Los Angeles herald., 1907-12-27
NEW YORK STOCK
AND BOND MARKET
BY Associated Press.

BY Associated Press
NEW YORK, Dec. 26.-The money situS
alton continued to manifest it's influence
today by keeping down the volume Of
transactions in stocks rather than BY
any notable depression in prices. The
market was so near the point Of stag
nation that there was little demand for
loans on call. and the quoted rate was
unaffected in a degree to correspond
The renewal rate was well maintained,
however. The extension of the holiday
in the London market throughout the
day took oft portion of the usual deal
ings and aggravated the dullness or tne
market Aside from the immediate
course Of the money market there Is
persistence of some anxiety over the
working out of the commercial situation
4 over the end of the year.
A favorable development in this partc-
1lar is some revival. as reported in the
demand of smaller interior banks
throughout the country, for mercantile
paper Provision for largo maturities IN
this field which fall dre early in the
new year is of great Importance to the
working out of conditions, which break
down at some point.
Mills and wholesalers In various lines
of trade are carrying large lines OF SOM
mercial paper for customers with the
certainty that any undue pressure for
settlement might PreciP'tste failures
Reports of the New York trust COM
NAMES of conditions on December 10 in
response to the call of the state bank
ing department. by comparison of the
various items with those ofNthe preceding
call of August %, reveal how general
and severe was the pressure on these m
stitutions during the period OF the
crisis
The heavy shrinkage in deposits and
in loans is not at a.. confined to the rev
companies that were Immediately SUD
ject to spects cular runs. The instltu-
tions having Kept most of their reserve
resources on deposit with the clearing
house banks, the extent to which the re-
sources have been impaired maintains a
striking exhibit oi the severe drain in
yolyed upon tie banks in addition to the
Withdrawals or deposits of interior
banks.
The incidents of the day were few
HOPES of easier money were kept up by
a story of the intention of the treasury
department to make the pending with
drawals of government deposits from
western banks, rather than from all IN
proportion, owing to the indications ol
boarding of cash by interior banks in
the returns to the controllers office.
There was no official sanction for this
report.
There was strong rebound in the
foreign exchange market, made by the
rate for cable transfers, especially re-
garding the related demand for remit
lance in time for the year end necessi-
ties
The declaration of the dividend on
Missouri Pacific to be paid in stock con-
firmed the expectation foreshadowed by
the previous movement of the stock IT
self Pennsylvania was the subject OF
unfavorable rumors regarding the com
ing earning report. Pressure continued
on New York Central and American
Sugar. Railroad earnings In general
were under discussion and the prospect
Of their decline was a main factor in the
heavy tone of the whole list. Delaware
& Hudson was helped by the decision
10 maintain the dividends for the com :
ing year at last years rate.
The weekly statement of the Bank OF
France showed but slight changes IN
the various items and the statement of
the Bank of England was postponed,
owing to the London holiday.
The stock market was practically in q
state of suspended animation during the
latter part of the day, but prices yielded
up to the closing.
Bonds were irregular. Total sales, par
value, $4,000
United States Is advanced u per cent
ON call.