The Montgomery advertiser., 1906-12-11
THE STOCK MARKET
ACTIVE KIDDING FOR MONEY ON
 OPENING.
Most of Banks Renewed Loans Around q Per Cent ard Some Large Sums Were Put
 0uf.

New York Dee 10 There was active bid- ding for call money around 25 per cent. soon after the stock market opened today. Most of the banks renewed loans at that rate Nand some large sums were put out for the account of out of town lenders. The rate then advanced to 2s per cent. and several large blocks of money were sent to the stock exchange by institutions that had held back for a hisher rate. The demana country banks were able to lend sums below s50,00e st rates as high as those obtained for sums in excess of $100.000 N
 Later in the day the money market be- came easier and considerable amounts were put out at l4 per cent. and under. When
 the rate declined the lending by out oI
 town banks became less of a feature. Halt
 an hour before the close of the marke
 when the demand was satisfied the rat'
 dropped to six per cent. and remained there until the close.
 The stock market was stiin in the throes of the money strineency today and there support was forthconilne on these reees- sions and recovering ensued- The effect of the money strinEency therefore was scarce of the trading which EDroaehed' stagnation all times The market had to face the disappointment of It's confident hopes that the resumption 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 firm ness of the market was the more Femarka- hle as uch a failure of speculative forecasts
 Is alomst sure to bring assrtain amoSnt n dsv St to day or hour to hhur developments for . turn in the market. There was no evi-
 dsnce of severe pressure aGr anconnta ans rsu0''0 The borrowers were obliged to pay high rates again. This they seemed willing to
 ao and there Eas nosnne of 70 credits. Yet thirtyAeIkht of the fifty-four banks in the | clearing house were below the 2s per cent 1 reserve requirement., according to the de- | tall laA 0f hank statement. TEG
 deficit of SC, 6,7Oo.0 900 below the legal require
 ment would call for a sealing down of loans
 in ordinary circumstances. Last year the
 deficit reported on December 9th was fol- | lowed by the loan contraction the following
 week of S11.000.00o.
 Cash also flowed to New York and helped
 to restore a surplus in the following week. Not only was there no sign loan extraction today but the forces of depletion on the
 cash reserves continued in operation; The The
 statement is $2,2ST.000 and the government | institution was q creditor at the clearing
 house today in the sum of S40s.70T. Also I $500, 900 was deposited for transfer to San
 Francisco There was a further dip in foreign exchange rates and London advices | reported 6 small sum of gold bullion secur- ed in that market for New York account. | Cash from Canada A also arriving. in New | York to some extent. attracted by the high
 money rates. No important factor of re
 lief of the money situation developed how ever. until after the close of trading. All eyes wera turned to the treasury depart | Ikeut anu NHbSrtlOu were FepeAteu Ou dAiNB- 1 ed information of the certain early action to | release Rovernment funds to the market. 4 purchase of government Is 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
 week including the Standard oil dividend
 of nearly SIe.O0e,o00 payable on the 15tie On the 17th are payable subscriDtions 10 | $50, COG. O00 of New York Central stock. 4 | further break tn the price of Nipissipg in the outside market was feature of the des.
 | The announcement of ths Interstate Com i merce Commission to look into the present l relations of the constituent cpmpanies of
 the dissolved Northern Pacific securities l company was the assigned reason for the 1 weakness in the Hill group.
 The market grew In strength when the call money rate ran. off in the afternoon
 and rumors became very positive again that ! assistance for the money market by the
 United States treasury was immediately i'm | mnent. Readinig. St. Paul and Amalga-
 mated Copper were conspicuous in the ad- vance
 Bonds were irregular. Total sales par val | ue S1,554, ,00O. United States 2s. advanced | & per cent. and the old As 1& per cent. on
 call.
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