The Montgomery advertiser., 1906-12-28
THE STOCK MARKET
SUPPLY OF STOCK OFFERING WAS
 sCANTY.
Absence of Any Pressure to seu Was the Most Distinct Characteristic of
 a Rather Dull Session.

New York Dec 27.-The supply of
 stocks offering in fhe market today was scant, and the demand. though not notably
 large, was sufficient to lift prices. Where
 the business was in any considerable vol-
 tune or at all urgent in character, the ad- vance of prices was fairly buoyant. The absence of any pressure to sell stocks was the most distinct characteristic of the days market and it was this that gave near approach of the January settlements and higher range for call loans than was
 secured yesterday. there was no sign of necessitous liquidation. Borrowers were able apparently to secure facilities at the rates asked and were willing to pay them and there was no forcing of holdings on the
 market. Professional opinion varied as to the source of the demand. Some opinions held that the covering by shorts were mostly
 responsible for the uplift of prices, while
 others professed to detect accumulation for
 some of the large capitalists The resump-
 ton of trading in the London stock market
 after the holidays seemed to be in favor
 of higher prices for Americans consid-
 erable advances were scored there before
 trading began here. The responsive re-
 bound in the Hill stocks removed one of
 the most influential factors in causing the
 strongly bought There also was decided
 upward movement in Reading These
 stocks collectively attracted q large spec
 ulatiye following in any price movement There was q growth of confidence in the
 money outlook. It was argued that the likelihod of violent furry at the end of
 the year is less, the nearer approach made to that period, with the tranquility of the money market maintained. Today was the final day for the payment of the $30, ,O00 of subscriptions to New York Central stock It Is believed that this sum- when paid to the treasury of the railroad, will become immediately available for temporary use in the money market and so help to tide over the year-end demand. Reports from
 the interior are that some large sums have
 been placed in the New York money mar ket within the last few days by interior banks desirous of getting the benefit of the 1 high rates of time loans. The additional uFIY in fha ffYv1a r4rat arc mar ceptible and have affected rates It is prob able that such which have been withheld 1 from the market to take advantage eof the expected high rates at the end of the year | have been released to some extent with the small period remaining. While the dis bursements of profits in the form of divi- dends and interest on Jan. will be larger | than ever before, there has been no sign | in the bond market of any investment de- mand in anticipation of the resources to
 be supplied by these disbursements. Some | of the customary preliminary investmen. | demand may have flowed to stocks where the liquidation of the last few weeks was
 carried down prices of some of the high | grade, issues many points. future of the 1 day was the decline in the open market dis count rate in London, notwithstanding a weak return both by the Bank of England | at the Bank of France, and the Imperial
 Bank of Germany. A further decline in | foreign exchange also broadened the profit
 now admitted to exist on engagements of | gold in London for import Local bank
 CTS continued to maintain the opinion that | no Inward gold movement was imminent. | The strong advance in Great Northern | preferred, Northern Pacific and St. Paul
 scrfptions rights to these stocks. What
 ever the sources or the motives of the l days demands, its preference was unmls- ! takable and well sustained. late
 reaction due to profit taking on the days
 rise was followed by strong closing.
 l Bonds were irregular. Total sales par value S1,69S,O00. U. s. new 4s, registered. | declined h per cent. on call.
 |