The Montgomery advertiser., 1905-11-13
WALL STREET REVIEW
SOME LIQUIDATION ON MARKET
 AFTER BANK STATEMENT.
Selling Showed No Signs of Precipa- tancy and Wan Conducted In m Orderly Manner-SOme Ral-
 lying Perceptible.

New York. Nov. 11.-With a deficit of s2.4S8,400 below the 25 per cent le- gal reserves of the banks, some liqui- after the bank statement appeared on the tape. But the selling showed no signs of precipitancy and was conduct dealings some raiiyins technicaiiy fly was was perceptible. The closing tone, howev- CT. was unsettled and irregular. Early Support e snd some of tse stocks and specialties were pushed up- wards aggressively..
 es4, 500 was said to represent only part, ly the liquidation which has occurred in the stock market during the week, bankers asserting that loans have been count of out of town institutions which had placed loans in the stock market sSsr own The deerease of nearly $11,000,000 in cash holding was rather larger than the preliminary. es-
 e iesal ass Sy he Clean ing house banks was in December of 1902. Preceding that the only deficit Der. 1sss. aa at which iR tiSe time the banks ran along for several weeks below their legal reserve limit. Both of these pe- perience. In December. 1902. the sit uation was conserved by the formation of what was called at the time the 3OU,uUVpuUU DankeTS pool WHICH an nounced itself prepared to lend that amount of money if the stringency in the market should become dangerous auiiizing the situation was denominat- ed in the discussion of the period. Il of money finally 'ssi carried s the cali loan rate momentarily to a figure of 186 per cent. Both the money and exchange markets were nominal today but loans wara rannrtad n hqVA haan made level The foreign exchange market Ing of discount Doth at Paris and Ser London. The statement of agricultu- sa tbes Hssw. o% tss s9sns of oF oi value compared with October of last year. the heavy decline in value of cot ton exports amounting to about @ double l3fss This showing goes to explain the re- sistance in the foreign exchange mar ket to the influence of the violent rise | in money rates here.
 ooo: 'A'' 'O"'' par 'A' ''''' supply and the recall of credits from the stock market thus made necessary have resulted in liquidation of securi-
 this weeb w19R nave owsr eS ell. The movement was irregular and interrupted by occasional rallies /and tance at times during the week. But the rise In all money rates to a level higher than has been reported in two of holders and brought stocks freely upon the market. On Monday the mar ket was little disturbed, notwithstand- ing the plain intimation carried by the Saturday bank statement that a con traction of the loans by the banks to keep within their legal reserve re; quirement. The weakness developed I WahnhEdaV after the election h0ii- day and was attributed in about equal parts to the money situation and to a ulotive element that the effect of the elections would be to strengthen and encourage the pushing of policies d. This was u revival of an influence fell in the stock market at periods of the recent revelations of abuses in the conduct of corporations which 1t was feared would occasion distrust among the individual classes to the detrimeni of securities. With the course of the | week the money came to dominate all other considerations
 The warning of possible money strin- gency contained in the banks position in the stock market Operations for ar | advance have been followed up with professions of confidence in the main supplies of funds to sustain a specula. tion based on the extraordinary pros. perity existing in all departments oi | This confidence was based in part or the assumption that the demand foi funds would be satisfied with the turr of the month of October according tc
 the precedent of former years. On tho contrary the movement of funds to tho
 Interior has been renewed with extra
 ordinary force in the last two weeks
 and the withdrawals from New York
 have been larger in volume than any previous similar period for the season
 the surplus reserves of the banks al shown by last weeks statement to less
 than $2.5o0.000, which the further lose. 1 by the middle of this week were suf1
 cient to reduce the cash holdings of tht banks below the legal reserve limit. I Is evident also from the events of tho : week that the speculative forces con
 ducting operations in the market ha: !. counted on the intervention of tht Treasury Department to replenish thu
 government funds withdrawn last Jul!
 In the event of any threat of strin
 The stock market developed It's acut,
 phase of weakness when 1t was an
 nounced after the visit of Secretar, Shaw to Wall Street that he saw noth
 ing in the money situation to call fol
 measures by the Treasury Depari ment
 The fact that the governments excess
 of expenditures over receipts since Jull the treasury's cash balance in no bet ter condition than when 1, was consid
 dwsrDs os Seposs tS GsRsnh Mtb it nona s n
 banks. Since that time also, the oper ation of the refunding offered by th'
 Treasury has increased the supply O
 bonds available to secure additiona
 bank note currency.
 Bonds have been finally somewha affected by the needs of the none,
 market and have weakened in sympa thy with stocks. United States 2s ad
 vanced 12 per cent. and the new A. declined IA per cent on call on thu week.
 NEW YORK STOCK LIST.