Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-12-30
UNDERGONE WAS FIRM
Frequent Shifts Marked Deal
ings on 'Change Today.
SOME HIGH PRICE LEVELS
U. P. and S. P. November Earnings
Impaired Strength.
SHOWED RIGID ECONOMY
Marked Diminution in Activity in
Both Stock and Bond Depart
ment-Banks' Cash Gain.
SOME HIGH PRICE LEVELS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, December 30-There were
frequent shifts in the superficial appear
ance of the days stock market, but the
actual unde1tone was firm throughout the
day and most of the more extensive and
significant movements were toward higher
levels Very irregular tendencies pre-
vailed at the outset of the dealings and
all the IAter-Metropolitan issues were
weak, doubtless because of yesterdays
decision by the United States district
court. although in view of the present
state Of affairs of the Inter-Metropolitan
system it is difficult. to see why any spe
cial Importance should be attached to the
courts ruling.
The market moved irresularly through
out the first hour. when a sudden break In
American Smelling served to unsettle the
remainder Of the list. Upon the appear
ance of the November statement Of earn
ings of the Union Pacific and Southern
Pacific companies both OF those stocks
moved up smartly, and their rise impaired
a certain degree of strength to the re-
mainder of the market.
The statements of both companies again
showed the effect of rigid economizing.
AS a result OF this retrenchment the
Southern Pacific reported decrease in
gross earnings of $4,000 converted into
ciic figures showed gross decrease of
$lS4,Oo0 and net increase Of 1924,
Occasional Reactions.
During the occasional reactions which
appeared at one time or another during
the business session there was a con-
siderable amount Of discussion with re-
gar1 to the effect upon the general finan
ciai situation Of the great catastrophe in
&ot1 ott nP }c
entirely too early to attempt to formulate
estimates as to the exent OF the pecuni-
airy loss.
The London stock market was apparent
~ unaffected by the matter In question,
although foreign houses were again sell
ers here upon small scale. Except that
the rates for sterling exchange rose rather
smartly. there was little alteration noted
in fundamental conditions.
The money market ruled on recently
prevailing levels. and the indications
point to q quite large gain in cash by the
banks in their weekly statement Sat
urday. They have gained from the sub
treasury SO far this week nearly $500 600.
and the last named institution was q very
heavy debtor at the days clearing house
settlement. The commodity markets were
all strong.
Pronounced Irregularity.
Doubtless because of the pronounced If
regularity OF the dealings there was a
marked diminution in activity in both the
stock and bond departments, but a gem
eral distribution Of interest was still
manifested.
Exceptionally firm features of the rail-
way list were Denver and Rio Grande,
the Wabashes and the other Gould stocks,
Great Northern preferred and st. Paul.
Brooklyn Rapid Transit was but little
affected by the weakness in the Inter. Met.
issues, and Third Avenue recovered a con.
siderable part OF an early sharp decline.
The dealings in the industrial and mis-
cellaneous Issues. aside from the weak
ness in American Smelling, developed no
features Of special interest. The decline
In American Smelling had no more def
mite explanation than the expected an
nouncement Of the identity of the chief
figures in the new competing concern.