The Montgomery advertiser., 1907-12-07
E. Johnstone & Co.
 Cotton Merchants and Exporters M Cotton Bough. in Alabama and Mississippi
THE STOCK MARKET

# New York, Dec 6--Today'sl stock
 market lacked muehsof the animation of that of yesterday but was even more irregular in its movements. The ten dency until near the middle of the day was to higher level, but without the vigor of the spurts which carried prices up yesterday. The heavy tone at the
 outset was attributable to the news
 of the closing of g national bank .5l l.. at at
 lived and less pronounced, than that of the Kansas City failure of the day
 before and in fact the suspension was
 soon seen r to be Of nm, much less imp1p- tb
 other hand, continued to create bad impression and its influence extended to foreign markets. Another unfavor-
 tained premium on currency which was paid on some large amounts during tn
 day and rather firmer tone of the cal
 money market The recovery in the currency premium was said to be due
 partly to the demand for weekly pay
 rolls, The Pittsburg bank failure als had some influence on the demand for currency. It is evident that so long
 smaller banks throughout the country as the responses to the comptrollers call reveals that hey are. there will be
 vast curtailment of the usual facili-
 banks in the centfal reserve points.
 The lack of the usual resources for
 use of such partial substitutes for
 money and which perform many of the
 functions of money in normal condi-
 tions of credit, undoubtedly accounts
 in large part for the persistence of the
 premium on the currency. Until the
 banks outside of the Central reserve
 lege under the banking law of rede-
 posting one half or two fifths of their
 reserves in the central reserve banks.
 the dislocation of domestic exchanges will rnfrfnna a n less eX tent. The significant facts In the days news in this connection were the fall
 to par in the New York exchange rate
 at Chicago for the first time since the closing of the Knickerbocker Trust Company and the decline to a discount of the New York Exchange at Boston The hardening of the calr money rate
 may have had a connection with the Great Northern new stock which was
 made today It was because of the
 sudden rise in the Hill stocks initiat- ed the rally in stocks and come very opportunely for stockholders who had | the payment to make today and one 1 of $f1, 900 on January 1. for an in-
 stallment on subscriptions on Northern
 Pacific new stock and the expanded
 dealings in stocks which have accom- panied the weeks rise in prices must
 also have Increased the borrowings of
 funds on call. The estimates of the
 weeks currency movement gave noth- | ing to account for the firmer tone of
 call funds. a liberal cash gain by the
 banks being indicated. The shipments | to the interior were the smallest since
 the heavy demands in the direction
 developed and continued receipt of inn
 ported gold made more than an off,
 set. the gain resulting being apparently
 upwards tof $6.000, 900. The weeks operations in stocks seem to promise an expansion of the loan item. but a substantial reduction of the deficit in
 the legal reserve of the banks is hoped for in tomorrow's bank statement. The
 market showed the effect of the large
 reduction In the outstanding short in | progresses and closed heavy with sur | prisingly small net changes consider | ing the days active fluctuations.
 | Bonds were firm. Total sales par
 value, &4.730.000. United States 2 per cent bonds advanced IA and the fours 12 per cent on call.