Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-12-27
Stock Market Full of Animation
This Morning.
SHARP ADVANCE IN CHANGERS
Federal Steel and American Steel
Wire FIuctuated Rapidly
GENERAL MARKET REPORT
Special Dispatch to The Evening star.

Special Dispatch to The Evening Star.
NEW YORK. December 27.-DeIi,sra,inn
over the holidays resulted I'm an almost
unanimous verdict on the part Of the p,tb-
lie, that security prices had not run beyond
the unit OF value. Compilations of the
year export trade, reports 81 trade bal
ances railroad earnings. decreased operae-
ing expenses and an enlargement Of the
consolidation idea were factors which add
ed literally to the volume OF commission
business this morning
Opening prices reflected gains 81 | and ,
per cent in the regular list. and from
TO 5 per cent in the industrial denartneut
In point of fiuctuation the latter depart-
ment was the feature of the day I'm, from
the standpoint OF actual significance the
movement in the granger shares was Tho
CHIEF development of the day All of tbp
higher-oriced shares were taken I'm liberal
Volume, and the mere fact that unfamiliar
prices prevailed did not deter the demand
nor decrease the enthusiasm OF the public
Rock Island. Burlington and ST PAM
were in excellent demand on an advancing
scale, and merit alone was urged IN exola-
nation OF the advance. The leadership of
the group is very gratifying and is taken
as an indication of the rotary movement
which. beginning with meritorious issues
embraces all classes of stock before ex-
hausting its influence
The Panhandle issues are being bought bv
some rather conservative Interests and
much confident prediction has been insured
from sources recognizing the continuous
absorption of these shares.
a remarkable achievement Is already re-
hected in current prices but. as elsewher,,
The starting point is lost sight Of a. an ar
S;-@sont and the good alone is considered
There is too much optimism Just now To
alSsw for the contingency OF an accident in
between.
The sensational features Of the market
were again mohopoliZed 10y the iron and
iron-product branch OF the security list
The semi-o.ficial announcement that Fed
eral Steel would absorb two important
plants in the very near future was followed
by am almost unprecedented demand for
the common stock of that company.
Closing around AN on Friday, the price
his morning started at 40 and reached -
on ainlost Simultaneous trading involving
some 15,Ob shares of stock. Co-inciiently
with this movement, American Steel Wire
was opened at advance Of per cent,
instantly reacted under profit-taking. Such
extreme trading very naturally chilled the
n arket for time. but the belief in the i'm
n ediate future Of the iron and steel trade
Is too confident to admit of material per-
manent declines.
After the first shock of the morning had
passed the entire market settled down into
a steady but decidedly strong progressive
movement. Professional operators are
adopting the conservative. cautioning atti-
tude but the public is seemingly uuinter-
ested, and while interest in such an argu-
ment is lacking, the time to sell stocks in
| the hope Of buying at a profit has not ar
rived. Overtrading is not all an unlike
~ climax to the present market. Such a
elimination is expected, but is not in sight.
The Old maxim may be again indicated by
the present wholesale forewarninc of the
conservative press.