The Birmingham age-herald., 1906-12-11
MONEY STR|NCENCY DOMINANT FACTOR Disappointment Over Absence
 of Treasury Relief STOCKS REMARKABLY FIRM No Evidence of Severe Pressure-Bor- rowers Obliged to Pay High Rates
 Again-Banks Below
 Reserve Level.
STOCKS REMARKABLY FIRM

New York, December 1O.-The stock market was still in the throes of the money stringency today, and there was an occasional sag in the price level. but support was forthcoming on these reces- sions and recoveries ensued. The effect of the money stringency therefore, was scarcely apparent, except in the extreme dullness of the trading which approached stagnation at times.
 The market had to face the disappoint- ment of its confident hopes that the re- sumption of trading today would find in force the plan of treasury relief for the money market. On Friday and Saturday the belief was universal that such a meas ure was ripe for announcement. The firmness of the market was the more re- markable as such failure of speculative forecasts is almost sure to bring a cer- tain amount of selling by room traders who operate on dayto-day, or hour-to- hour developments for turn in the market
 There was no evidence of severe pres sure for the reduction of loans outstand- ing in stock accounts. The borrowers were obliged to pay high rates again. This they seemed willing to do, and there was nothing to force liquidation, due to withdrawal of credits. Yet thirty-eight of the forty-five banks in the clearing house were below the 20 per cent reserve requirement, according to the detailed showing of the bank statement The de- ficit of $6,70O,OO0 blow the legal require ment would call for a scaling down of loans in ordinary circumstances.
 Last year the deficit reported on De- cember was followed by the loan con- traction the following week of $l1, 900 GOO. Cash also flowed to New York and helped to restore a surplus in the following week. Not only was there signs of loan contraction today, but the forces of de- pletion in the cash reserves continued in operation. The loss to the sub-treasury since the bank statement is $2,237, 000 and the government institution was clear ing house in the sum of $4OS,707. Also $50O00O was deposited for trans to San Francisco.
 There was a further dip on foreign ex- change rates and London advices report tu d SiIidil sun Ol SOlu SeCuTeu in that market for New York account. Cash from Canada is also arriving in New York to some extent, attracted by high money rates.
 No important factor for the relief of the money situation developed, however, until after the close of trading. All eyes were turned to the treasury department, and assertions were repeated on alleged information of the certain early action to release government funds to the market. A purchase of government As of 1907 was pointed to in the majority of these rumors. Some of the large requirements for the month in the money market fall within the present week, including the Standard oil dividend of nearly $10,000.000, payable on the 18th. On the 17th are payable sub scriptons to s9OOOO,OOO of New York Cen tral stock
 further break in the price of Nipissing in the outside market was feature of the day. The announced intention of the interstate commerce commission to look into the present relations of the constitu- ent companies of the dissolved Northern Securities company was the assigned req son for the weakness in the Hill group.
 The market grew in strength when call money rate ran off nthe afternoon, and