The Montgomery advertiser., 1907-12-31
THE STOCK MARKET

New York. Dec. 3o.--The eyentful finan- cial year drew toward it's close with actiy- ity in stocks today under the restraint of seasonable circumstances. Call money rates went far but the advance was not so violent as had been feareda The extent of the actual calling of loans seemed tr be smsli No effective obstacle was interposed therefrom to the marking up process which was being pursued in the interest of the year showing in balance sheets and investment holdings of institutions.
 A complicating factor of the money mar ket was the notice from the secretary of the treasury to the national banks in New York that they would be expected to pay over 10 per cent of the government depos- its held in daily installments covering the next ten days. the first payment having 1y requirement of from s700.000 to ss00.00 the government deposits in New York banks standing at some s7s.oSo. 900; The oondi- ts had run down to the vanishing point seems to have left the secretary mo alternative though the apparent exemption of banks outside of New York from the demand was the occasion of some comment
 There is a growth of confidence in the rate of Improvement in the money situation which is to be expected after New Years The London financial world was strongly impressed by the absence of outside compe- tition for the weekly gold arrivals. which all went to the Bank of England at re- duced price. Discounts receded sharply in London and early reduction in the Bank of England official rate is considered assured. Berlin also marked down its discount rate and there was violent de- cline in the sterling rate at Paris. Tfis series of events was due. as much as to anything. to the rapid decline towards ex- tinction of the premium on currency in New York.
 , The action of the days call loan market gave some feeling of assurance that even the temporary needs of the yearly settle ments might be passed without notable dis turbance of the money rate. The 45 per cent. rate of the last week of last year and the 125 per cent rate in the previous year s closing week supplied precedents on which unpleasant anticipations have been based. the more so in view of the $2o,00O. 900 de- ficit still existing in the New York bank recuperation. Today the opening 20 per cent. rate was the highest. The rate of recuperation to quiet anxiety over the revision which will be necessary for the mercantile obligations within the next month.
 The falling off in sales of merchandise and the slowness of collections is abund- antly testified to by all signs, but there IS expert authority in New Yor6 for the opin- ion that the commercial credit situation of fars no causee for anxiety An incident of the day was some increased offerings of funds in the time money market, although the increase was not sufficient to alter
 materially the almost dormant state ot that department E Railroad traffic officials were quite can did in admitting that the decline in traffic had exceeded their expectations and that they could not perceive tee sources of any l immediate restoration of activity there | Former reports of traffic congestion were | idle car congestion. The days gains were | fully retained at the closing.
 Bonds were firm: total sales par value | s2722Oo0 United States 2s declined E per
 cent. on call
 | cuOsuNC STOCK HIST