The San Francisco call., 1906-11-13
- Ynrk stock NInrket.

NEW YORK Nov 12.-The money situation
had some eject on prices OF stocks today The
determined alstention from operations on the
market. which was feature of last week. gave
place 10 some liquidation. As the demand con
tlnned as torpid as last week the selling was
effected only ar concessions which were sub
sisntia In stocks where previous specula'lon ON
had been active Tie compelling influence 9n
rhe selling the ceiling OF loans neeesSi, ST.
tated 10y the deficit in the legal reserves OF l.t
hanks shown by the Saturday bank starement-
10 source Of replenishmeut Of cash is aFaiiaple
rer and q reduction OF deposits DN Scailhs Gown
~ outstanding credits Is the alternative l1oiu-
crS Of securities thus called upon Tor repayment
seemed reluctant TO part With their holdings,
and their Efforts 10 secure fresh accommodations
ran fhe money rate up 10 % per cent earlS ~
rhe day The local banks were said TO be out
of the money mar6et entirely ana iunos "ers
our-of-town Lenders. The large excess over the
estimates Of the loss OF cash by the banks as
closed by the bank statement may pe eue -
tbc Withdrawal Of cash by the trust companies
These institutions are under legal requirement
20 maintain per cent oL NteL uepos4ts ~
actual cash I'm their vaults. as they have not
been m previous years IL is believed that the
bank loan contraction Of over $55.U1uOJO OF
the last three weeks has been taken over
largely bV the trust companies. This would
necessitate an increase Of reserves in their cash
ln the proportion oI ! per cent lnstese OF IN N
tic proportion Of . per cent as IN the case
81 the clearinghouse institutions The strin-
aencv I'D the money situation aggravated
or the maturity OF an lnstailment OF asout hali
she subscriptions at par 10 S25. 100000 Of ST
Paul stock which therefore called Tor provision
of about Sl2.nOO.Uu0. operators IN STOCKS We're
somewhat disturbed By the explicit assertion Of
the Secretary Of the Treasury that he would
take no measure Of relief for the money mar
ket under present conditions. The repetition Of
The announcement today was that after con-
fdeut assertions in circulation In Wall
street. early steps would be taken 60 replenlsh
THE money market in spite Of the disclaimers
of the treasury authorities
Opinion is not united in financial circles as
10 the feasibility OF treasury measures TO give
effective relief at tie present time II is rec
ornized as cut OF the question to bring about
easy conditions In Wall street except by carry
ing foreign markets with this TO a lower in
iercst basis Any marked relaxation IN rates
j-ere viii cerrainIv lead 10 an outgo Of gold 70
assist the struggle OF the London money market
70 adjust itself 10 the heavy coming require
ments Of the vear-end settlements. The stock
market settlement began in London today and
cafiF-oFer raIeS were asa1n Sui Iae "a n, : !
per cent being reported At one time The
rates for sterling exchange had declined. never
theiess, under the influence OF the stringent
money market and free offerings Of cotton bills.
Discounts hardened in London and Berlin. but
the Bank Of England secured 3 large consgn-
luent Of South African gold newly arrived in
london The decline In prices Of stocks gave
some additional point 10 discussion OF the ad-
5ustment Of the labor question. which IS going
either by voluntary advances by many cor
norations or by demands from labor organiza-
tions Not much apprehension was expressed
of stocks in spite OF the progress OF a ballot
reported among the Erie fremen on the Ques-
tion OF going out. The reports Of the prosecu-
tiOn IN preparation against the Standard On
Company. OF an intended investigation Of the
Hartman railroad c0mhinar rions by the Inter
state Commerce Commission and OF rumored rec
concentrations in the forthcoming message OF the
President were items in the days discussion
and had some influence in the depression The
eonsid able part played by shOrt-selling buyers
was indicated BY the recovery in the latter part
Of the day. due 70 covering Of short contracts.
Tie closing was firm at the recovery
Bonds were easy. Total sales lpar Faluel,
s. U.s.. 600.
United States bonds were unchanged on can.
New York Stock List.
members of the New York Stock Exchange, fur
nisl the following list Of bond and stock sales