The Birmingham age-herald., 1905-12-17


 Weekly Review
 The speculation of the week has shown great animation and large volumes are being greatly congested in individual stocks which have been brought forward into prominence by rotation. The average daily transactions have risen to the larg- est figures of the year. The speculation has borne every evidence of high cen tralized origin and careful organization Conviction has remained general there- fore of the predominance or very pow erful and habitual market manipulators in making up the large transactions or the market There has been perceptibie, however. some growth of outside interests in the market attracted by the undeviat- ing fulfIlment of the tips and promises alomst invariably disseminated nelore hand in the great market movements ol the week. These forecasts have consti- tuted the greater part of the news ol the market.
 The uuhrolxen course of some of the recent advances in the market have been urged as showing an artificial and manip- ulatiye character which promised eVl consequences when the inevitable eiore to convert profits into cash by selling stocks should be attempted. On the other hand if usually follows that the powers of A market organization to control mar lxet prices. diminish with the distribution of it's centralized and pooled holdings. III stock market parlance stocks go 1orWdru strong into weak hands. The motive or the organization for supporting the mar ket is not so strong when the sale or their holdings has been effected. The new holders lack the resources and usually the skill and experience to conduct mar ket operations with the same success, ana they are not able to operate in concert to the same degree.
 Distribution of Holdings.
 Aside from the action of prices in the market. several other indications point to a considerable distribution of holdings having been affected by large market holdings The London market reports ah enormous demand for calls on American securities, the calls to mature atter the first of the year. This is open to the interpretation of an assurance of pronts for those selling stocks here because Of the fear of being placed at disadvantage In holding stocks by another spasm in the money market before the end or the wear If Is known also that some Of the commission houses which had proViueo themselves with large loans on time some time ago, are lending the proceeus os these loans on call to other buyers or stocks. The inference is suggested that thev have sold their own holdings atter stocks during the week reached the high prices prevailing. ,
 Money continues in very active demand throughout the country, and the holdaS and year-end requirements are known 10 he unusually large. This periodical pres sure is usually even more severe on TOT eign markets. Money conditions al Ser lin cause some anxiety and the unim- proyed conditions in Russia aggravate inc pressure there. Both Paris and Ser lin are making demands on the London money market and the Bank Of Eng land has inaugurated measures or pro lection for that market by borrowing money from the open market which IS usually a preliminary to make an eHor' to better it's own discount rate.
 The brilliant conditions in the metal industries. especially copper and ron have given special prominence to the sneculation in securities connected win those industries. The prosperity revealed bv the Union Pacific annual report mas been the basis for pushing that stock 10 a new record price.
 Bonds have moved irregularly, ana nave not shared in the activity or stocks.
 United States 3s, old, and new as oe- clined l per cent on call on the week.