The Montgomery advertiser., 1906-12-16
THE STOCK MARKET
MARKET RETAINED MORE cnrwnn1r,
 SPECULATIVE OUTLOOK. SA.
E.sass nna Not show Great strvnefh Axcept tn spets--isank sfatament Was Better Thsn An
 ticfpnted

New York Dec. is.-The stock r,.rk.. 'ooay retained the more eheersni ', = speculative outlook reflected in, yes,.raav.. snsrp rebound from the depression ~ .h. Ret Std DrFs nn. oL s. tne week Ihe days mar sPots' but there was no Impsrtan, co,. ns 1s sn rSs rr.pns ot the large recoveries of yesterSsv ticipatsa .stse.nt Sst,sssslnent was better than an tn - ethouRh the Improvement failed @ Wipe ont tho deficit in the legal rexsrxa, sr,s,s s shostase os was deducted. however to inc sf,Il ~ % over ss.ooo.o 900. leaving si sss. .05o in cash instea3 of the estiroa,sd ,s.s saln .rcm .l,s one to three million dollars was ,,ns9l larger showing of the rovernr,ss,.s s.,'n,.. .o mMh the banks under treasury,s offer tts. oxnsS,eG s~% %ecn. counted on. Further gains are week The return of some of inc Isrr. dI, ,nends , payahle today to the channets~of inc 1vney 1,,a,sy market are expected to have m in~ week The ST 900 loan retne,,on ne ,g",n,ng ls .ectsd by the banks contributed materiaIiv nou,,csr,ont S.nei pr me situation: The an Na... Nssu.cemenl or the issue of f9s oDo 900 of Norihern Pacific stock for subscription ct rsocknolders ,as,s at par coiiformed tc antlei curb at 3s@ss and the TIili stnrks o" wsrs .ns fErons Features fin the trading So also was s.e,s Snaon Pacific. St. Paul and Canadian Pa and this became fairly general after inc sys. 5 3earanee Of the bank statement; There ,ha Mgorons rally before the close and bonds par value ssgs. oo0 VI
 The action of the stock market this week sss,, as neen ieverish. under the Influence of .@Sct.ors that were at times conflicting and which changed from time flo time Ths money situnation has worked some restraint on the speculation at all times ana strin gent conditions became argrayated as tbs week progressed. But the late break in ihs market was attributed mere largely to oth- the Hill railroad stocks had | hsd aseaat m on~1speculative sentiment and the r6nfusion rs,h tns sSr,o9s dS explanations for the weakness 1AsneS adued to the effect.
 The course of the Hlli stocks in The mar kst is largely typical of tho whole of tho different stages of speeulation is e.con,nS ,ns as pointing to the probabilities in other It is this condition that makes ,n. r,ov. ment of the stocks of large sytnpathetic ef- teet on the whole market Great Northern 2setersed 2s has been the beneficiary of . se- shares. The announesraent sss week 1 'of off of s boia1ug 70 svescri9s at par to 70 per cent the series of special occurrences which .bavs been the ground for the speculation in the change ali ,S nd psrIanse ne , Of the stock ex- sI.n sISecuniauve holders of the stock who hal ssiready not released their profits were inehned therefore to sell with the exhaus- tion of possibilities for stimulating further n11yyhg o1u1yhlng e1 the stock This selling met 30
 
 ga that the speculation had run to excess Ihis conclusion was fortified by the raeld esS esSnne ih ursat Northern ore certificates ana in the subscription rights to the new stock. which were dealt in the outside mar ket. The decline was so precipitate that causes. The opinion of the attorney general or Minnesota against the legality of the new stock issue serves to explain partly the mlsstvihge with which the subscriptions were received. The large hoidlnRs If ina twe hhi stocks remaining in the Hartman eSntr0I sSnt ot. as arssuit of the miseafriaEe of motives of railroad policy was made of non- effect by the dissolution of the Northern se- curities Company gave piausibility 10 6 supposition that the Hartman holdings might be coming on the market
 A huge volume of proposed new Issues If fined and there is a common expectation that more are to follow to take care of the manitold requirements for capital outlay of practically all the railway systems in the country
 The assistance rendered to the money market by the treasury department was of some effect on Monday by anticipation ana on Tuesday when 1t was formally announc-- ed There was disappointment later at the coming available, The SIC, eco 00o deposit ed at different cities throughout the coun- ket and the purchase of s10 00S, o0o of gov ernment per cent bonds of 1907 is subject to some delay in the arrangement of the transaction. At the same time heavy new demands ccnverged on the money market for dividend payments and for subscriptions to s30,o00,O0o of new New York Central stock.
 The collection of government revenues continues to take money from the New York banks sind further tranfers were made 10 San Francisco and New Orleans. With no immediate replenishment of cash resources the banks were therefore obliged t. call loans on large scale to repair the deficit in the legal reserves which was disclosed last week. Money ratea as a conssduence worked upwards again and there was sonic speculative liquidation of stocks from this cause.
 Bonds were dull and generally heavy.
 NEW YORK CLOSING STOCK LIST.