The sun., 1905-12-31
FINANCIAL AND COMMERCIAL.
SATURDAY, Dec, 30

on large scale. The market was, however,
irregular, a liquidating tendency con-
tending with the force of new buying for
the mastery; and although the market
as whole was very strong and decided
advances were made in various prominent
stocks, net losses through the security list
were fully as numerous at the close OF the
day as advances. The gains were, as a rule,
In the inactive stocks and the declines in
tho more active ones. A line, too, was
rather clearly drawn between the railway
and industrial shares. the one inclining
toward hen viness and the other to strength.
Greatest interest appeared to be shown in
the American Loco motive, Amalgamatcd
Copper and United States Steel stocks. In
the first instance there was q recurrence
of rumors, which were originally heard
last October, that American Locomotive
common stock was likely to be placed
on dividend paying basis next month.
The rise in Amalgamtcd Copper was
conducted in Il wildly excited manner
and was accompanied Mt one time by such
an advance in the Anaconda shares as
nearly brought their quotation to 800, the
price which it was speculatively prophe-
sled earlier in the week they would touch
before the week closed while there were
also stories that the rich vein Of copper
ore recently discovered on the Anaconda
property had also been struck in the Parrot
mine, one Of the subsidiary companies of
the Amalgamated company. The advance
In the United States Steel stocks was un-
doubtedly due to the impression now
broadcast in the market that the present
cash surplus accumulated in the United
States Steel Corporations treasury, and
the prospects for the steel business
In the coming year, insure the resump-
ton of dividends on United States Steel
common shares before the year 1905 has
elapsed The weekly bank statement to-
day was little regarded, although ii made
better showing than had been generally
looked for. decrease in bank loans of
over S5 900, 600 rather curiously effected in
spite Of the weeks advance in prices, and
due doubtless to the lending of money here
by foreign and out of town bankers, was
announced "a also a decrease in cash hold
ings by the banks of $l,711 100. This re-
suited in leaving the bank surplus reserve
practically whore it was at the close of last
week. The superficial inference to be draw
from the statement is that the efforts made
by the trust companies, of which so much
was heard during the week, to make as
strong n showing as possible in their state
ment of condition to be made to the State
Banking Department as of date of January /,
were so accomplished as to be responsible
for little or none of the financial disturb
ance last Wednesday and Thursday. Sell
ing Of stocks was more noticeable after
the appearance of the bank stat ement.
Amalgamated Copper lost all its early gain
and more by reason, it was declared, of
the execution of a large stop loss order,
but it later recovered and closed at a slight
advance. Union Pacific stock was per-
haps under rather special pressure because
of what seems to be the Wall Street judg-
ment Of the moment that if the dividend
rate on the stock is only to be raised from
8 to per cent next month, as Is now cur
rently stated, the price of the stock is high
enough for the time being. The action
the Union Pacific directors will take re-
garding this matter at their next months
meeting is, of course, purely matter OF
guess work at the present time. What
ever selling of stocks there was in the mar
ket to-day was, finally not at all unnatural
In view of the large advance in prices made
In the last two days and of the double Stock
Exchange holiday that is now in progress.
As is generally the case on Saturdays,
there were no financial developments to-
day worthy of the name. Buying and
selling for foreign account were very limited,
but there was firm tone on all the Euro
pean exchanges, based on the continuing
favorable chara cter of the news regarding
the state of affairs in Russia and the belief
which prevails abroad, as well as in this
country, that tho money markets will be
easier shortly after the turn of the year.
Some small amounts oe money were lent
on call to-day at rates varying between
25 and 0 per cent. Saturday is not of
course, a money lending day" on the Stock
Exchange, and such transa ctions of the
kind dc oribed were OF no value in ndicat-
ing the probable course Of money rates
next week. While the high money rates
that have prevailed throughout the month
tended to check that investment buying
of bonds, guaranteed stocks and the ike
which in times OF pros perity are usuany
much in evidence in the closing days of
the year, the temper of professional specu-
lation was probably never so generally and
enthusiastically bullish in Wall Street as
1T is at the present moment. The almost
universal belief is that mas much as the
the market has not only failed to decline,
but has advanced in the face of one shock
and adversely after another, which under
ordinary circumstances would have brought
about veritable smash in prices, it should
rise with buoyance now that the prospects
are that such clouds that have recently
lowered over it are on the point Of dis
sipation. In every line of business, except
those which are unpleasantly affected by the
mild weather of the period-such partic-
ularly as certain lines of the clothing shoe
and rubber manufacturing trades-pros-
perty appears to be making daily new
high records, AT this time last year and in
the year preceding the railroads were
making a costly fight in the eendeavor to care
for great amount of freight traffic amid
blockades due to blizzards and zero tenn
peratures. This year trains have been
run, SO far as the weather is concerned
with as little hindrance as in midsum-
mer and the congestion of railway business
due to the essential difficulties of success
fully handling the enormous crops of the
year seems to be, if not entirely over, yet
very considerably mitigated.
New York Stock Exchange Sales Dec. 30.
CLOSING PRICES oP UNITED srArEs BONDS
AEe