The Montgomery advertiser., 1907-01-01
THE STOCK MARKET
DAY Dru NOT PASS WITHOUT FINCH t IN MONEY.
The Relief to Speculative Sentiment Was Manifest and Cloud Of De-
 precision Disappeared.

New York. Dec. 31.--The last day of l the year did not pass without a pinch in the money market and there was 2 constraint On the market. But more influence on sentiment was caused by the persistent rumors of financial em- barrassment growing out of stock mar ket losses. Before the day was over { 1t was made to be understood that ar the threatened embarrassment. The re- lief to speculative sentiment was man.
 Hest and the tone of depression in the
 market largely disappeared.
 The recoveries which followed were
 more matter of price readjustmenf
 than any response to any large trans
 actions. There were some very wild
 fluctuations in Reading in the opening
 dealings, successive transactions being
 made at variations of a point and even Iof 1 1-2 points, very unusual fluc-
 volume in the market. There was pro- nounced pressure also on the Hill stocks
 and to less extent on St Paui ana Union Pacific. The wide declines in the Hill stocks since the new issues of stock were announced have involved some se-
 were speculative losses. and the amount of these stocks held on margin prov ed much larger than was suspected. The severe shrinkage in their market value placed some accounts in pre- carious situation.
 The existence of a vulnerable position was suggested by the unexplainfed ,1. II.
 
 week. A long delay in the passing oI
 the stock exchange clearing house sheets today added to the anxiety ana there was continued uneasiness and nervousness in the early trading. The sharp rally in the market came With out any official announcement or steps taken but was accepted as proclama- a- tion of a satisfactory settlement or dif- faculties The gloom and depressing weather was allowed its share Of in- fuence in the mood of the speculation. The atmosphere of the market was not a cheerful one for the approach or the New Year.
 The market has to take some share
 of selling that simply represented clos
 ing out of accounts for the year. St.
 Paul subscribers to new stock had to
 make 10 per cent payment today. and this added to the burden of the prepara- tions for the enormous payments. of the New Year. The hope of a prompt relaxation in the money market after the turn of the year Is cieuded py some of the possible complications. Advices | from London indicate the continued sol icitude with which that center would regard withdrawal of gold for New York account after the turn of the year. London is under obligations to Paris to return the resources advanced to tide over the annual settlements. A heavy demand for gold for Brazil ian account is also to be faced. In our own market also 1t is recalled that the last deposit of $10.OOO.OOO of treasury funds was fixed for return on January 20 for half the amount and for Febru- ary 1 for the remainder. The $26, 900 deposited late in September also was with the intimation that demand for its recall would be more when currency
 began to return from the interior in
 the Spring.
 Installments on subscriptions to new
 stock issues will make a heavy de- mand from time to time on future mon- ey markets. The question of working to-
 wards ease in the money market there- fore remained somewhat obscure.
 Time money was easier today and sterling exchange was strong. The more cheerful tone of the later stock market was maintained and the closing tone was strong and at the best prices of the day.
 Bonds were heavy. Total sales par value $1,722,000.
 NEW YORK CLOSING STOCK LIST.