The Montgomery advertiser., 1906-12-20
THE STOCK MARKET
VIOLENT sPAsM or LIQUIDATION IN
 MARKET.
The Continued Stringemcy of the Money Market and the Failure of Any
 Appreeiabie Relief from

New York. Dec. i9.--A violent spssm of
 ianidation swept over the stock market that looked threatening at one time A sn1stanttal recovery occurred before the f stoe hs Ihs storm s center vas the ef the stock marke. zhave/ "enjoyed rights recently phrase which operators in the ss % FSs s contnasa @ aa strinssnsy TpaS of she money market and the failure ef any ap- Dreciabie relief from the operation of the trsaaurys plan for assistance had c discour- aging effect on sentiment The erumbling oa the market et weak spots sprsad to pret- were a flow prominent stocks which main. ssineq M show of resistance to the flood o5 Ss- ssliins The conftsion in the niaket infiusnce on the whole makst. The sub- Stock sh,s ,,;n..,,. z ea.i'le ,., q. . s,sss e so admitted to ao,stion o ths steeE @eEs sz sl- Snange The opening price foY St. Paal S1a1v. Tasn the rries quessd for tte rights addsd for the stock yesterday The hope tIsas ssas Kendered that the disturbance in the stock kan to rscsde again under I heavy offerinss. asr D TAs admattance to auotatiou of the rights nelpsd clear ID one cause Of confusion " of liking collateral in loans on St. Paul. The suddennesS with which ths books of the ment o subsertnfior rishts aad the 'i cali for 2 xl0. Y0.O00 installment of subscriptions on 1ecemper slst on the eve of the yearly q bitter criticism and of professed fears of a hidden design to disturb the money market.
 The pursuit Of this line of reasoning fed to some excited unloading of longs on the part Of specuIatoFs who had been convinced that they were following the leadefship in the market of the most influential capital fsts in the country who were banded togeth- CT for mutual protection of the speculative position from harm from the money situa- tonsf There was an oxtraordtnarN Cnntu i0n and contradiction als in the estimates of the real value of the rights which have days St. Paul Northern Pacific and Great Northern preferred stli suffered acute ly. therefore in the prevalent weakness.
 The high priced stocks GeneFally were sufferers in sympathy. There was enor- -@ nous speculation in Reading and heavy sell- lng when rumors circulated that there was to be no change in the dividend rate.
 The ext Ut oI the recovery ron the treme declines pointed strongly also to ex- tensive operations by bears. The presence of the secretary of the treasury fin the city gave rise to conjectures of moro substantiaI Sterling exchange was very weak in response to the money strtngency and London showed keen apprehension of demand for gold on the part of New York. New York bankers were inc fned to the opinion that a demand on London for gold would be ln1udicious as Bank of England would advance it's dfs- count rate tomorrow. should gold be taken from that market. The news of the press ence in Wali Street of the secretary of the treasury same at a time when the llquida- tion had spent most of it's force The ln- also revived hopes which proved fallacious. of an advance in the Reading rate.
 NEW YORK CLOSING STOCK LlsF