Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-12-02
Little Trading Done During the
Short Session.
MONEY RATE APPREHENSION
Sharp Decline in the Discount Rate
in London.
LARGER RESERVES OF GOLD
Speculative Activity This Week Has
Been Restricted Owing to
Lack of Support.
MONEY RATE APPREHENSION
LARGER RESERVES OF GOLD

NEW YORK December There was
little character to the trading in stocks
TODAY. the constraint on the speculation be-
ing attributed generally to the money ST.
uation. The bank statement did not reflect
as large an nroad upon cash reserves as
was foreto'd, but yesterdays 81 per cent
money rate caused an apprehension that
the fun result was not included in the
averages contained in .he bank statement.
The largest part of the loss came late in
the week and so figures to a small extent
in the averages. Moreover the influences
at work to cause the drain expected
TO continue in fierce. The funds employed
to make the December l set lements may
be slow in returning to the channels of
the money market.
The English market. on Tie other hand.
showed the effect of the large recuperat,ol
reserves by the Bank of England and there
was a sharp decline in discount rates in
London. Sterling exchange rates here also
were weak. The constraint on the stock
market was shown in the sm3llless IF the
dealings rather than in any depression of
tone. Dull resistance was in evidence AMI
some Of the minor stocks made sharp ad
vances, especially among the lesser iron
indUs trials and the railroad equipment
stocks
Til, cons RANT on the market at
tributod in part to a desire to await the
erect OF the fCrth3Om Cg message OF the
Pre- sident The financial world has formed
the opinion that the extent of the recon-
mendatiONS to be contained in the message
may tie pretty well inferred from previous
Official utterances and does not look for
sensational surprises. Reading showed
some degree OF dcprs sson. which was at
tr,buted to a report Of decrease III e m
ings fer October.
\ heavy decline in a favorite speciality
on the curb market speculation attracted
attention owing to the prevalent apprehen-
sion that state of speculative inf JtiOn in
mining sc ks may have laid the way fer
q collapse.
The November transactions at the stock
exchange fell to total of less than 2o.OGo.-
O0o shares of stocks sold or Il2S.GO less
than in last November. while the par value
of bonds which changed hands WAS so, ioS,-
Ut less than in November of last year. the
total declining TO Si3.34O $40 Total sales of
bonds today, par value, SI2S,C00.
Record of the Week
Speculative activity in stocks has been re-
stricted this week The interruption of the
midweek holiday and the preparation for
the December money settlements prime
causes of the conservative disposition to-
ward new commitments in the market
Prices moved s.uggisaly and irresulariy
and often reversed themselves in the course
OF days trading. Special movements in a
few stocks had sustaining influence to
some extent but there were other cases
where there depression from speciaf
causes The prominence OF the w-priced
nOn-dividend paying stocks did not persist
beyond the opening of the week, and the
return to the front OF the most important
high-gTade railroad stocks had beneficial
effect sentiment. The publication of the
annual report of the Union Pacific was an
Influence i'll this shift of the preference of
buyers. There had been some short selling
of that stock On advance knowledge that tire
rate of earnings disclosed would not fully
equal the more eXtraVagant estimates put in
circulation by the operators in the stocks.
The actual rate of earnings below - per
cent contrasted with some of the estimates
of over 20 per cent. But the support &C
corded the stock after the appearance of the
annual report drove the shorts to cover and