The daily morning journal and courier., 1906-12-07
rEs1EEDAH,s suocA MARA14
Selling Due to Necessity from Inability
 to Secure Loan Renewals.


 New York, Dec. 6.-Such selling of stocks as was done in the market to- day seemed to be under actual neces- sity from the inability to secure renew als of loans that were called by the banks. There was no sign of speeula tive selling and the undertone of con fidence was very manifest. The strin- gency of the money market was acute and the ruling rate throughout the day was higher again than yesterday. The forces of depletion of reserves of the banks continued in operation, and the treasury relief measure, being prospec- tive in It's operation, offered no re- sources for present needs. Disappoint- ment was frankly expressed with the scope of the assistance offered for the money market The amount of the in terest to be anticipated on December 15 is itself much less than the amount Wall street was counting on yesterday. The fact that the payment of the in terest will not be made until Decenl- Der 15 leaves a gap between now and then when distress of borrowers seems unavoidable.
 The opinion persisted in Wall street that further measures of government relief were in contemplation by the treasury department. It was this be- lief that was partly responsible for the stubborn resistance of the market to the stringency. It is notable that the payment on December 15 of two uuar- terly installments on the United States fours of 1907 will finish the payments due on those bonds up to their period of maturity. The reduction of the 2 per cent. interest from the prevailing price of those bonds would leave the quotation below par. Such a condition of the market for the bonds would fa- cilitate any project for their redemp- tion in advance of maturity Predic- tions are very persistent in Wall street that such a redemption plan is in pros pect.
 Sterling exchange continued to de- cline to-day, and it was possible to fig ure a profit on gold bought in London , for shipment to New York. It was implied that the exemption of the Lon don market from this acquisition was 1 due to a degree to consideration of the harm to be done by forcing up the Bank of England rate, as it is believed
 would surely be done in the event of gold moving to New York. Charges that money rates were under manipu- lation were heard at times, and the re- marks attributed to Jacob H. Schiff in presenting his resolution to the cham i Der of commerce for measures to regu- late the call loan rate were interpreted as giving continuance to the spirit of | this accusation.
 It was argued that the equanimity with which the stock market accepted
 the high call loan rates was to be ex- plained by the fact that holders of the l large number or stocks in the market were not paying the high rates owing to provision in time loans made some 1 time since. Sixty-day loans were made at Sl-2 per cent. and the six months quotation rose to 6l-2 per cent. The opening rate at 20 per cent. was the lowest of the day, and the last at 35 per cent. was the highest of the day.
 Bonds were irregular. Total sales par value S1, 1,452000.
 United States twos coupon advanced 1-4 on call,