Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-24
Stock Market Operations Cir
cumscribed.
EFFECT OF HOLIDAY
MODERATE DEGREE OF ACTIVITY
DISPLAYED.
Interest Revolved Around New York
transportation Stocks-Closing
Prices.


scribed by reason of the approaching holi-
days and the suspension of business on the
leading European exchanges. There was
however. q moderate degree of activity
with considera BILE strength in a number OF
the betteT-knovn issues. Interest continued
to reyolve largely around the local trans
portaticn stocks and the new deal, concern
ing which there was stin an absence of OFF,
cial information. There was much specuia-
ton as to the stability of the I per cent
guarantee dividend on METROPOLITAN street
railway, which has been the basis of more
than one legal attack Metropolitan shares
moved irregularly and Metropolitan secur-
tiles were distinctly heavy. Third Avenue,
one Of Metropolitan's leased lines, was very
strong, presumably on the assumption that
The new deal would strengthen its position.
In the railway list Union Pacific, st. Paul,
Atchisou. PiItsburg, c, G. and st. Louis
and The Minneapolis. St. Paul and Sault Ste
Marie were the principal features of
strength The United States Steel issues
were strong and active, the common ad-
vanclng to a new high level on the present
movement. Anaconda Copper also was in
active demand al high record price.
Other active and strong features 4were
American Smelling, Corn Products pre-
fCTTed ana common. American Cotton vi
and NiTEinia-Carolina Chemical.
The bank statement aroused little inter-
est, but profit taking gave the list a tenn
pordry setback from which Ii only partla l.
ly recovered TIE feature of the late trad
Ing was Anaconda Copper, which on rumOrS
OF another rich find in the company S
mines advanced TO 21G and closed at PA, a
net gain of over - points. Anaconda is a
quarter" or S23 stock, however, so its gain
in points represents only one-fourth that
IN, H,1ll Ana Ia < q
controlled by Amalgamated Copper inter-
ests. and that issue was naturally strong In
sympathy. There were fevertsh ftuctua-
tions in the general list toward the end,
especially in Metropolitan securities and
Third Avenue. hut the closing. though If
regular was In the main strong.
Total sales of bonds par value. 50 ,2Sj, 0Oo.
Vitality of Speculation.
The vitality of the specua ton has DEM
oustrated itself again this week against OBJ
stacles that have been sufficient 10 prove
disastrous in time of past great specula-
tive movements. Banking insolvencies at
Chicago involving liabilities of some 500
:4a0. eco confronted the stock market upon
it's resumption of business last Monday.
The surprise of this news was complete as
no premouttiOn ha q been heard of the trou-
bic. The very fact of the secret having
bren so we'll kept, although known-to q
L :
ant impression The shock to sentiment
caused by the Chicago news therefore was
violent. 1t came also upon q somew hat
overwhelmed speculative situation, when
had already had some effect at the end OF
the preceding week.
Nobody was much surprised therefore TO
see a. miniature panic in some stocks during
a half hour after the market opened on
Monday The effect had been exhausted
practically by that time and Mondays clos
ing prices showed few substantial losses
from those of Saturday. The small harm
done to the stock market by the Chicago
failures is partly explained, of course, by
the prompt and effective measures taken by
the Chicago clearing house banks to insure
depoSitors OF the affected institutions
against loss. The trouble was recognized
as being due 20 neglect Of the banking laws,
and the fact Is dwelt on that banking en-
harrassments have been reduced to an IN
significant amount except where violations
of law or of trust are involved, especially IN
the absorption Of resources for the benefit
of private enterprises Of those in control OF
the banks
Once a Symptom.
Time has been in Wall street when case
OF this kind would be seized upon as offer
ing a possible symptom Of a condition ex-
tending beyond the particular case. But it
was brushed aside this week as OF COM
parative unimpor,ance. The movement into
W
had its point Of irregularity and occasional
hesitatlous. but It was not, on the whole,
inconsistent with the Christmas spirit which
IS found in the ncighborhood of the stock
exchange in prosperous speculative periods.
The holidays call for some realization OF
profits as matter OF course, ana TINS mas
been in evidence throughout the week. tH-
cgspt for the disastrous half hour on Mon
day morning. the protit-taking has been
conducted with apparent success. The chi
Cago incident made It evident that extra de
lnauds would be made upon the New YORK
money market, partly for the taxing OF
measures of prccautiOn and fOrufylnS the
situation. there, and partly for the necessary
tie-up of resources involved in the clearing
houses plan OF settlement There were, In
fact, very heavy shipments of currency to
Chicago from this point. Up TO the middle
of the week, also, It was an open question
whether the resources of the foreign eX-
change market would meet the demand for
rsmittanCes abroad TO meet interest and
dividend payments 20 foreign holders or
our securities.
ton by the Russian situa ton, it was fear
ed that gosd might 90 out from New YORK.
This probability was ignored, IKE all oth-
rrs that seemed to argue against the speCu-
LatiOu The great center of the speculation
has been Union Pacific. The dimensions of
the movement in that stock, the volume OF
the dealings and the persistence of the adj
vance point to extraordinary developments
and surmiSe were offered to explain the
movement. The suggestion of an attempt
10 wrest control of the property or share
IN IL from its present owners was much
discussed, but with some ekepticism, owing
to public knowledge of large pooled hold
iuEs AID the resources of the control for
issue Of additional stock The passing OF
control OF the Tennessee Coal and Iron
Company 70 Republic Iron ana Steel inter
Csts marked only one step in the supposed
southern iron merger, which SDeCula tive
Tumor monEers have made to include a
large number Of companies. With the new
control assumed and the contest for the
stock over the price has dropped back. The
event Of the late week was the announce
meut of change of control of the Metro
pOlitIn street railway to Belmont or Inter-
borough interests. Official details are lack
ing but the consensus of opinion was that
the change has eliminated all possibility OF
competition and that local traffic would
hereafter be handled in more satisfac-
tory and productive manner. The bond mar
ket for the week was quite active and
moved in accord with stocks.
United States new As, registered, declined
Z and the new coupon u per cent on call
On the week.
New York Produce.