Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-26
Spectacular Stock Movements
Were Features
OF THIS WEEKS M RKET
SPECULATION WAS FINANCED
WITH FOREIGN FUNDS.
Average Daily Dealings Reached Near
~ 100000 Shares-Perceptible In
crease in Outside Participation.

average and some late reactions made the
closing rather irregular. The spectacular
movement in some stock which has been u
feature of each day this week, was made
by Tennessee Coal today with upward
rush of points. followed by feverish tiuc-
tuations. National Lead added over
points TO its recent upward flight.
There was sudden awakening in the
Kansas City Southern stocks. Aside from
the movements of this class the fluctuations
were rather narrow The Rock Island stocks
made further sharp declines on sales of
comparatively small number of shares. the
weakness of these stocks attracted much
attention, and the numerous rumors to ex-
plain IT varied all the way from n purPoS"
of influencing speculative sentiment on tine
part of those in control of the stock TO a
supposition that dividends on the preferred
Were in danger owing to the recent p'ot
shuwines of earnings by the company.
There was much discussion also or the
extent to which stocks have been sold dur
ing the week by some OF the great specuia-
> rive combinations which have led the cur
rent movement An incident or the u'y
was the sharp break in International Mer-
camille Marine n the curb market, Whlcit
1Nas attributed to a report of the danger OF
"a war of rates growing out of dissenslon
among the German steamship lines.
The price OF bar silver rose again to 'r't
cents an ounce. a record not touched for
seven or eight years past.
Bank Statement Showed Gain.
expected gain in cash, and besides that
moderate loan contraction. This was taken
TO demonstrate that the speculation of the
week had been financed largely with foreign
funds and it is known that large amounts
have been lent both for Paris and CANADIAN
account a. the stock exchange during the
week The subtreasury transferred To Sah
francisco another Sl.GNNOO for local ac-
count bringing the total since Thursday 10
81 900 coo to that destination
The strength of foreign exchange today
pointed to cessation of the offerings OF
Foreign funds here The value of imports
of dry goods and merchandise at the port
of New York for this week rose to Sl5-
100, T97. compared with Sl3 221S last week.
which was said to make the record up 10
that date.
/ This heavy movement throws light upon
the persistent demand for exchange.
Total sales of bonds, par value. Sl'a~''s"'
The Average Daily Dealings.
There was an animated outbreak of spec
ulation In the stock market this week, the
average daily dealings rising to near 1,Jo2,-
coo shares Transactions were greatly con-
gestfd in favorite speculative stocks, in
which the initiation of a distinct movement
was quickly followed by enormous dealings
for a quick turn. Some of these upward
spurts We're followed by almost equally
rapid reac tions. under the influence of sell
ing out TO take profits. The result was
highly irregular movement nIpueIpuN lli'
week This characteristic was increasingly
conspicuous the week progressed.
There was a perceptible increase in The
outside participation in the market, and
this was taken advantage of by some of the
speculative pools to Tighten their holdings
and realize their profits The market was
highly speculative throughout and marked
by the constant circulation of sensational
reports of supposed developments to account
for the abormal price changes going on.
few of these were verified by the event but
a fs4.4Nsa fig,F
with the onward sweep of speculation with
out being either confirmed or denied.
Passing of Crisis of Fall Money.
il became almost Immediately manifest on
Monday that the Saturday bank statement
was accepted by the speculative element as
marking the passing Of the crisis in the fall
money market. which had reached its acute
stage In the - per cent loan rate of the
preceding Monday. With the disappearance
of the premium exacted the loans for
several days of last week and tho decline
fl the call loan rate TO per cent or below,
following the restoration of the surplus
serves by the banks last week, this conf
deuce seemed justified and was maintained
by the tranquil course of money throughout
the week.
on Monday the premium on New York
exchange at chicago jumped to 40 cents
per thousand as against ~ cents last week
and this was accepted evidence that the
return flow OF currency from the west to-
ward this city had set in with the progress
of the moving Of the crops. The exchange
rate at Chicago slipped back to % cents
the next day and ruled at that afterward,
but the money market was unaffected
Sale of New York City Bonds.
The sale of sl2,5OO,O0O Of New York city
bonds here on Thursday and the announce
ment of the japanese loan were equally
without effect. The limiting of the new
japanese issue to $4,000 900 to convert the
internal war loans, the placing of half the
amount in Paris and only about s16OOOOOO
I'm New York offered smaller requirements
than were expected. and il was understood
also that the payment of the principal in
staliments of the subscriptions would not be
called for until next year.
Reports from the mercantile agencies and
from authorities in different trades showed
that last weeks prices in the New York
money market had not affected the activity
of commercial and Industrial transactions
The subsistence of more acute anxiety over
Russian affair and the recoveries in
Russian securities promised protection for
our money market from foreign demands
on that account. These developments in the
money situation lay at the basis of the re-
yiyed outbreak In the speculation.
The Activity of Trade.
The unparalleled activity OF trade was
held 10 explain the comparatively high
rates for interest and to justify accepting
1hem as one Of the indications of prosper
1ty rather than threat to the MAIN
tenance OF values OF securities. Railroad
franc was reporte~ at a maximum and the
railroads limited in its acceptance only by
the extent of their facilities This demand
for facilities kept the railroad equipment
tndustrials conspicuous in the stock market
The enormous demand for iron and steel
products caused condition in that trade
where II was pronounced that prices were
held down only by main force Other
metal industrials were stimulated by the
steady rise in prices of copper, lead and
silver
Rumor was busy also with supposed plans
for combinations and mergers OF smelling
mining and other interests in those trades
The advance In the dividend rate by Cal
umet and Hecla was additional stj1uu-
lating factor IN the furious speculation in
that group of securities
The increased dividend on the Atlantic
Coast Line. the distribution of part of the
deferred dividend on Republic Steel pre-
ferred. unconfirmed rumors of a proposed
merger of southern steel companies ex-
pectation OF an early announcement of SUBJ
scrlption privileges to St. PauIs s25 600 OOo
authorized stock, the latter to push that