The Montgomery advertiser., 1905-12-08
WALL STREET REVIEW
MARKET STRUGGLES AGAINST sTRIN-
 CENCY or MONEY.
Call Loans Quoted as Hig- as % Fer Cent. Touching the Maximum of the
 Year Made Last
 Month.

New York. Dec. 1.-The stock market strusgled against the severe stringency in the mercy market today and sssapsa wi.s1 ln fact. there werc general recover.es under men. in other special | stocks, - Money on s ss rssa aSsss e sa Droas sxam s Hsr the year. touched last month - s.o nes rss e octossr toSs not behavior of the stock market now and then sgD, Money ess 9nS a general subject of .coInmsnt wss the slight stances .n Lossss al the {" extreme @ low low ievei of the day were not excessive In any Of the
 II was notable also that they were quite uniform between and points. where ths found found in m the stocks which have been sub Jsct to the Ereatest speculative actVig s;. raa an sss ss m fss n the The dsiuetiens from this state of affairs .s,Gs were that the orGanied speculation whicn provided itself largely with time loans De- market. The absence of forced liquidation at the present time on the present large of DO Other expianstion. The. snaii effect produced on the general market warraniIss wrriI porticipstion in the speculation on the part of, operators dependent. on the ordinary, re- suits of the money market mus, pc s sna srse,- mitmenfs had bsen made in the market ts disregard Of the coming reaction tr Eenerdt business and the severe strInEency developsd in the money market What was knoMn position that iSe Identity of this years spec nys srfz0 sss, 3, ih sa at %sn m the situation lies in the unclouded outlook for eondions Tndsryns nS yaso ssr aRa sbs eon ane
 The actual demand on cash reserves !, !; quite sufficient to explain the degree or san se so doust 10 es ths as aay of
 ses o tne ssdeE which sas Saasone great imitation in the spseulatiSn has figur- sa % s tns ssl money oi market induced dsedeS stiffness in the time money market. There vas evidence ; s of large sora ind,ostnx re ceipt of at least s1.aoo.ooo from Canadian
 The sterling exchange rate also fell to be. low 4 .sS. which Is lower than the point p,s touched during the last imports ei geia. ments. sss ' The repienisHrnent of the London money market by heavy payments for re- sssement ga ss.s was % made. The close working et esy p otsss Se tbe Secretary of the Treasury wouA be moy- cd to take some measure or renef TOT, k1e money market which he had refused to do 90 long as purely speculative requirements were
 Confidence that such action was irnmi- nent had much to do with the late rai.y in stocks. Tennessee Coal was especially at- fected by the conflicting repoFts that con- troI had been secured Of the company n the open market, which reports were not admitted by present controlling interests These contradictions fostered the pellet m 8 possible severe contest In the open warkst for the balance ef ths control with .,n,s tns stock alread Yrads must pTeeipitate cor ner. x ed to rumoTs of dividend and other stocks with identical controlling interests were affected similarly. Amalgamated copper showed resistance and was prominent in the strong rally at the close. The whole market closed strong and with the earliest losses almost universally ehapged to vary
 Bonds were heavy. Total sales par val ue $2,I55,O0O United States new ts, regis tered declined E per cent. and same coupon A per cent on call.
 SEwNm rAnx ar0fw