The Montgomery advertiser., 1905-12-28
WALL STREET REVIEW
MONEY sTRINGENCY ACUTE, BUT
 PRICES HOLD WE'LL.
Prevailing Rates for Aceomnodatton, From 3s to e6 Per Cent. the Hixhest Since the Pantc
 of 1901.

to entirely ignore the money ctringency ir stdering the violence of the activity fin the money market and the high rates paid there tSe S poscn nWss Wss gn with remarkable equanimity. No such rates have beer paid for money on call as those ex- the panic period of the spring of 1901 and the prevailing rates from 30 to 95 per cent. conditions in the stock market in times past.
 Yet the pressure cn stock proved so light thss t might be said to tirement on the. part of the traders from stinate determination to Ignore absolutely the stringency of the money market showed unaffected in the determined hidding ur of & handful of stocks in spite of tho admon- ishing effect of the money rate on the gen. eral.
 American smeltins for instance was rush. ed up to new record price and there were specialties. The same spirit was manifest in the market during the day when there strinsency % @ in the money % market. k @ prices beins with the apparent detremination to restore the impairment in prices. But these eff forts lacked success end the market was in clined to fall into extreme dullness in the The determined optimism of the speculative opinion was shown ty the character Of some or the arguments heErQ.
 The very stringency of the market said these reasoners. Is evidence of the eager, ness of very wealthy capitalists to withhold purchase Of stocks. The presence in Wall Street of the Secretary of the Treasury also on the part of the confident operators for the advance. although such .ntimattons Of the secretary,s purpose toward ] the m0hey n,1h,,S offered no encouragement for hopes of re- lief for any purely speculative distresses
 Reports of the progress of settlement of the bankruptcy of the Chicago banks were less satisfactory and tho continued discount on maintenance of the pressure tnere for funds on New York some of the other interior een,ers as well reported discount ,ns on New New the banks by the suo-Treasury since the last bank statement was expanded to s:.3s3.0o more effect in driving down the rates for foreign exchange. but discount rates hard sterling exchange at Paris marked the con tinued money pressure at that center
 Conditions were essier at Berlin and irthe the showing m It's weekly return. The an nouncement of the terms of issre of the new ger resulted in some feverish movements in that group in the effort at an adjustment to the relative values indicated,
 The trust company and bank troubles at Memphis, although they created bad i'm pression. were regarded as of minoS import funds were transferred from here to Mem phis. Attention was attracted by the esti- mate of The Journal of Commerce that the dividend and interest disbursements to be made in January will reach the record fig ures Of $141, 000 an increase over last January's disbursements Of s4500,e00 The magnitude of the sum thus to be provided for in the face of the low condition of bank reserves and the active borrowing for spec ulation to initiate the money rate.
 The inroad on the prices of stocks was considerable up to the early afternoon and an effective rally at that time reduced the losses made earlier in the day. But the market broke badly during the last hour with the wilder flights in the money rate and the closing was weak and very active.
 Bonds were easy Total sales par value s3,0S0. .0O0 United States bonds were all unchanged on call.
 NEW YORK STOCK LIST.