Los Angeles herald., 1905-12-15

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NEW YORK, Dec. 1h-SpeculatiVe m
terest in the stock market was fuly
maintained today, as is abundantly maj
Gated by the volume of the days sales:
THE market was decidedly irregular at
all times and more than once during the
progress of the trading was quite UNI
formly weak. But many brilliant al
vances scored in stocks of large lnilu-
ence on speculative sentiment Kept awe
confidence in the market and Facilitated
the process of realizing profits, Whlch
was the cause of the stationary or back
ward condition of many stocks III the
list and the sharp break at the last
The evidence of successful progress In
the distribution of old holdings is one of
the most satisfactory features in any act
i've bull market. The almost entire alb
sence of 1t in the course of the current
the distrust and criticism of the mar
ket as being artificial and f1agrantly
manipulated. The conservative among the
commission houses have not been slow to
express their conviction that the inter-
rupted advance in prices without any
pauses to effect the distribution of hold
ings is entirely abnormal and has made
it impossible for them to advise their
clients to go into the present market.
This conservative class of brokers has
seen the market defy their predlctlonS
day after day and have had TO receive ,.e tne
who have failed to come into the market
Todays speculative, favorltes included
some of the substantial standard STOCKS,
but the character of their movement was
not different from that which has oc-
Cured in other less influential securities.
News to account for the movement was
lacking but there was the usual clrcu-
lation of tips to herald activity in the
designated stocks. The operation of or
ganized speculative parties could not be
more clearly indicated.
feature attracting much attention
is the very large buying abroad OF what
are called American privileges Pur-
chases of calls for American stocks IN
here as part security for the sellers or
these privileges. But the purchase OF
these calls, it is pointed out, may De
designated as an insurance on the part
of local speculative houses who desire to
tighten their holdings during the remain
ing period of money uncertainty.
While commercial loans were made at
lower rates on the stock exchange today,
it is realized in all quarters that the
period of money uncertainty Is not Set
passed. Their loans for short periods
continued TO command a premium in the
shape of commissions which raised the
net cost to or per cent.
The weekly statements of the great
no Improvement in money conditions
abroad. The persistent liquidation in the
Rock Island stocks had disturbing ef-
ness of the United States Steel stocks
to the brilliant showing of trade condi-
tions was a disappointment. An attentive
eye also was kept on the proceedings of
the United Mine Workers convention.
The decided break in prices in the last
hour was not overcome when the market
closed. in spite of a few feverish rallies,
and the closing was active and weak
with losses the rule, and. very little left
even of the days special gains.
Bonds were firm. Total sales, par
value $3115,0O0.
United States Is and the old and new
As declined a per cent on call.