The Montgomery advertiser., 1906-12-06
THE STOCK MARKET
STRUGGLE WITH MONEY sTRINGENOl
 IS CONTINUED.
Loang were Called From Time to Time on Large Scale by Banks to Reduce Deposit Liabtii-
 flea

New York, Dec. 5.--The stock market struggled with the money situation tooay. situation @ foT specuIators ues @ who are carrying stocks with borrowed money. Loans were called from time to time on large scale by the banks to reduce their deposit liabili- ties in the measure of the heavy drains that were making on their cash reserves
 process. ~ The appearsnce of the annual re- hort of the secretary of the treasury was the signal for a comprehensive recovery Of declines leading to a halt in the market at about last nights level The recovery was based on the assumption that the secre- money mo strinEency in accordance with the strongly expressed views In the annual re- port of the duty incumbent on him to de- pbsit in the banks as much as can possipiy be spared of the surplus fund in the treasu- ry, if business conditions require IL, ttnou8n nensss ef tbs m swith checks on depository banks" But while this lan- guage was accepted as an earnest of early action for the relief of the money market the relief was not announced and the call ing in of loans was an actual situation. The fact that money conditions aDroao STst.nnaI 1STn factor in favor Of probable action py the treasury department as the secretary was ing to prevent hurtful stringency abroad as at home. Much Interest attached 10 the passage tn the report ,,Drd wn1c1 ,o ssIsturb fis nancial conditions in Europe and If neces- sary to prevent 1t the present head Of the
 
 make deposits in national banks on condi. ton that the banks in turn deposit an equal amount abroad" that the benevolent attitude of the treasury ' department towards the import ot goio towards the gold export. sThat the course of money in New York and the resuisant effect on the exchanges has Dsen og SensI snls from London is the fear of the London market and this is regarded as precludin,s ,l Iondon before the end of the year. Not only Is currency going from New VOTE te san Francisco to move the . hrnL erog rnn hut the drop in New York exchange as Cnlcago to a discount again marks recurrence os high ruling rates for money in this market Customs collections are running very Iarge wss The governments receipts in New VOTE from that source yesterday amounting 10
 The loss of the banks on sub-treasury op@ erati0ns since the last bank statement now amo,,nts to S5 s34. OOO 900. The action of the banks in calling loans needs no 1ur'heF
 New York Central was temporarily strong on the increase in the dividend rate. Mnien 2 oonformed to expectations lntinatiohs 5 oi Additional capital Issues by Atchtson anu NorfoIx & Western foreshadowed the future requirements from this cause on the ihorss sr,s market which are expected to grow. .,.,,,ae urgency with which new capital continues to be sought in spite of the difficulties rom me market gives an impression or the unuI unfinished confidence in the perhang ha s,,nglied hy this outlay. The effect IS to confirm hopeful sentiment over the outlook TOT va. val ues Tins sentiment was apparent, m LaG., in the stubborn manner in which stockS welded to the money market inconveniences. Tine dull and obstinate resistance was shoWn NFThe 32 per cent call loan rate Is the highest since the first week in Septembes when money went to 40 per cent. anu tne banks reported deficit at the end of the week. -. sal
 Bonds were irregular. Total sales par val val ue $2.O50, 900. United states as' resis1eieN' advanced k per cent. call
 CLOSING STOCK LIST.