The Montgomery advertiser., 1906-12-07
THE STOCK MARKET
VOLUME or STOCK SELLING WAS
 NECESSARY.
There was no Sign of Speculative Selling and CmaeFt1ne of Confidence In the
 Market was Maui- v ff-f fnat-

New York. Dec s.--sueh sellinE of stocks as was done If the market today seemed to Se under actual necessity from the ina biiity to secure renAwals of loans that were called by the banks.
 There was no sign of speculative selling and the undertone of confidence in the
 market was steadily manifested The strength of the money market was acute again higher than yesterday. The frees tinued in operation and the treasury relIef measure being prospective in It's operation. offered no resources for present needs pis- G appointment was frankly expresed wttn the scope of the assistance offered Tor the mon 1a be anticipated on December ist IS itsein much less than the amount Wall street was
 oSSnt oayment of r interest sil Win not be made until December 18th leaves gap petweeh hoM
 and then when distress of borrower Nsr,,s seems unavoidable. The anticipation or 8oVeffn@@
 nient interest is not a new device TOT releL of the money market and experience snoWs
 shat sae a sa snd sd only y partly ed to on tic part of holders Of govefnhene @
 bonds For these reasons the opinion ss,,rss ss sisted in Wall Street that farther mSesul uts - of Eoyefnnient relief were in contemplatio,nn ? by the treasury department. u WAS wsas tls,s 1ns
 Stubborn Dsls1s mar resistance of the market to the
 t It Is argued that the market held strong Sa | December and should be able to do tne | same thing this December IS n0sSo. ne
 that she ,bpsersst payt aastailents Of the United
 States 4s of 1901. will finish the payn payInneaiass s due to those bonds up to ther perroc nar cent. A l maturity The reduction Of the per I Sehs. l interest from the privilege price or uIosS bonds would leave the quotation Delow Ps pa !.
 such condition Of the market TOT tne ,D re. would facilitate any project for tnsir re- I demption in advance of maturity. Predic- | tions are very persistent in Wall Street that
 stasi,nr exckat,se continued to decline to- | day and 1t was possible to figure profit | on gold bought in London for shipment to New York. 1t was implied that the exemP- I tion of the London market from this requi- | sition was due in degree to considefatioh
 of the harm te be done Sy t9relns l,syaS HR vas I would surely be done in the event Of gold moving to New York. ,. . | In this connection the financial world is l inclined to eonstfue the language of the an l nuai report of the secretary of the treasury
 as assuming that the treasury resources should be 'used by him to protect foreign | money markets from undue pressure which 1 might be reflected back on our own market
 by the release Gt govern,msent ,sn dnnqs absresore m that treasury relief would be extended to
 avert a movement Of gold from London ro
 Charges that money rates were under ma nipulation were heard at times and the re-
 marks attributed to Jacob II seaiit ,Ist m pre- et senting his resolution to the chamoer 9 3i | commerce for measures to regnlate the . car | loan rate were interpreted as giving couhte' 1 ii was argued that the eduanimity with which the stock market accepted the hign 1 call loan rates was to be explained by tnS I Ssct that hoiders of the larger number oi stocks In the market not paying the rates rates owing to provision Ia time loans mace sohls l sime since Sixty day loans were made a' sH per cent and months quotations rose 10 6M per cent Consideration was sVeh 1 to the money position to the eNeiusiont ol all other subjects. The opening rate at " her cent was the lowest of the day ana the fast at 35 per cent. was the hlghest or W Wth' day. ..e.a, 4s, U s,s. r ,,s1a ne 8l 452, 600. Un1ted states 2ss coupon @a | yanced A per cent. on call.