Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-12-22
Another Day Of Strong Demand for
Stocks.
ALL RAILROAD SHARES ADVANCE
American Sugar Led the List of
the Industrials.
GENERAL MARKET REPORTS -


Special Dispatch to The Evening Star.
NEW YORK. December -. - Today's
short session was one of the most spirited
and active of the week. In many instances
the volume Of business exceeded the ca
pacity of commission houses. Brokers were
obliged to take limited orders subject To an
ability to execute them in the presence of
strong competition. Realizing on an ex-
tensive scale was noted but In no instance
was any adverse result shown. This fea-
ture Of the market is the one which over
throws all precedent and destroys all the
time honored traditions of the street. The
swing Of the market is through n larger
arc than ever before. and the return move
ment is an unknown factor. Reactions
will come. but bankers do not hesitate to
admit that no date season can be quoted
in connection with them. Stocks have gone
up-they must come down, and no more
definite logic is at hand -
There is a short interest In many Issues
and the various pools seem to be pleased to
see their specialties sold, 1t makes 1t less
difficult to force sharp advances by the
mere calling in Of borrowed stock
The banking interests show no desire to
realize extensively as yet, and this fact
leads to the conviction that some further
important announcements yet remain to be
made.
The strength Of the hard coal stocks
would indicate further developments of an
important nature. and the strength of the
Grangers Is another significant indication
that eastern methods are to be applied To
western roads. In today's market the
spicuous. The Pacific shares We're taken I'D
from time to time, Missouri Pacific being
made to sell at 20
Something besides manipulation will be
IN 10 vrto tr, hi
dividend paying stock, while stocks ike
Southern preferred. paying and with a
prospect of 3 per cent dividends. is only 2
per cent higher. In a market like the pres
ent all news has but one effect and but one
direction is followed. In the long run value
counts and new business, at this level,
should consider value more and enthusiasm
less. There are big deals ahead the future
is big with substantial prosperity, but the
tendency at the close OF the week to gal
yanize life into the neglected securities of
forgotten railroads should inspire lasting
caution.
The scheme OF consolidation and com,
munlty Of interest considers only valuable
properties The men who evolved the plan
are not novices, and efforts to unload the
mistakes of past generation will be more
successful with the public than with the
Pennsylvania-Vande or Morgan Hill in
terests. The outlook for all good railway
properties tends toward higher prices and
the outlook for all others favors higher
prices for the time being
American Sugar was feature of the in.
dustr1al trading today. and all the steel
STOCKS gained a point or more under good
demand from commission houses. The
short interest In Peoples Gas was again
nervous and Chicago houses were credited
with large purchases.
AS indicated by the known movement OF
money, todays bank statement reflected a
gain of S2,2OO.00O in lawful money In spite
OF the big speculation, loans have decreased.
$o,66l,.WO, and the deposits are about con-S
sistent with a decrease Of 3d. StS3, 100 The
net result of all changes Is shown by an
Increase Of $3.171,62o In the reserve