Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-12-20
STOCKS VERY IRREGULAR
Buoyancy in Colorado and Southern
Feature of Session.
BEARING ON THE MARKET
Statements of Banks and Trust Com
panies an Interesting Exhibit.
Railway Earnings Prospects.
Special Dispatch TO The Star.

stocks moved again today in highly ir-
regular manner, general strength being
shown in the first three-uuarters OF the
time. devoted to business operations, while
distinct weakness prevailed in the last
half hour of the stock. exchange session,
reaching the point of running break in
several active stocks just before the mar
kct closed. But it is questionable whether
the weakness thus shown among active
speculative iavorites. even if belonging to
the list of the so-called standard stocks,
or the constant and particular strength
of various other issues was or was not
the dominating feature of the days bust
ness
Thus while there was distant pres
sure seemingly in the nature of drive
at prices brought To bear in the time
stated against the Union Pacific ST Paul
southern Pacific and other stocks of
similar grade. there was throughout the
gay heavy concentrated buying of the
ihterborough-M Metropolitan ~. per cent
ponds and OF all the Colorado and South
ern securities.
The buoyancy in the case of the Colo
rado and Southern was of course ex-
p'aihaDie py the announcement this morn
ing. which later in the day assumed Of
neral form. that the Chicago. Burlington
ana Quincy Railroad Company had ac-
CURED possession of q controlling interest
III the colorado and Southern property.
The significance of this event il, it's
practical bearing upon the stock market
Is mat 1t proves that the recent adj
vance IN at least one of the low-priced
shares mas been due to sound and sub
stantial reasons and there can now he
but little doubt that i'm the other
properties, notably in those of the Wabash
ana InterboroughMe Metropolitan Com
paiiles. an accumulation of securities for
1enhIte purpose has been going on
hot
ests hostiie to the market endeavored to
make out that the special weakness Of
Cnion Pacific stock today was due to the
evidence of supposed enhancement nv
tiie mn railroad interests upon those
associated with the name of Nh, Harri
man through the purchase of the Colora-
10 and southern by the Burlington which
IN erect brings the Hill lines into the
hartman domain. but the idea that any
railway territorial conflict is involved in
The affair is almost needless to saw alb
eurd.
Practically the only news of the day
ASIDE from the Colorado and Southern an
nouncement was that contained in the
figures of the weekly statements of the
banks and trust companies published aft
er The stock exchange transactions were
at an end. These figures were highly in
terestins. They exhibited a decrease in
bank loans i'm the statement of actual CON
ditions of over $4s. 900. OoO being the largest
ever shown at any one time in the records
of the banks proper. The decrease did
not. however, represent an actual liq,Iida-
tion In the financial community as
whole. inasmuch as the loans of the
trust companies increased by $16 466, OOO.
Cash in the Banks.
AS the amount Of bank cash exhibited
on account of special operations which
are matters of common knowledge a de-
crease of nearly 1900. 900. the bank sur
<nll
which for the first time in the present
Year compares unfavorably with that of
many previous weekly statements at this
season, but which is still in excess of the
surplus in the last two years. But it
cannot be too often repeated that the
situation is through an observation of the
current rates for the use of call and time
funds. This definitely proves easy
money situation present and assured for
an indefinite time to come.
While financial developments this week
have not been of extraordinary import
ance, they still have been somewhat more
numerous than usual. and the week as a
whole has been more fruitful in this way
than for some time past. The one stock
market factor of the period. of course,
was the heavy drop in the price of Amer
lean Smelling and Refining common stock,
owing TO the dispute between the smelt-
ing company and certain consuming in
terests regarding the adjustment of con-
tracts for smelling during the coming
year, which eliminated in the threats
the part of the consumers to build
new smelling works of their own
Ii is manifest that controversies of this
nature are just at this time not infreuuent
in the business world 1t is the season
when yearly contracts are entered into
aud now that plans are being laid for
the resumption of business on Il larger
scale than during the last twelve months
II is natural that Il good deal of jockeying
OF the kind described will 20 on.
"Pennsy's" Steel Rail Order.
y notable case in point has been, Of
COurSc. the lnuy- audin.. difference hn-