Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-12-10
FINANCE AND TRADE
Money Plenty, But Little Unemployed
Capital Goes Into Stocks.
LENDING MONEY ABROAD PREFERRED
Attributed to the Effect of Advices
From Washington.
GENERAL MARKET REPORTS


Special Dispatch TO The Evening Star
NEW YORK. December lo.-The monot
ony Of meaningless quotations continues
without significant signs of abatement
From an opening level about on a parity
with last nights final figures. although
here and there fractional gains were re-
fiected. prices receded under professional
sales.
Money is plentiful on all sides. loans
being made around 1la per cent, but the
stock market attracts no considerable pcr-
ton of this une mpioyed capital. Lending
money In London Is preferred in many in
stances to conservative Investments at
home. The reasons for this protTacted
Withholding of surplus funds are largely
attributable to the remote prospects of re
medal legislation at Washington. Recent
developments Indicate a desire to do as lit
tie as possible during the present short ses-
sion toward increasing the federal revenue.
steadily increasing deficit is not an arsu-
ment favoring Improvement in security val
ues.
The determination to do something for
Cuba Is a factor warranting caution the
result of legislative activity in this direc-
ton being exactly the reverse of what
similar activity applied to affairs nearer
home would be. Washington and Havana
are likely to supply all new incentive to
activity during the balance of the year
The cautious demand for the hgh-priced
dividend-paying shares continues. but the
volume of buying Of this character Is de-
cidedly small. Ii is noticea bic only becaus
of the scarcity of all legitimate business.
The trading element is largely short OF
stocks, and being limited IN financial ca
pacity, hesitates to sell at this level. Dull
ness follows, az of course. but. after wait
ing for the oft-predicted temperance Of
capital, and being agreeably disappointed
by its non-appearance, the decline nay be
pursued still further.
There is no lack of una1imity as to the
ability of strong interests to advance
prices, but the present market movement
such interests. Those who originated the
declining movement Will not voluntarily
participate in a campaign of Improvement.
Involuntary action OF this character is not
suggested by surface indications.
American Sugar was weak under sales OF
short stock. based on the prospects of un-
favorable special legislation. The dividend.
for which the books will close on Tuesday,
undoubtedly prevents certain Synpat hizers
with the present stock movement from fol-
sional traders. Considering the total
amount of stock covered yesterday, the adj
vance was of unusually small proportions.
Consolidated Gas was weak under furth r
sales for both accounts 2l2 per cent being
subtracted from first prices.
st. Paul added decrease of S1l3.mN for
the first weeF in December to its already
long list of weekly decreases. Earnings
from all sources fall short of expectations.
ard while overlooked In some instances be-
cause rejecting past conditions, do not as
rule, increase the waning confidence In
immediate improvement in values.
The entire Granger group sold off during
the day for fractional net declines.
Chicago Gas was again weak under some
short selling, and further liquidation and
uniformly lower level for all of the more
active issues,