The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-11-10
RESISTANCE MADE
TO DEPRESSION
Money Shingency is Still
Rather Aggravated
MONEY ON CALL Is HIGH
Strength of Time Loan Market Also
ncreased-General Expectation
Is for Weak Bank State
ment Today.
MONEY ON CALL Is HIGH

New York. November 9.-Today's stock
market was of much the same character
as that of yesterday Better resistance
was shown. however to depression in
spite of the aggravation of the money
stringency. Money on call went to IL per
cent quite early in the day, and to Is
per cent before the close.
The strength of the time loan market
was also increased, and the payment of
premiums over the legal interest rate ex-
tended in some cases to loans for the
six months period. Loans for sixty and
ninety days were on per cent basis.
The expectation became general that a
weak showing would be made by the
banks in the weekly statement tomorrow.
Tho out-go to the interior has gone on
this week, and with the absorption by the
sub-treasury. promises to diminish the
cash reserves of the banks by between
100000 and $4,000, 900. 1t is to the change
in the loan item, however, that most i'm
portanoe attaches.
The action of the money market for the
last day or two has suggested that the
banks are beginning to feel at least the
pressure upon their resources due to the
transfer Of loans from London to this
market in connection with the large re-
duction in the account in American Sc
curties, supposed to have taken place in
London at the last stock market settle
ment. It has been the subject of puz-
zled conjecture in the financial district
that no efforts has been shown on the
loan item of the banks in the two last
statements as a result of this shifting
process from London to this market.
So far contrary to expectation was bank
showing in the last two weeks that there
We're not lacking those who maintained
today that tomorrows statement would
show a continued contraction in the loan
item.
There was a marked difference in the
tone of the money market today, how
ever, from that on the days preceding the
two former bank statements. Northern
Pacific was again a point of resistance to
the depression in the market, with no
news beyond the reiteratfon of the rumor
of a coming "melon cutting
The report of the determination TO cap
italize the Pullman surplus, and to dis
tribute it to stockholders, gave some sym
pathetic credence to the Northern Pa
cific report Pullman rose sharply at the
opening, but fell violently afterward. Re-
ports were circulated of intended resis-
lance to the form of the proposed bonus
to stockholders on the part of an organ
lied majority. American wooden extended
its break of yesterday on account of the
decision to increase the issue of preferred
stock. This stock subsequently rallied.
The resistance to the decline and the ten
dency towards recovery were due to the
postiveness with which reports were
made that additional relief for the money
market by the treasury department mad
been determined on. 1t was even assert
ed that the Secretary of the Treasur v
was in the financial district.
These reports failed of confirmation.
The foreign exchange rates We're affected
by the local money situation, and de-
clined in spite of the rise in sterling rates
both at Paris and at Berlin. The private
discount rate also rose at Paris.
The exports this week of grain showed
a material decline from those of last
week. amounting to 337.163 bushels in the
case of wheat and 429.297 bushels in the
case of corn. The recovery in the money
rate, after easing off, unsettled the clos
ing, which was heavy and 1feless, ard
left net changes mixed.
Bonds were steady.
Total sales par value, S,3H,000
United States bonds were unchanged on
call.