The Montgomery advertiser., 1907-12-05
THE STOCK MARKET

New York. Dec. l-The price movement of stocks shtfted many times again during the course of the days trading. reflecting either the genuine doubts and hesitations of operators or the manipuative effects of professional operations designed to con ceal the real course of the transactions and to confuse the minds of observers. The market wAs rather generally depressed in the early part of the day and manifested vigorous strenEth in the latter part The effect of selling for foreign account and the unfavorAbie view taken abroad of the contents of the Presidents message or rath- CT Its omissions.
 The Japanese Incident seemed to be se- riously reEarsied in foreign circles also. The copper stocks were an active center of tions of different copper mining stocks have worn upon the courage of holders. The United States Steel Stocks shared in the de-i pression to some extent. especially the pre-
 The weakness of American Smelling was attributed to fears of reduction in the dividend rate. hut it's greatest weakness was shown after the announcement Of the declaration of the regular dividend on the stock. The disposition to take advantage of the good news to sell the stock created q bad inpression. There was another de- cline in the price of copper and It was feared that the recent heavy shipments of copper to Europe represented rather a transfer of holdings to more convenient money market that an actual marketing of stocks. The vigorous rally in the market found its initiation in the Hill Railroad group.
 : Definite news for the active buying at rising prices of this group was lacking. It was accompanied by large lending of mon ~ on call by banking interests s.,sIose closely tfon to Great Northern new stock call Tor payment of an installment of e3.000o00 on December 9th. and those for Northern Pa cific new stock for an installmept or $ll'- 625.0U0 payable January 1st.
 There was a pronounced relaxation in the call money market and the premium on cur rency fell back again. This was connect ed with the issuance of the controllers call for reports of. condition of the National Ranks as on December 3rd. It has been as- sured that some recent purchases of clrrency for account of the interior were to strength an their showing to be made in response to this call. now expressed for many days past.
 Banks also are always more liberal In extending credit liabilities immediately af- fer complying with tho call from the comp trolIer The expected demonstration that the deficit now existing in the reserves of the New York banks will be found amply accounted for by the recruitment of inte- rior hank reserves in the process of with cure apprehension over the New York re- serve position which is. in fact, above 70 per cent of deposit liabilities at the present figures It must pc borne n mind that the 25 per cent. reserve requirement on Cen trai reserve banks is based on the double function played by that portion Of the re-
  on which loans are made both by the cen tral reserve banks and the depositing bank. With deposits by other banks drawn down. the potential requirement on the reserve is logically reduced prelude to the responses to the cometroller's call was found in the report of the money in circu- lation in the country on December 1st, ac- eording to the monthly statement Of the treasury.
 The increase iu the circulating medium for November reached the prodhstous ebtal of s131,s73,eo0. The increase in October. although the spasm of the panic did not de- velop until the fourth quarter of that month was upwards of $70.o0o,o0 making the total expansion for the two months considerably over s2oo.ooo,ooo and active H extending since the first of December The per capita circulation of the country was thus brought up to $34.71 on December lst.
 reduction in the Bank of England dis count rate tomorrow was discussed as possibility and helped the later strength of stock which was maintained to the clos ing.
 Bonds were irregular. Total sales par value s4.776.00o. U. s. Bonds were unchang- ed on call
 CLOSING STOCK LIST.