald., 1907-12-28
NEW YORK STOCK
AND BOND MARKET
Ey Associated Press.

Ey Associated Press.
NEW YORK, Dec. 27.-PrIces Of stocks had
a comprehensive and substantial rally today
and the volume Of the market expanded con-
sderablyS The increased business was poorly
distributed and was concentrated In the favor
ite stocks of the speculative element, indcat-
ing the professional source of much OF the Duy-
ing. The demand generally ascriped 10
covering operations by the bears, who SOLD ine
market freely during the high money period
of the last few days.
One of the houses making large purchases OF
stocks today advised its customers against
short sales at present, on the ground that the
intended liquidation would be withheld from
the market wherever possible until money De-
came easier, after the first of the year.
There was some active support In the mar
ket. and the desire to help market values OF
securities for the showing in yearly balance
sheets as of December 81 was believed to fur-
nish the motive for some of this support.
Some of the days Incidents offered positive
factors toward q betterment Of sentiment. one
vas the falling off in the premium on currency
and the inference of a subsidence OF the de-
lland in that field.
The figures for the weeks currency move
mcnt offered corro boration for this inference.
The shipments OF currency to the Interior by
the banks were less than last week, and tine
transfers to other points through the sub treas
ury were decidedly the smallest for any week
since the fnaneia. disturbance set in.
In consonance with these conditions the
Bank Of England secured all OF the gold IN
the preceding market price. This had an en-
couraging effect London sentiment towards
American affairs London was encouraged
also by a subsideEce of the demand LOT goiu
on German account and recession in the pri-
-yate discount rate in Berlin further quieted ap-
prehension regarding the position at that point
The Imperial Bank OF Germany made some ac.
cession to the gold holdings for the week, but
showed heavy expansion of note issues ana
of credits. The Bank Of England's return was
cecidedy weak. Its decline In percentage OF
lt,t-t m
compared however, with q decline from 3S'oV
to 81 IL per cent in this week last year
BY reaso.l OF the continued inflow Oh soio
= this week and OF large payments az tne SUD
treasury together with the diminished move
ment to the interior. the New York banks APP
reaf to have gained upwards OF SS,0OO,O0O casn
curing the week. ,.
IS promised therefore. The sub-treasury pay
ments reflect in part the current denclt IN tne
government revenues, the excess OF government
expenditures over receipts for December thus
far having reached $6379,157, compared with an
eycess of receipts over expenditures IN the
corresponding period last year of $i,2sLieS
It is this course of the government revenue
operations which keeps alive the question of
an early necessary draft by the treasury on
the deposits with the national banks An ex-
cellent impression was made by the inslgnit. ait
cant Withdrawals from savings banks deposi.s
which have followed the expiration OF the W-
days period of notices required at the time OF
the runs On New York trust companies. WIN
orawals now would forfeit the six months IN
terest due at the end of the year, ana the
short period ye. to expire of that period is
belle.ed to have helped towards keeping down
the withdrawal Of deposits.
A sharp reaction in foreign exchange rates
N arked the cessation of demand against gold
.ngagements abroad The weeks exports OF
Wheat and corn also rose to the largest hgures
for the present season. The gain In prices ol
stocks were nearly all maintained in spite OF
a late rise in money rates,
Bonds We're steady Total sales, par value
Si9is,0oo. = United States bonds were un-
changed on call.