The St. Louis Republic., 1905-12-25
YEAR CLOSES WITH
WEAK Bank POSITION
Not for Sixteen Years Has Re
serve Of New York Banks StOOp
So Low, Though Volume Of
Business ID Enormous.
REPCBlIc SPECIAL

REPCBlIc SPECIAL
New York. Dec. :l-epecclas:ve Wall
street enters upon the closing week Of the
strinsency. disclosing the weakest banking
position at this season in upward 81
generation. Not since 1859. Deri"d of six
New York associated banks stood 20 Low
A. at present But. a. frequently sx-
planned here. the position actually Is less
favorable than even the eank statement en-
01el0nal demand liabilities Ct trust capt.
tails and nOnmember banks. which rest
also. with those OF the Clearing .hoGse
reserves reported ty the associated irs,itu-
tons
Despite this situation the spirit q op-
,.rs q, r' ,he msIk. sea sf01f %nanes;isnabiy IN Il
the commercial and Industrial situation
alone we're to be considered there would
le few 70 dissen. from the ahonndins COZ
tive element. which. in seeming .!isresard
Of every warning. contrary TO ali exIefl.
ence and in apparent defiance OF ali the
not only in holding prices strong. but in
advancing many cf them in the face oS
actually disturbing ard adverse develop
ments TO new high records.
VOLUME ENORMOUS.
In tie past markets have usually
slowed down In tie closing weeks OF the
year. frequently forcing extensive liQui-
datiOn and marked tic contraction OF the
% so:.,e irr.euisri,x r:s,Ss ia the marc, of the
week. but the volume "f business was
enornious continuing 30 TO the final eoun:
81 the gong On ss.1rday; DAY The avs:as. g.; z.
shares u day Contrast the total of bus!-
ness. approximately ..tH..Y shares OF
the weeks interval. wi;h the total Of
in the same week i'll i:sS and s7t".t.S ia
ises. and on. may infer low abnormal
VAS the activity o: last week.
Stch activity would Iiav.. b--en abnormal
A. the year end n there Yer" 40 cloud
i:. tie financial !,v;it!ca; sky As st
MS. tie horizon was not clear IN either
ve.sity. hopeful OF successfully s'irm",:Gt-
ing difficulties which IrrS.i; themselves.
but assumed Ei:rth at \ time OF trouble
is s.afEtl Gy bgavaco or the repeated de-
f3nc.. OF tile rules Of safetv.
There ~Ss certainly Impaired An air of
last week-eustai.ed activity and aver
az. price cnhauceInents In one "s the most
critical periods Of the year and au inter
val markell b- serious bsnEinc trouble in
CiIcaso. Of !: character !" I's;nih ssn,,.
;narke, aud a highly GisiGrhci financial
aud political situation In Enrop', GROWN;
Os;t of r.v"iutinnAry and anarch:ca! d"-
v-lcpGaents in Russia. which threaten f...
only u dynasty. but i.s. commercial! fabric
OF more lands than ":.e.
SUSPICION STRONG
Wall street eIls Its l-actiafive year in
one Ia: ;icular AS IL started. This il ti,.;
suspicion with which the cYiir. market is
held. That there is cr.ai coi,;i'!"ir. dis
played by som. men -; Cr.a: w.ii'i: aud
" commanding f,os:ff"n &. cnrrpra,ion'
and f;nsni -! Institutions IL nn,Ioubt-.l.
That 3n later days these Hpp,,ently ;--
lnArka.te sUcc.ss,s iaV. Gra~n -D'.c OF
the sp-cuia,!veiy inclined outsiders int
the game: i brohab!v true hut. still. shc
f1ei as ~ yore. and Wal! street has long
noted the absence Of III" niaiir E.n of
moderate ineaIs. wn" used 20 thr":G the
business ran heavy and prices we're ai
Sanctns. and ~i." constitute tine public of
former years.
Why the many m.n % smaller re-
the specialization for 50 long "a time l.. Of ;
c.''rs''. a m.ie matter OF conjecture. hut
apparently the chief influencing factor has
tsen ia: long Siec.ssinn os attacks upon
Wall street men and Wal. street methods
ifsr Arraisnnlsit % important firms and
their undertaking Il; newspapers and mag
eufcs OF the life Insurance Ey.s'iIafio,.
~ cour-e. there II an element Of great
strength IN having securities Ia the hands
q! wealthy meu and III financial n-;itu-
t,nn- and probably it is a rsaIizs ;icn "f
the fact tha, stocks are :" strongly held
that i.nparts the high degree cf conf
Jsnc.. which prevails. IN some quarters
I."~. d-sI.it. liz. weak banking position
aI-. ia. various factors which would or
.'iGarily in.p.! extreme caution II they
did Ist irfiu..n.. extensive iil':i.!stic'i.
MIST WIN CONFIDENCE
san. for rms. uSi:Il ui,iHiat" success cf
tlt.- great bull market. Which many
persons asy" predicted after '.:s turn ~
Tin. year w.r.. -! rl"y!.is ..r. expected 70
disappear. W.ii street ha. got ;o e!n
back r.rr ronri.:-ic. of the Who'll. coin
Mess I'll" great hi. and
srcs; iinsrc!-Ts C- i.G!v.!ral. o. :U-titU-
:iun. vito .r. credited with enormous s.-
cuyi:y h"il.-Gs rSI."; - turn 'k.-. oui
IL .1,',~ L-S form through oi'.iIIs com
psni.s .ar >iuil.,. devices such have
h~.H suggested IN connection with the
recent st!"e; car ti-i'. IN crJ!e: to make
their ventures profit Die. f..t,r got 10 lind
purchasers at .'ili higher prices.
Apparently They have not ~ found
~ I.a;y tu: ..rs g. they d.Si;. bat that
they AID their associates ar. huI,iGi Si
the result seems dear