The San Francisco call., 1904-12-24
- - Sfock NIarl,et.

NEW YORK. Dec. 25-There was little in
to-davs stock market TO call Tor comment
The Eetlessness and neglect ot the uaolns
amounted 10 absolute idlcness for long inter
Ea.s. The attendance was meager from tne
first and many members left the hoor during
the session on account OF me IiolelessHess ~
any awalzen-ng Of interest Efen the Islal
interval seemed u have been -arsely alleilSo
10 during yesterdays session ASIDE troia tne
profound dizziness the prlnciiisI les..te ol ne
market Has lts strong unceIlohe- AneIe w.
I'D yielding tendency al any time ana the
slow. hardening process established a NUMBER
O. fair advances such contracts as remained
4 he closed 10 were evidently on the short
side and the rising tendency was generally al
tr-hured 20 covering II these News was OF
f+-fe f-T-r1~tarce and its influence was not dis
cerribIe tn the movement The usual lore
casts Tor the weeks currency movement with
fhe .nterior Indicated sufficient receipts to on
SCI The zold exports and sub-treasury require
.nenrs and establish cash gain OF about
- OnD oNn TIE changes in the loan item at
tnis time are pr0bIemafical. but there has been
no. sign ef any such stock market liquidation
contraction The state Of the money market
.ffectually quiets all interest in the showing
o. bank atatements al this time Money ls
difficult ~ place en- call and the lenders or
time are growing more ana more lenient
regarding co-.ateIal. Loans ioI SIX m0hlns
are made on all industrial coilateral al aDout
the same rates as on the usual mixed coi-
lateral Tee outward movement Of COLO
equally fails o. arouse interest in view or
this condition ~ the money market. The
amount 10 be disbursed on January in divi-
dends end interest is estimated 70 be larger
rhan ever before On that date. The weeks
exports of corr show the first symptom OF
acfual revival ID that trade. the total having
,fe.- RI Se2 eQ3 bushels COMPARED with
z53 TI3 last week. This weeks total is IN
tset the largest Tor the corresponding week
in four years The wheat OutgO continues in
siEnihoant compared with that Of former years
IN the recent past News ci the breaking u
Fion was received with satisfaction. Reports
- railroad earnings made further good show
inEs The dull strength OF the market con
finUed ID 10 rhe closing, which was very
6rrn- ..
Totai sales OF bonds par valusD. s.. 80 600
There has been progressive decline or m
teresf the stock market during the snort
week. and toTard The enc oi the week trao-
ing has s1bsioec INTO soraetnlhg IKE stagn1-
rion the days dealings falling 10 lower
. total than st any time since midsummer
Prices were inclined 70 graNltate 10 lower
ieyel with the .inanition OF the trading but
with small advances so that the change OF
Ieer weeks level is not significant. Part OF
me dullness is attributable 20 the natural dis
~ - - - ,s.----,.s ~, se eve az a prolon ~
- .--i,,s - ~ 6anger ot sudden deTel-
opnenfs wnIe closed exchanges leave no me-
dun Tor operating. The absorption OF mem
.hhrs in holiday affairs snc the concentration
~ interest ard resources in annual settlements
slss have the natural eject OF curtaiiing ope-
rations Il the stock market even when spec
-arive Interest Is awake Ahese normal iac-
tors IN The dullness are made much OF by
the professional clement among the operators.
y hc are stili saAsIine % = IeNleal u eelIElls
srd strength after the holiday period is past.
15ut account must also be taken Of the inhu-
nnce % fhe short aud violent reaction 70 which
prices were subjected early ln the month and
The resultant speculative losses suffered by
81 prices II IS evident that the shock 70
confidence and the discourage gerneHf caused by
The unfortunate shares II these losses are bear
fug fruit in the abstentfon q activity OF
large element which helped 20 make up the
long series 0f one CT two million share days
al advancing prices which constituted the late
market srd which carried Il 10 level o. sus-
tzt1es volume beyond any precedent IN the
history ~ the Stock Exchange. There Is man
-.es- H., fse ,rar1e. .tTj,,u.esis - ~
d f1r 20 fr rnff
Eionsi Ha1cs. nuu tae dealers orc faore within
the class cr hQarlrooin professionals. who Op-
crate for small and quick returns within the
limits ~ the Doaroreom Itself The nature %
fhe ccntr5sersg among some very active ope-
raCois iu thc market which IS carried on by
published sdycrt isen,ents and tiie accuse lions
forth bv rhis means has had Us effect IN dis
couraginC transactions ~ ths stock market
- the information regarding Properties For
the reEt. fhe news and reports concerning prur-
erficE and the course ~ Business and indus
try have pointed 20 enhancement or actual val
ace The uncertainty manifested by :hc deal
ers il securities must be attributed therefore
m L-e lienifN yi ne teiianillt5 o. present
market prices index 0f actual values
inTtlaiIlt. which was demonstrated for the
flfh range to which prices were carried bv
-lie ,.-cessiFe speculation. The consequence Is
thar With every evidence u expanding 5fs.i-
rers and Increasing prosperity ana v-ifb
-lrercr cheap ard abundant. II IS fcurd .Iif-
Ncuif - induce buying of securities IN .,,v
f.at advance 10 made rapidly and with any
appearance ~ manipulation An influence OF
restraint on speculation must also oe allowed
~ fhs .argc attention given 20 the policy ~
fhc adriinistrafion toward she question " leg
is'aticn fcr the regulation ard control ~
railroads dt1 Individual corporations deing
interstate sasiuess. The shsrpest break II
the wccl r prices was coincident with the
appearance ~ he report ~ the Commissioner
n CorIcr1--1s. Inr-cascs IN prices Of various
.ron rrc steel produces with Increasing de-
T1ssc- GROWTH of railroad earnings and the