Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-12-01
Stocks Closed Weak on Unfavorable
Bank Statement.
ROOM TRADERS WERE SELLERS
The lndustrials Were the Usual
Points of Attack.
GEN ERAL MARKET REPOR rs
Special Dispatch to The Evening Star,

! Special Dispatch to The Evening Star.
NEW YORK, December 1.-Today's stock
| market reflected conflict of opinion be-
| tween those who We're trading for immedi-
ate results and those who were preparing
to await the evolution of the movement in
augurated the day after the elections
Traders sold the market for a turn on the
short side, and the banking interests. when
active at all, were buyers. Surplus indlca-
tons favored the trading element TO some
extent. nothing in the routine events OF the
day giving new impetus to the advance
One OF the most encouraging features o.
the day. and of the week. was the strength
OF the bond market. Investors have been
liberal buyers, and bankers have he.ped
the advance by purchases made in antlci-
pa ton of an Increased inquiry after tn
first OF the year. Holders OF dividend
paying stocks are encouraged by the ac-
tivity in the bond market ami expect the
tide of investment to turn to the preferred
stocks of railroads and. in a few instances
to the preferred industrials. The scarcity
of desirable investments on profitable in
come basis Is certain to bring the standard
stocks to the fore, since they combine rea-
sonable safety with the prospect of en-
HANGED value due to increased or extra
dividend disbursements.
In considering ultimate results there Is
only Ont opinion expressed and that is that
the average level of the market should he
raised. Reactions will come, but the forces
which overthrow confidence do not yet
threaten values. Inc market Is broad am
Is being run on broad lines; many undeserv-
ing issues will be thrown aside: sharp de-
clines will be recorded, and uniformity CT
movement will be unlikely. The main move
ment is toward Improvement and special
movemt hts can Only delay the advance.
The trust stocks were nervous again to-
day as the result of the antitrust recon-
mendations TO be made to Congress. Sugar
was attacked on this account and yie.ue1
easily, but this corporation has been
through such ordeals before and has yet
to be legally branded as a trust.
An attempt was made to force the short
interest to cover in Tobacco, the price adj
vancing per cent only to attract confident
selling for both accounts. Holders of trust
shares are relying upon the press of other
business to ward off legislation this winter.
and the usual inside buying on the scare
may be looked for
Southern railway issues Were bought In
round amounts by the banking interest
which originally forced the advance in this
property The change In the stock OF the
company, to be accomplished by a reduction
of the common shares. is the basis of the
new demand Southern Pacific failed to
make any advance in spite of large pur-
chases, and the reported project to div de
the companyS 500. 0U0, 900 of stock into
common and preferred has r.lt yet attracted
an enthusiastic speculative demand.
The bank statement d.sappoint-
ment. aud was followed by a general SELL
ing movement the part of the room.
which resulted in a rather weak closing
The reserve decreased s1,412. Co., and the
gain in lawful money was only 81. S42, 800.
The deposits increased s13, 019. 600 and the
loans are larger by s11,77S.OUO. This latter
item was responsible for the selling but the
increase was due in all possibility to prep
arationS for December disbursements and
not to speculative demands. Many millions
should be released during the coming week.
and the money market should be Temporal
rily easy. The month is not likely to pass
however. without some activity in the de-
mand from borrowers.