The Montgomery advertiser., 1905-12-06
WALL STREET REVIEW
SPECULATION IN STOCKS BECOMES
The Rebound in Russian Securities Abroad and the kesuiting Relaxation In Financial Tension Have
 Taeir Effect.

New York. Dec. 5.--The speculation in stocks became very animated again today saer eve Tne rssaad in .S securities abroad and the resuItihg relaxa-
 on the tendon the5 was .sas,a.%. M was soassrssa into n inslasnss ditlons in the money market esDsciaiiy ig- working of depletion, of bank reserves, The appearance of the market was one of sape being nraeticais without cessation or appreciabie pause from the start to finish s sas dia na re a. ssh as 'as the early last week. which was the maximum
 S rhs yea o the m e ad ing. This vas due to the very large number n. Some of tine stocks of largest market volume and which are the usual speculative leaders on the other hand were compara- be inferred from the fact that advances of point or over were made by something over eight different stocks.
 While tho speculative attention was dis serninated in this way and the most conspic- of stocks, the comprehensive strength of the market nevertheless was undsniable. In the great breadth of the speculative interest the speculative movement was more noticeable than any of the year thus far. Ultimately the movement extended t9 some of the low est grades of stocks and these over question. crfticism of speculative excess. which is in Eussian securities abroad was of decisive importance and gave color to the construc- was more. a discounting of the worst that could be feared in Russia than reflection
 The result was a renewal of the resort of local borrowers to the foreign exchange markes for the relief of money necessities: cline in ratss. But the relief thus secured @ local mn money % markets. E Rates for ca, 1T loans ans were held generally above $ per cent. from a "1 higner % ievei, I rate rates tochins IS per Cent c where the principal supplies had been ex-
 The clearing house figures had raised the amouns a, @ of assorptions from the banks Is the sub-Treasury of 100000 for transfer to San Fsaneiseo This his brings the astaal rs bank statement to, higher figure than the then existing snrrlus of reserves over the ssaIes of asa The prssIdsnts assaase was prst sS ty accurately foreseen. but its effect was The terms of deDrs ciation of hostility to- wards rallroads or corporations seemed to ameiiorste the effect on spscuiady: , ssnts,. sa- railroad rate control and reguiation of cor porations. The suggession that legal power Conditions and careful supervision, agree ments c.early in the interest of tha public was hdstSuSa ubVf as poihttnS III NAkatt to authorization for a revival of railroad pool ing. The effect was most pronounced in the members of the Vanderbilt group ana this cause coniectures Of revival of the plan for a merger in that group. The strong financial showing in the annual report of tho Union Pacific gave that stock special strength and was q sustaining influence in the whole railroad list
 The failure of the effort to adjust the dis. pute oyer export corn rates wa@ without Influence in the western and southwestern railroad stocks. Call money was broken from IT per cent to per cent. bv offer ings from one Of the principal banks at the lower rate. but when these funds were tak- en the rate rose again to IS per cent. and held at I2 pr cent. until the closing. Some unsettle ment resulted in tho final tone of the market. but tho closing was generaliy strong.
 Bonds were irregular. Total sales par value s3.eb0,o o00 United States 3S and old 4s declined Mc on call.
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