The Montgomery advertiser., 1906-12-08
THE STOCK MARKET
MONEY ON CALL LOANED AT ss PER
 CENT. M
Esttmates Of Weeks Currency Movement Inc dicated Cash Loss by Hanks of
 Between Eight and Nine

New York. Dec 7s-Money on call loaned at SS per cent early today. Estimates of aash loss by the banks of between eisht and nine million dollars. without allowing for the carrying over of the effect of last puutation. As last weeks surplus of the hanks stood at less than S5,0OO coo and as the stock market has reflected no important iquidation during the week. the supposition that tomorrow's bank statement would show a deficit did not seem strange, and was generally current in the financial district early In the day. Notwithstanding this con dition. stocks offered stubborn resistance to pressure for time and then tened up- wards to good net g~ins. while the money ance of the urgent demand being entirely satisfied Explanations of this anomalous ent firmness of stocks was attributed. at first to prevailing, confidence that further measures nf relief for the money market by the treasury department were imminent. favorite rumore. either 3f further deposits of government funds with the national banks or of redemption of the 1 per cent. bonds of 1907 in advance of maturity.
 One source of actual relief for the money market was known to be in effect. Stef- ling exchange made downward plunge In response to the stringent condition of the money market. Foreign advices rAported some perturbation in foreign markets over sa'd to be making. No trace of any Intend ed engagement of gold abroad for import could he obtained in New York. Foreign bankers here deprecated the idea of draw ing gold owing to the bad effect that would result in foreign markets and that would be lpkely to be reflected here.
 Where was very active discussion of the abuses connected with the excessive rates for money on call at the stock exchange and of possible measures to remedy tRem. Acquisitions of manipulation for the benefit of lenders found their place In teb discus sion. The abrupt decline in rates late in the day gave point to some of the charges. It was evident. however. that most of the demands for the day had been satisfied when the rate declined. -'-A ,tt-
 Professional operators also made much of the fact that stocks. bought at the stock until Monday. under the rules of thNT ex- change. Some of the buying was evidently due to this condition and based on the as- sumption that relief would come to the payment became due Monday. The transfer of funds to Newl Orleans through tho sub treasury continued today. Up to Thursday evening $2.0f6. .ooo had gene to Francisco.
 While customs collections had reached $ total of over s5.oooOoo. The regular ex- against New York on balance to the extent of between one and two million dollars. The time money rates continued to move up wards, but rates were largely nominal as there were practically no funds offering in that department During the decline early in the day there was some special pressure against the Hartman Paeifics based on ths proposed government investigation of tho relations between the Union ad Southern Pacifics. Scarcely any attention was paid to any other topic but. the money situation. The market closed strong at the recovery and a substatiaS net gain on the day.
 Bonds were irregular. Total sales par val ue S1,99s,0 900. United Sites 2s, registered advanced h per cent. on call. a-
 NEW YORK CLOSING STOCK LIST.