The Montgomery advertiser., 1907-12-11
THE STOCK MARKET

New York. Dee. ls.--Ths support for the market which has besn persistsd in for some time past wss evidently abandoned vas not clear There wss further calling of loans. the banks following that Of yes terday and the call money rate was run up to 2s per cent compared with . maximum . bad effect on speculative sentiment. but the force of the depression was more direct than through effect on continent.
 Hill stocks and Reading and both stocks had been picked out for the most conspicu- ous operations in supporting the advance thetic % effect oa ths who,e s " nasrnst. sa 'pA
 some relative resistance was shown by the coppers. which might bs accounted for by the large short interest in those stocks waiting to cover on the decline. There was some evidence aiso of direct transfer of large accounts from the Hli stocks into the Hartman Pacifics.
 loan credits by the banks were not clearly understood and were perhaps of added un- favorable effect for that reason. The publication in detail of the reports of the New York City National banks in response to the call of the controilar of the cprren- cy revealed as heavy an impairment of re- sources In the case of one or two to which pressure was especially severe. that bad impression was caused. salthough the pres ent solvency of these hanks was not thrown ooen to any doubt
 ANSPSrt ts VI ucBOtldllOuS on IO0I TUT stkenB- thening these institutions increased the at tention given to the subject. It was sur missed furthermore that a call from the state bapkin. department for reports of condition of the state banks and trust com psnies was In contemplation and this would naturally have the effect of prompting some strengthening of position by those institu- tions.
 The compiled digest of the showing of the New York City National Banks was held to confirm the 6aim of the large resources interior during the period of strain. Of the total increase in deposits shown on De- cember 3rd, compared with August 2z. of $76.115,es3, there is including an increase of some 346se53,000 in government depostts in the clearing house banks while in the items Due to Banks. etc" there was . decrease of $26240.535. Specie and legal tenders also have actually fallen $6,2Ss. 36e. In spite of the enormous inflow of imported gold. and the large sums of cash transfer red from the treasury department to New York bank vaults.
 With this exhibit of the heavy drain on New York. which the interior demand has made. financial sentiment is sensitive to the large continuance of that drain shown in the persistent heavy transfers which are being made to interior points. This demand is keeping up the premium on currency, and was given part responsibility for the active calling of loans by the New York banks today.
 The publication of the reports of Nation al Banks by cities as they are received at the office of the comptroller of the currency is demonstrating the fact that the condition of heavy cash reserves throughout the inte- rior is not universal although general
 condition of strength was indicated by first reports from unofficial sources.
 The Pittsburg showing created a bad i'm pression and that from some other promf- nent centers proved disappointing. The persistence of the premium on currency and the necessary delay in the resumption of cash payments by the banks are disappoint- ing
 the cotton crop had but moderate effect in steadying stocks and the days decline in prices proved to be considerable.
 Bonds were easy. Total sales par value 8, 200, 00O U. S. Bonds were unchanged on
 call.