The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1906-12-16
STRENGTH OF WALL
STREET MARKET
Demand for the Hill and
Other Railroad Stocks a
Feature in the Trading
ACTIVE SPECULATION

NEW YORK. Dec f5.-The stock
market today maintained the more
cheerful view of the speculative outlook
reflected in yesterdays shares rebound
from the depression of the earlier part
of the week. The days market did not
show greater strength except in spots.
but there was no important concession
to the large recoveries OF yesterday.
The bank statement was better than
anticipated, although the Improvement
failed to wipe out the deficit in the
legal reserve The shortage was re-
IS. ooo, 900. leaving s1.Sss.o50 still to be
made up. The showing OF gain in
cash instead OF the estimated loss OF
from one to three million dollars was
unexplained, but was supposed TO be
due to a larger showing OF the Govern
ment deposits with the banks under the
treasury's ofrer than had been counted
on. Further gains are expected from
the Governments offer next week.
The return of some OF the large div
idends payable today to the channels
of the money market are expected TO
have an influence In the money market
of the coming week. The 100000
loan reduction effected by the banks
contributed materially to the relief of
the issue of $4,000. 600 of Northern Pa
cifc stock for subscription to stock
holders at par conformed to anticfpa-
ton. The rights were quoted on the
curb at SEQ SO, and the Hill stocks were
"A strong feature in the trading. So
also was Union Pacific. St. Paul and
Canadian Pacific showed some effect of
profit-taking, and this became fairly
general after the appearance OF the
bank statement There was vigorous
rally, and the market closed strong.
The total sales of bonds (par value)
amounted to 1896, 900
The Financier says: There was a
sufficient recovery in the reserve of the
New York Associated Banks last week
to nearly restore the surplus. This
exhibit was most encouraging, because
the statement was doubtless made UT
on rising averages OF cash. treasury
disbursements for bond purchase and
the distribution of public deposits hav-
ing been comparatively large after the
middle of the week. Moreover. there
were confident expectations of COM
plete restoration OF the surplus In the
current week. resulting from the dis
bursements OF anticipated interest or
the public debt which payments be-
gan on Saturday OF last week. There
was a gain of s1,241.000 cash shown
/ by the statement. instead of a loss as
was indicated by the estimates of the
results OF the weeks movements OF
money. The deposits decreased s15,-
lie, 10e, which amount closely CORE
| sponded with the sum of the contrac-
tion in loans, less the increase In cash
and hence the statement made GOOD
proof. The required reserve against
general deposits decreased $3.77e.025
adding which TO the gain in cash made
s5,002, 125. as the increase in reserve &c
! sl,6s9,o5O deficiency, against s6.7o2,17;
deficit in the previous week. Com.
puted upon the basis of deposits, les.
those of s15,23s.o 900 public funds, which
il may be noted, were augmented b,
| near one million during the week, {
surplus of $2.110.450 was shown.