Evening star., 1896-12-12
FINANCE AND TRADE
Speculative Inertia Was Particularly
Conspicuous Today.
DEMAND FOR PAYING SECURITIES
Extra Session Of Congress Re-
garded as Certain.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, December 12.-The specu-
lative inertia which has characterized the
weeks transactions at the stock exchange
was particularly conspicuous during to-
days short session. Traders sold few
stocks during the opening hour. Reading
being especially active during this period.
The Granger shares hesitated noticeably
during the first half Of the session, but
subsequently gained few fractions on the
evening up of traders contracts. The de-
mand in a majority of instances originated
in the room and consequently reflects no
significant change in conditions.
The week has developed a good demand
for all classes of bonds and dividend-pay-
ing stocks for investment account. No
noteworthy speculative enterprises have
been undertaken, and had they been prices
would scarcely have been improved In the
process of their execution.
The assurances of congressional inaction
on all subjects of national Importance are
too authentic to be disregarded. An extra
session Of Congress is therefore conceded
as being a certainty during the early
spring, and the questions to be considered
are not, in their debatable stage, encouarg-
ing to business interests.
The necessity for the extraordinary ses-
sion is conspicuously apparent. and high
err speculative level and such necessity can
not be maintained colncidently.
The real owners of securities are not
willing to dispose of them around the pres
ent level and this refusal TO sell must
sooner or later embarrass the depression
interests now short of the market. Should
the outstanding short interest be covered II
is unlikely that the demand would cease
with the purchase of the last hundred
shares necessary to complete deliveries.
Money is plentiful; interest rates reflect
the dictation of the borrower rather than
the lender, but, notwithstanding all ms,
only a minimum demand Is reported from
speculative sources. The times ere not en-
couraging to new risks. 1t may be easily
proved by the returns from certain sec
tions of the country that few securities
should on merit, sell higher than they
close today.
1t is equally true that the sources from
which such purchases are to come are In
doubt as to the wisdom of immediate ac-
tion. When idle money comes into the
market the theories now advanced favoring
improvement will be given practical
demonstration.
Professionals are in absolute control of
the situation.
Were the times right such domination
would not extend beyond the opening hour
On Monday. AS things are, the will of the
few is likely to govern for an indefinite
period The patient operator. however, will
rot overlook the weak points that are SYM
pathetic only.
The weekly statement reflects an increase
of 81. $50 900 in deposits. the bulk of which
is undoubtedly due to an increase Of S11,
600. 900 in loans. The increase in lawful
money, mostly legal tenders, makes up the
balar ce of the gain. The increased deposits
reduce the reserve $S5S, $50, but the banks
are practically as strong as last week.
These steady increases in loans are due
largely to the heavy loans made on long
sterling last week, and which were not re-
fiected in the previous statement. con-
siderable portion of the borrowed money
has gone into commercial operations. but
the stock market is not likely 20 reflect
the result OF such investments until after
the new year.