The Birmingham age-herald., 1906-12-07
MONEY POSITION IS QUESTION OF DAY Some Selling of Stocks Under
 Necessity NO RELIEF FOR PRESENT Strength of the Market Is Acute and Ruling Rate for Call Money Is
 Higher, Closing
 at 35.
NO RELIEF FOR PRESENT

New York. December 6.-sueh selling of stocks was done in the market today seems to be under actual necessity from the inability to secure renewals of loans that were called by the banks. There was no sign of speculative selling and the undertone of confidence in the market was very manifest. The strength of the money market was acute and the ruling rate throughout the day was again higher than that of yesterday.
 The force of the depletion of reserves of the banks continued in operation and the treasury relief measure, being pros pective in it's operation, offered no re- sources for present needs. Disappointment was frankly expressed with the scope of the assistance offered by the money mar ket
 The amount of the interest to be. an ticipated on December l. is, itself, much less than the amount Wall street was counting on yesterday. The fact that the payment of interest will not be made until December 15, leaves a gap between now and then when the distress of bor- rowers seems unavoidable. The anticipa- ~N device for the relief of the money mar l1et, and experience shows that the work ing out of the plan is cumbersome and slow and only partly responded to on the part of holders of government bonds
 For these reasons the opinion is re- sisted in Wall street that further meas ures of government relief were in con- temptation by the treasury department. It was this belief that was partly respon- sible for the stubborn resistance of the money market to the stringency. It is ar gued that the market held strong through 125 per cent money rate last December, and should be able to do the same thing this December.
 It is notable that the payment on De- cember 15 of quarterly interest install- ments of United States 4s of 1907. will finish the payments due to those bonds up to the period of maturity. The reduc- ton of ? per cent in the privilege price of those bonds would leave the quota ton below par. Such a condition of the mar ket for the bonds would facilitate any project for their redemption in advance of maturity.
 Predictions are very persistent in Wall street that such a redemption plan is in prospect. Sterling exchange continued to decline today and IL was possible to nsufe a profit on gold bought in London for shipment to New York
 It was implied that the exemption of the London market from this acquisition was due in a degree to the consideration of harm to be done by forcing up the Bank of England rate. It is believed this would surely be done in the event of gold nov ing to New York. In this connection the financial world is inclined to construe the lag of the annual report of the Secretary of the Treasury as assuming that the treasury resources should be used by him to protect foreign money markets from undue pressure which might be re- flected back on our own market by the release of government funds to our own banks
 It was referred therefore, that the treasury relief would he extende1 to avert a movement of gold from London 10 New York. Charges that money e'' os were under manipulation were heard 7t times and the remarks attributed to Jacob II. Schiff. in presenting his resolution to the chamber of commerce for measures to regulate the call loan rate, were inter preted as giving countenance to the spirit of this accusation.
 It was argued that the -equanimty with which the stock market accepted the high call loan rate was to be explained by the fact that holders of larger numbers