Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-11
Some Extensive Advances
Featured Today's Dealings.
SHIFTING OF INTEREST
INDUSTRIAL AND MISCELLA-
NEoUs BUYING ORDERS.
Number of Railway Leaders Advanced
From One to Over Three Points
Facilitated Liquidation.

NEW YORK. December IA shifting
of interest OF Of manipulation and at all
events of buying orders from the indus
trial and miscellaneous stocks into the
railway list was accompanied today by
many extensive advances in that quarter OF
the market Some irregularity was indeed
observed there, but, on the other hand, such
stocks as Erie, New York Central! Penn
sylvania. st. Paul, Union and Southsrn
Pacific and Reading made maximum ad-
vances, ranging from ! point TO over )
points.
In no one of these instances was any
novel explana ton adGuced TO account for
the course pursued. With these stocks
rising some railway issues showed relative
hcaviness, conspicuous examples being Mis-
souri, Pacific and Rock Island. the last
named icing apparently for sale whenever
market conditions in any wise pTopi-
tious. In the present general circumstances
of the market it was nos, perhaps, anrea-
sonable that speculative commentators took
the ground that the buying of the railway
list was for the purpose Of facilitating Eqt;i-
dation in the industrial group.
Much Irregularity.
A good deal of irregular-ty was indeed OBJ
nevertheless some of the days most eN-
tensive movements took place there. Ten
nessee Coal and Iron in particular under
went tremendous fluctuations which finally
left the stock at an extensive advance from
its closing figures of Saturday. Stoss-Shef-
field and Republic Iron and Steel also rose
smartly. Marketwise the situation in Ten
nessee Coal and Iron seems to hold Gle
ments OF danger as 80 per cent of the
stock is in effect held by the new syndicate
in the property. but part of their holdings
is represented by contracts for future de-
livery, including short contracts. as has
been pointed out before in this column.
The syndicate could easily break any cor
ner In the stock without losing control of
tie company, and it Is hardly 10 be sup
posed that they would allow one to de-
velop. Elsewhere in this quarter of the
market the fluctuations were as Irregular
and apparently meaningless as they
were during last week.
The Local fractions
The local traction shares during the
greater part of the business session were
dull and comparatively heavy. There was
a very decided increase in respect OF ac-
tivity in the days market, although dur
Ing the afternoon some decrease In anima
ton and rather more uncertain tendencies
were observed. The announcement made
after the close of business on Saturday
that the Secretary of the Treasury would
anticipate the payment of the interest on
the government debt maturing January l.
was regarded as an earnest of his attitude
toward the money market, although, OF
course, speculative interest had been in
hope that he would have gone further IN
that direction than he did.
Money market conditions today were a
shade easter than on Friday, or properly
speaking. somewhat more stable, the
larger part Of the borrowing being effect
was quoted then.
Sterling exchange continued disappoint-.
ingly firm. The London stock market was
generally firm today, although American
stocks were quoted there below parity
with Saturdays local closing figures.