The Montgomery advertiser., 1901-12-13
WALL STREET REVIEW SPECULATIVE LIQUIDATION IS
 CONTINUED. Induced by the stringency in the Money Market-The Call Loan Rate Runs Up to
 12 Per Cent.

NEW YORK, Dec I2-Specuative liauida- ton continued in the stock market steady in duced by the stringency in money. which ran the call loan rate up to per cent at one time and forced a good share of liauidation Other selling was precautionary, Tn rear or still more stringent conditions in the money market very material element In the day who became emboldened by the lack of sup port in the market and put out very large bears found they had been following the de cline too closely and they helped on the raily
 by bidding against each other to get pack
 stocks. The rally when the banks came into the exchange for the first time late in the
 day and offered large sums at the prevailing
 rate, which was at the high level. With the
 satisfaction of the demand by these offerings
 the rate fell away and the pressure on the the
 dealings by the bears was the one element in the rally. This not fully held and the market closed irregular. The few fractional advances which had been established on the rally wiped out before the close and | losses are shown practically throughout There | is nothing obscure about the situation of the money market. With surplus reserves shown
 to be below S7,ooo, 900 in last Saturdays | uuirements for credits known to be impending l 1t was obvious that the money supply would 1 spite of the need for money, the day show l ing withdrawal of $500, 900 from the sub | for Brazil. The renewed demand for the in- terior is also an unexpected development. and
 was continued @ today with the the transfer r,oi Of of Government bonds are not sufficient to off set the requirements of the sub-treasury as Is shown by yesterdays net gain by that instl-
 tuition of S43e 900. in spite of payment in
 redemption of bonds of upward of Sl 500 900
 TOday's payment for the same account of over half million, therefore affords but | little relief from the drain on the market on account of the routine sub-treasury operations The available supply of Government bonds for redemption has grown exceedingly scarce and not further relief is expected ons that ac- count. The anticipated payment of Govern
 ment interest will not be available to the money market until next week. The specu- 1 latve liquidation. both in stocks and grains is presumably effecting some automatic re- lief to the money situation, but large sums which are taken out of the call loan market are placed in time loan rates which have ad- vanced to per cent. far the shorter periods The net effect upon loan accounts of the banks is therefore problematical. Besides the gen was some special weakness shown by New York Central at a decline of 3A on account of
 of the Vanderbilt roads at today's meetings to an advance in the dividend rate on Canada
 Southern. Northwestern dropped and Omaha 6. Pennsylvania and Norfolk and Western fell over points on account of the heavy out lay announced for the Hudson River tunnel
 and the belief in the purchase of the Pocahon-
 decline of 2is in Manhattan led the weak ness in the local fractions. Among the in dustrals, Colorado Fuel fell 69a on rumors of l dissensons in the corporation. General Flee
 tric lost 8; American Linseed preferred and | Tennessee Coal 2%, without special expana | tion. The general range of declines ran from | to points, Louisville at one time falling
 by the final rally Amalgamat9d Copper huc-
 tuated from high level of 7l% in the morn
 ing down to e7 in the afternoon. closing at
 Bonds were all unchanged on the last call.
 Money and Exchange.
 NEW YORK Dec I2.-Mcney on call
 strong at 3aI2 per cent; last loan at 5 rul- | inG rate, per cent; closed offered at 5. Prime mercantile paper. 4hn5 per cent Sterling exchange weak with actual busl- in demand