Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-10
Dealings Irregular Until Bank
Statement Appeared.
BIG BUYING MOVEMENT
MANY RUMoRS RIFE DURING THE
ACTIVE SPECULATION.
Contracted Money Resources of the
Past Week-Snall Participation
From Outside.

NEW YORK. December 9.-Today's stock
market was Kaleidoscope. The movement
was ragged and irregular until the appear
ance of the bank statement, disclosing the
deficit in the legal reserves. when a buying
movement of great animation and enor-
nous volume developed and carried prices
comprehensively upward with a resistless
sweep. Just in the final dealings there was
come rather wild throwing over of holdings
TO realize profits. The result was an unset
tied and irregular closing.
At one time during the short session the
market was uniformly weak and consider
able losses showed all through the list.
The upward rush of prices after the APP
pearance of the bank statement was strik-
ing demonstration of the power of organ
tzeG speculation in the market. The ex-
planation commonly accepted of the move
ment was as a demonstration of positive
conviction of coming relief of the money
market
There was nothing but rumors up TO the
close of the market to account for this con-
viction and the rumors all pointed toward
Washington as the source OF the expected
relief. The current discussion on this SUBJ
sect. assumed that the banking position dis
closed by the clearing house statement pre-
scented position which the Secretary OF
the Treasury has stated as contingent upon
his taking action to relieve the money
stringency. II was argued that the week
events showed that money resources, even
FOR commercial purposes, have been so
largely depleted that the stringency must
extend to other quarters than the stock
market unless relief is forthcoming
Bank Statement Disclosures.
The bank statement emphasized this con-
dition. The rushing UP of stocks on this
assumption represents speculative man
euver of some violence. OF the bank state
ment itself some skepticism was expressed
over the showing of a decrease in loans in
view of the course of the weeks stock mar
ket The loss in cash OF $3.50, 100 was in
excess of expectations. Foreign exchange
moved upward strongly.
Continental exchanges also moved strong
iy against London and rise in the official
discount rate of the Imperial Bank of Ger
many on Monday was regarded as certain.
Paris was reported to be securing gold in
the London market Sugar, Amalgamated
Copper ard finally Union Pacific were the
conspicuous features of the market the
last rushing to above ITO to q record level
In the late outbu-st in the market
Total sales of bond, par value, 81 4o5 coo
Money resources for use the stock ex-
change have contracted this week and de-
Nel9ped an acute stringency which carried
the rate for call loans to the highest of the
year and above any level touched before in
over three years. While some unsettle
ment has resulted in the stock market the
slightness OF the effect produced has been
Il matter of surprised: comment. Specula
tive excitement has quickly revived at any
suggestion of relaxation in the money sit
uatl0n or upon any rumor of supposed de-
velopments of relief.