The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-12-29

New York, Dec. 2S.-The stock market
to-day tended to become duh, and an
Irregular movement Of prices generally
prevailed in it. Dealings were only
little over 100000 shares, against 10000
shares yesterday. and the variable char
acter Of the price movement may be gath
cred from the fact that at the close of
the market Amalgamated Copper, South
ern Pacific, Reading. Baltimore and Ohio.
Atchison. and Great Northern stocks
showed net advances. while declines were
exhibited in the Union Pacific. United
States Steel. St. Paul, Brooklyn Rapid
Transit. and Pennsylvania stocks.
The entire days business was languidly
conducted. the general feeling appearing
10 be that. although dangers of a pinch
in money rates over the end of the year
had been nearly eliminated, and although
the course Of rates thus far in the week
had been all that could be desired. Yet
no one could tell exactly what price
might be asked for financial aid before
annual financial settlements were def
nitely concluded and that it was well 10
be cautious in market ventures until the
month Of January was fairly entered
into.
Call Money Drops to ,.
Call money to-day opened at Q per cent, /
rose to IS per cent. and sank TO per
cent at the close. Bank renewals were at
ii per cent. which was a fair gauge of
the average calI-mOney rate during the
day.
The market was inclined to strength at
first but showed a keen sensitiveness to /
the advance in call money, and farther
on in the day was no doubt affected in
some degree by the news of the death of
President Cassatt, of the Pennsylvania
Railroad Company. This event did not
produce anything that could be called
selling of stocks. since the precarioUs |
condition Of Mr. Cassatt's health has long |
been well understood in the larger hnan- |
ciaI Centers.
Moreover, the current price OF Penn |
syIvania stock is currently regarded as
standing at a very low point for the Z
per cent dividend paying shares of the |
railroad company in the country, and one /
which pretty nearly measures the full /
force Of whatever adverse influences have /
recently been brought to bear against |
Pennsylvania stock in particular and the |
security market IN general
In the later afternoon the market once
more moved upward, but was very
lethargic in the last half hour of trading /
The most active stock in the market was /
Reading common, although the dealings /
here seemed to be of no other sort than /
the speculative operations that have for /
SO long a time caused such wide fiuctua- /
ton in the price Of the stock
AtehisOH Leads Market.
The strongest stock on the list was .
Atchison common, which made a net aG- /
vance of one-haIf point The Use appeared /
10 be based upon the argument that as /
a stock that is almost certain TO 90 upon /
a 6 per cent dividend basis next spring /
the present market valuation Of Atchison
is too greatly depressed. A notabls
feature Of the days business was the
heaviness in the curb market of the sub
scriptions rights" the new issue Of Great
Northern preferred and Northern Pacific
stocks.
The days dealings really represented no
more than the evening up purchases
and sales of professional spectators. and .
were not such as TO afford any definite
idea Of a strongly ruling tendency in the
market There was, however. firm UNI
dertune to the trading and further eyi-
dences Of a cessation Of that liquidation
which has recently been such feature OF
stock exchange transactions.
The market also reflected the undOubted
retirement yesterday Of a considerable
portion Of the short interest in current
speculative operations that has recently
been created. There were. il may be said,
renewed stories to-day Of large specuia-
tive accounts in some of the high priced
stocks that were taken over at private
sale by banking interests below the ruling
market price, so that less and less anxiety
was experienced as to any recurrence Of
a forced selling of these stocks.
Look for Good Statement.
The estimates Of to-morrow's bank re-
turns agreed in calculating a cash bal
ance of the banks Of a little less than
sS000.OOO while general anticipation was
that there would be no such cause for
disappointment as was given last Satur-
day in the report by the clearinghouse
institutions of only a trihing reduction
In loans. Il was believed that under the
average system of compiling this report
the full marking down of loans that oc-
CURED last week was not shown and
that such curtailment would display itself
in tO-mOrrow's exhibit.
The Bank of England to-day increased
its gold holdings in the very gratifying
sum Of g, ~, goo. but set aside s.. 5000 600 OF
the amount as a reserve against Indian
currency bills
A matter OF some interest was the re-
ceipt of cable dispatches here from Berlin
and Frankfort by the correspondents of
German banking houses. giving infOrma- Il
ton as to the exceedingly high prices
charged in Germany for carrying stocks
over the current settlement. Another
development to-day was a further fall in
sterling exchange, which once more at
tracted attention 20 the extraordinary
causes, whatever they may be, that pre-
vent q movement OF gold from London
to this city in response TO natural con-
ditiOns.
There was again to-day and to greater
extent than has yet been observed. ex-
pressions Of resentment and disgust in
the financial district over the action Of
the directors of the Chicago. Milwaukee
and ST. Paul Railroad Company in refus-
ing 10 allow subscriptions to fractional Il
shares of stock under their new financial
plan.