The Montgomery advertiser., 1906-12-29
THE STOCK MARKET
INFLUENCES OF JAN-
 UARY SETTLEMENT sHOWED.
Shifting Of Loans Began Early In The Day. Which Ran Call Rate Up
 To Eighfeen Per Cent.

New York. Dec 2S.-The restraining influence of the coming January set- dement's asserted itself on the stock loans began early in the day, which ran the call loan rate up to IS per cent and dislodged some holdings of stocks. The covering of short contracts which was maintained in yesterdays market left that of today deprived of that much demand There was evidence as we'll of renewed pressure of liquidation in the Hill stocks and the subscription rights for St. Paul ran off in a way to argue i'll for the prospective demand for the new stock A story was in cir- culation that q large speculative hold vulnerable position had been taken over at a private sale and it was hoped that these would relieve stocks from the liquidation. which has weighed on them for several weeks and the re- newed depression was the more dis appointing. The long decline in these stocks give rise to disquieting rumors about the stock exchange today of dam age which might result. These rumors were discredited and passed out of con- sideration when prices began to re- cover late in the day after the princi- pal money requirements had met at the stock exchange. As loans made today carry over till the last day of the year. there was a growth In the feeling of confidence that the year end would be bridged without a furry in the money market. The contrast in the action of the stock market in view of this tran Hqull condition in the call money mar this time last year when money went to 125 per cent on call was the subject of much comment The most plausi- ble explanation of the contrast is the more widespread stringency in the worlds money market this year which has obstracted the efforts of the holder of securities on margin to secure re markets and tLus>to ignore the fluctua- tions in the local money rate. The usual estimate of the currency move ment showed a balance in favor of New York. large proportion of which was believed to be due to receipts from Cam ada. The sub treasury operations ab- sorbed several hundred thousand dol lars from the market but the net gain of the banks is estimated at between two and three millions cash. It is like ly. however, that the principal effect dement's will be reflected in the loan item of the banks. There was no rally in the foreign exchange market ana there was a further easing or the dis- count rate. both in London. and Berlln. A surrender of more than $3,OOO,OOO Tn gold to the London market by Paris was a feature of the days news. The London money market as a rule re. faxes very quickly after the annual set dement's have been made and the year end window. dressing requirements met. The present low level of exchange points New York as a consequence of any ma terial easing of the money situation in London. The news of the death of President Cassatt of the ePnnsylvania Railroad was of almost no effect on the stock market and did not come as a surprise, the fact of his declining health having been well known for many months past. The late varagries in the market were well held and the closing tone was fairly steady.
 Bonds were irregular. Total sales par value sS2,054,0O0 United states
 NEW YORK CLOSING STOCK LIST.