The Montgomery advertiser., 1906-12-13
THE STOCK MARKET
ADVANCE IN PRICES COMES TO 4
 HALT.
There Was Some Natural Reaiixinx on Con. sidernble Rise of Previous Dax Which Partly Accounts fer
 Reduction.

New York Dec. ia-~The advance in price Of stocks wavered, then came to a halt ane
 nnally turned backward again today. Ther, was some natural realizing on yesterday,
 considerable rise. which served partly |, account for the reduction. There was he. sides further advance in the rates foi
 ln the adequacy of the assistance offered oy the treasury department to carry ths
 money market through the conyerging de mands of the January settlements With
 Inc rsactlon in the market there was some snrinkage in the rate of activity from that
 o,., oa yesteruay There has been no actual employment of the funds included in the treasurys offers. as none of 1t has come
 into possession of the banks owing to ie- | Tor security for deposits and the formaiI- l ties required to sell United States four Der cents under the treasury plan. The
 to some extent the cause of the expected 1 increase in resources before they were at hand This disposition on the part of the l icism.
 It is also true. however. that the senti-- was to release sums which had been held
 oat of the money market for higher rates and which were thus brought out. It was new requirements that stiffened up the rate again today. The practice of holding funds out of the market for higher rates is one of the counts In the indictment that the discussion amongst stock brokers Is mak- Ing against the banks to account for the
 excessive call loan rates recently prevalent This discusson continues active in the si- nancial district. with accusations on the one hand of manipulation and usurious inter est charges and with execution and defense against the brokers.
 It is the assumption that the compensa- ton to the local banks for placing the large loans for out of town banks is in the form of commission which would add, however, to the burden of the borrower. Reports
 were received in Wall Street today that some of the interior banks were disinclined to accept the proffered government deposits
 and the difficulty of securing bonds for collateral were offered as explanation Sf this attitude. but 1t served to create an . impression that the eaEerness for additional from New York as here.
 Preparation for the $1e,00o,000 Standard OH dividend on Saturday and of S30 000.O 900 subscriptions to New York Central stock on requiring some large calling of loans with resulting recovery in the money rate. The long expected announcement of subscription rights to New Great Northern preferred l the outside market was followed by a vio- lent decline in that stock. which chilled speculative enthusiasm over other expect ed developments. The increase in the Pittsburg, Cincinnati. Chicago and St. Lou- | is dividend was without influence. The money markets were harder in London, Far | Is and Berlin today but foreign exchange | rates here reacted in response to our own stronger money market.
 There was considerable increase of sell- | ing pressure on stocks late in the day, and
 the closing tone was easy at general de- | clines.
 Bonds were irregular Total sales par val: ue S2, 092, ,000. United States 2s advanced b per cent. on call
 NEW YORK CLOSING STOCK LIST.