Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-11
AND
COMMERCE

New York. Dee. t0-The support
FOR the market which has been per
sisted in for some time past was evil
IDENTITY abandoned today, but whether
voluntarily or forcibly, was not clear.
There was further calling Of loans by
the banks following that Of yesterday
~ the money rate was up to p per
cent. compared with "a maximum rate
Of 20 per cent yesterday. This hao
effect on speculative sentiment. but
the forces OF tho depression was more
direct than through effect on senti-
ment. The selling cOnverged espe-
cially on the Hun stock and Reading
and a. those had been picked out for
the most conspicuous operations In
supporting the advance the sudden
relapse was of marked sympathetic
effect on the whole market. Some re-
iative resistance was shown By the
coppers. which might be accounted
for by the large short Interest in those
stocks waiting 10 cover on the decline.
There was some evidence also OF di-
rect transfer Of large accounts from
the Hill stocks into the Hartman Pa
cihcs. The motives for the withdraw
al of call loan credits by the banks
were not clearly understood and were.
perhaps. of added unfavorablc effect
for that reason. The publication in
detail of the representatives Of the
New York city banks in response 10
ANif van W NlH NNAAtN NANNN'A VI Aht
rcncy revealed as heavy an impair
ment OF Ia the case Of n
or two Of which pressure vas cspe-
cially severe, that a bad impression
WAS caused. although the present
s%0lNency 90 these banks has not
thrown open any doubt. Reports Of
negotiations on foot FOR strengthening
or consolidating these institutions in
creased the attention given 20 the
subject. 10 was surmised. furthermore.
that q call from the state banking de-
pnrtmeut for repurts OF condition of
the state banks and trust companies
was in contemplation. and his would
naturally hsv the effect of prompt
ing some strengthening Of position by
those institutions. The compiled di-
ges; OF the showing or the New York
CITY national banks was held to con-
firm the claim Of the large
supplied by the New York banks TO
the Interior during the period Of
strain. or the total Increase in depos-
.ts shown on December 3. compared
with August p. OF S56.1l5.g63. there
ls included am increase Of some s4S.-
N53. SEQ In government deposits in the
clearing house banks. while In the
items "due 10 banks, etc. there was
a decrease of se6.24O.535. Specie and
legal tenders ais have actually fallen
S6.2sS.369 Iu spite of the enormous
ufiOW Of imported gold and the large
sums OF cash transferred from the
treasury department 90 New YORK
bank vaults. Win this exhibit 90 the
heavy drain on New York which the
interior demand has made financial
sentiment is sensitive 20 the large
continuance Of that drain shown In
the persistent heaE. tranafeHa Whieh
are being made 10 Interior points.
This demand Is keeping an the premi-
am on currency and was given part
responsibility Tor the active calling or
loans by the banks today. The pub
LEGATION Of the reports OF national
banks by cities as they were received
az the OfnC. OF the con ptruiler Of the
currency is demonstrating the fact
that the condition OF the heavy cash
reserves through the interior is not
universal although a general condition
of strength was Indicated by first re-
ports from unofficial sources. The I
showing created a bad i'm
precision and hat other promi-
nsnt ceutefs proved disappointing
The persistence Of the premium on
CurreHCy and the necessary delay Bon
The resumption OF cash payments by
banks are Disappointing.