The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1906-12-02
MONEY SITUATION
EFFECTS MARKET
Constraint on Wall Street
Also Due to Desire to
Await Presidents Message
DEALINGS ARE SMALL

NEW YORK. Dee. There was lit
tie character to the trading in stock
today, the constraint on the specula-
ton being attributed generally to the
money situation. The bank statement
did not reflect as large an inroad on
the reserves as was foretold, but yes
terdays 81 per cent money rate caused
an apprehension that the full result
was not included in the statement OF
the averages contained in the bank
statement. The largest part OF the loss
came late in the week and so inquired
to a small extent IN the averages.
Moreover, the influences at work to
cause the drain are expected 10 con-
tinue In force. The funds employed IN
making the December 1 payments may
be slow in returning to the channels
of the money market.
The English money market, on the
other hand, showed the effect OF the
large regeneration of reserves by the
Bank of England, and there was a
sharp decline in discount rates In
London. Sterling exchange rates also
were weak The constraint in the
stock market was SHOWN In the small
ness of the dealings rather than In
any depression of tone. Dull resistance
was In evidence, and some of the
minor stocks made sharp advances,
especially among the lesser industrials
and the railroad equipment stocks
The constraint on the market was
attributed in part to a desire to await
the effect of the forthcoming message
of the President. The financial world
has formed the opinion that the extent
of the recommendations to be con-
tanned in the message may be pretty
we'll inferred from previous official ut
lnn fnr q q
tionaI surprises. A heavy decline In
favorite speciality in the curb market
speculation attracted attention, owing
to the prevalent apprehension that
state of speculative imitation in min
ing stocks may have laid the way for
a collapse. The November transactions
at the stock exchange fell to total
of less than 20,000.000 shares of stocks
sold, or 7,42S,600 less than In last No
vember, while the par value of bonds
which changed hands was s35, E03, 200
less than in November of last year, the
total declining to s43,340,S00.
Total sales of bonds to-day (par
value) amounted to s728.000.
The Financier says this week: The
official statement of the New York AS
ISOLATED Banks disclosed last week
quite as unexpectedly favorable con-
ditions as did the statement of the
previous week. The early reported gain
in cash that week was much in excess
of the sum which was estimated upon
the basis of the .traceable movements
o. money; the loss in cash last week
was as far below the estimate as
had been the gain in the week of No
yember "a. 1t seems idle to attempt
to explain the cause for the discrepancy
here noted. Our analysis can deal only
with the official figures The outward
movements of money in the last days
Of the week were so large as to indi-
cate that the cash return was made
UP on declining averages; the losses
which will be carried over into the cur
rent week may then be offset by un-
expected gains. The cash decrease as
reported by the statement was s2,7S6.-
500. The deposits increased $669,600,