The Montgomery advertiser., 1905-11-15
WALL STREET REVIEW
VIGOROUS RECOVERY FROM WEAK
 NESS OF DAY BEFORE,
Relaxation In the Money Market the Nominal Cause of the Movement. Notwithstanding the Rate
 Touches IS Per Cent,

New York Nov. 14.--Stocks made a vigorous recovery today from the de- cided weakness of yesterday. The re- taxation in the money market was the nominal cause of the movement, al- though the rates for call money during the day indicated degree of stringency that should Seem a decided restraint on any large renewal of speculative operations. The rate touched was IS per cent as against the actual high rate of 20 per cent yesterday, not counting the Hurry to 25 per cent just before the close. which was regarded as hay of today was held only momentarily and very small amount of money was placed at that rate of interest. Later in the day after the principal demand had been satisfied, the money rate fell below 10 per cent. This occurred much earlier in the day than was the case yesterday, and was the result of freer ton of the money market. therefore. was considerably ameliorated as com pared with yesterday. The liquidation effected yesterday, of course, was a banking position. Large loans placed by foreign capitalists also played a part. Reports were current that plac- ing of canadian funds and mcvement t points were factors at work in the money situation. The circulation of rumors also continued of ultimate in- Treasury to ease the situation in case of any threat of dangerous conse- quences. although the reiterated in- tention of the Secretary to confine any intended relief measures to the needs of regular borrowers was again report ed from Washington. Besides all this, there was a growth of a feeling that the situation did not call for an sxten eh. banks at the present time. It was con- sidered that the deficit in the legal re- serve requirement established on Sat- serves to the deposit liabilities at 2476 per cent. while the percentage of total reserves since the 1st of September. with the exception of the week ending October 21, has been below 26 per cent. The actual change in the condition of the banks, therefore, was not great aside from the sentimental effect of the existence of an astpai dsfeit fn in le disposed to the view that the banks were not called upon at this time to go further than to repair the actual market at this time is recognized as due entirely to the active business con- ditions, supplemented by the specula- tive demand based on confidence in the general business situation. The de- mand upon the bank reserves contin- ued, the operations with the Sub Treasury since the last bank statement ndVlHB WltuuTaWH diTeady Sl,4El,UUU from the banks. With the easing of the money sales during the course of today there was also a rally in for eign exchange rates and the prospect thus dissfpated for the present. Last prices ssif or Stocks were the best and the closing was active and strong at uniform net sains Tunnins from q to
 Bonds were irregular. Total sales, par valne. $4,110.000. United States 2's and old 4's advanced 1-4 per cent, and the 3s, Is per cent on call, while the new 4's declined Is per cent on call.
 NEW YORK STOCK HIST.