The Washington herald., 1906-12-22
MARKET IS LISTLESO
Prices Move Up a Little, but
in DeSultOry Manner.
READING COMMON STILL WEAK
Steel One of the Most Attractive on
the List and Advance in Dividend
England Not in Position to Lend
Gold 20 America for the Present.

Gold 10 America for the Present.
New York. Dec. A-The stock market
wore a somewhat more cheerful face to-
day. although the trading was dull and
the moderate advances IN values that
occurred were accomplished in slow
and desultory manner. Opening prices Of
stocks were rather above than below
their closing quotations yesterday, but
the tendency of the market toward in
activity was exemplified as plainly as at
any other time during the day in the
early dealings.
A recurrence of the liquidaung move
ment after the first hour of business once
more depressed prices. the Northern Pa
cifc and Great Northern preferred stocks
leading in the decline, as they have done
throughout the week The stocks thus
sold, however, were easily absorbed. and
the market soon advanced to higher
level than it mas touched at any time
during the last two days At the close
prices were again a little weaker
There were no particular features Of
the days transactions. The Great North
ern ore certificates were especially strong
and the rise in the Peoples Gas shares
that has been going on for a fortnight
Avas continued The reasons put forward
for the advance in the stock We're that
Peoples Gas Company had largely set
tied the matters in dispute between it and
the city of Chicago, and was in position
TO enlarge its rate of dividend dstribu-
ton. Rumors We're also heard in specuia-
tive circles Of an alliance between the
company and the Chicago Edison Com
pany.
Reading Common Is Weak.
The Reading common shares We're the
weakest quarter of the market to-day,
and for some reason concerning which
stock exchange gossip had nothing to in
fer the stock was steadily, although
hastily, offered for sale from the open
ing of business.
y strong stock during the day was as
il has been for some time, United States
Steel common. and there was "a recur-
renee of stories that an advance in the
dividend rate on the stock at the Janu-
airy meeting Of the directors of the
Uaited States Steel Corporation was pcs
sible
The annual report of the Southern Pa
ciic Company attracted no attention as
being entirely in accord with forecasts
of its character issued by the company
last August
As definite a cause as any for the i'm
provement in sentiment was doubtless the
greater ease displayed in call money
rates. although conditions in the time
money situation did not relax at all, and
rates for this class Of funds continued
TO held al the highest prices witnessed in
recent years. The price of call money to-
day did not rise above 8 per cent and
bank renewals fwere generally made at
s and 81 per cent
During the afternoon money lent in
abundance at per cent. This was due,
seemingly, 10 the indications for a pretty
good bank statement tomorrow EST
mates Of the condition Of the local banks.
as regarded cash reserves, We're that the
clearing house institutions had gained
during the week between $4,000 and S.
6090O. and il is also supposed that the
hank loan account has been considerably
reduced.
This better feeling was also helped by
cable advices as TO the large amount Of
gold obtained by the Bank of England to
day in France. this sum reaching over
$500 600. and it was said that the Bank Of
France had agreed 70 lend "a further
quantity Of money for use at the end of
the year settlements in England Crafty
ing as the development was. Il emphasized
the fact that all ideas OF gold exports
from England TO this city in the near
future are. in spite Of the favoring state
Of the foreign exchange market, entire
~ unfoundcd.
Bank of England Losing.
The low condition Of the Bank of Eng
land, as disclosed in the banks return
made in the middle of the week. was ad-
mittedly due to the merely temporary
drain Of moEey for the uses Of individu-
ais during he Christmas holidays As
the bank. however, is still losing
money to South Africa, and demands for
funds fer use in the great speculation in
land in Egypt are still iusistenty ad-
dressed TO il, il is clear that the bank
with the usual stress of the closing DAYS
of December approaching, is In no posi-
ton 10 spare gold for American account
Such is the financial strain Of the mo-
ment in England that discounts there il
tie ooen market on bills TO arrive" were
yesterday 1 per cent above the Bank OF
Englands already high discount rate
There are indeed. many observers who
venture il rs their opinion that the pei
land will not speedily he reduced ever
/after January l, as a strong movement i.
obviously in progress in English financia
circles toward an ingatheTing of money
into the country for purpose of keep
fag there a larger proportion of gold re
serve against general deposit liabiIftie.
than has been kept in the past Sterlinl
exchange here to-day rose slightly. anC
Acre was another advance in the price OF
copper metal
Rumors that could not be verified pre-
vailed here and in Boston that a quantity
If copper had sold for spot" or imme
date delivery at p cents a pound. High
as the present quotation for copper seems
it is TO be remembered that all the olde
manufacturers of the country can recall
period when the commodity sold at dou
bic its present price and that il was no
until the year 1873 that copper sold in thi
country below III cents per pound Il
1850 the average price Of Lake copper
that being the only class OF the commodit.
then dealt in-was 2115 cents pound
The figures represent the ordinar,
course of business dealings undisturbed b,
any ''cornering' operations as those. late
on, of the SeCretan syndicate. Considering
the magnitude Of the development of tn
electrical industry in the last two decades
and particularly in the last five years
and the diminishing rate of the produc
ton of copper in the last month
ruling prices for copper cannot be said e
De surprising. and. in the judgment of al
well-infoTmed people in the copper manu-
featuring. as well as in the cope. pro
ducing trade. are likely to be exceeded i
the years to come.
NEW YORK MONEY.
New York. Dec H.-Money on call at the stoc
exchange to-day opened at per cent; highest.