The Montgomery advertiser., 1907-07-10
THE STOCK MARKET

New York. JulS s.-The reaction ary tend ency became ratnsr marked in today's stock msrke. although there was some show of resistance to the declines and efforts to sup port were evident at some points. me principal ground for the reaction was the banking position. which Is the cause for some anxiety based on the public account ing Of the banks themselves. although the rates charged for money today showed no Of the special requirements impending this tranquility of the money market outlook. back of the exoianation to the estimates of the known movements of money last week. which indicated gain by the banks of six to eight millions or dollars. although the bank statement reported a decrease in cash statement was the main cause of the low surplus which was stated at below ss00, 900. If this had been the actual condition of New York banking surplus on Saturday. it would be difficult to explain how the with drawal of n,7se.ooo gold for export and obligation to be faced of a return of fgoy- ernment deposits tomorrow. amounting to s3o,0o0,o0o tor the whole country and about sl2,oeo,ooo tor the New York Central banks the local money market. The New York banks have turned In only about s2,ooo,ooo which they will be required to surrender tomorrow. On the other hand only s2.s24,- Ieo of government four per cent bonds have ry since July 1.
 The seemingly total indifference of the financial community to the apparent iney- cumstances gave rise to eontcctures that some relieving influence not generally known was in the background. Rumor sus- gested that the Secretary of the Treasury might postpone the return of part of the government deposits in view of the small amount of bonds redeemed. No authority for this rumor could be learned. The ma turity tomorrow of miscellaneous of subscrip- Pacific convertible bonds and s7. 5O0, 900 for Atchison convertible bonds are complicating factors in the situation. July 10 is thus seen hA fA ant fnoI toA in the money market and its passage without distyrbanee will be felt as presenting clear field beyond
 Foreign exchange rates declined during the day and the chance of further imme- diate exports of gold was averted: Foreign Atchison bonds may have helped to affect the exchange market. Rates on time were inclined to advance here. The weekly ny showed recovery of only s2s15,oo of l the $34, ,255.600 cash loss of the previous week. but over half of the previous weeks prodisious loan expansion of s7s.es6,ooo was reduced and the private rate of discount in Berlin was lower today Reports Of va rious new phases of government activity fluence to attempts to advance prices. in- cluding the Federal Governments plan to tlons, a Judicial expfession of the view that the New York Traction control. represented a monopoly and proceedings against the tel esraph companies on charges of combina- tiop by the New York State authorities.
 The marking down of the price of copper seemed to be of unfa vorable effect. although copper stocks were advanced in an expect- ation of this action. St. Paul offered the only point of active resistance to the de cline. efforts at support centering on that stock, which closed at gain of over | point. Otherwise declines are general Union Pacific being most conspicuous. Bonds ware weak. Total sales par value, sl,424,000. United States bonds were pn- changed on call.
 NEW YORK cLnsING STOCK LIST.