Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-12-14
STOCKS OPEN STRONG
Activity Marked Greater Part
of Business Session.
FEW NOVEL INCENTIVES
Banks Loss to the Subtreasury a
Striking Feature.
MONEY MARKET UNAFFECTED
Further Material Decline in Ameri-
can Smelting-smart Advance in
S. P. and u. p.
MONEY MARKET UNAFFECTED
Special Dispatch to The Star.

Special Dispatch to The star.
NEW YORK December 1.-THE stock
market opened strong and active and re-
tanned those tendencies remarkably well
during the greater part of the business
session. Transactions both in stocks and
bonds measured up closely to recent scales
of activity. The week in the stock mar
ket began. however. with few novel in
centives to speculative activity in either
direction.
American shares were quoted at small
and irregular changes in the London mar
ket, but with the course of the morning
the arbitrage houses became fairly active
and were buyers here to the extent OF
about 5000 shares. 1t is understood
that these purchases were in large meas
IRE in connection with the sale of calls
on American stocks by London operators.
One of the striking features of the day S
situation at large was found In the pub
LEGATION of the figures of the transactions
between the banks and the subtreasury
since Friday Of last week. These figur 8
showed that the banks have lost to the
SubtreaSury in that time no less than
s13,3SI,Oo0. This great unfavorable bal
ance was, of course, caused chiefly by
the payment against the subscriptions to
the new Panama canal bonds.
The money market was singularly unaf-
fected by this exhibit of such reduction
in the banks service. but sterling ex-
change advanced further. and notwith-
standing the scant supplies of gold bars
at the assay office. additional exports of
gold in the form of coin seem to be rea-
sonably certain before the close of the
current week.
This prospect is cited only as a matter
of record. because as a matter of fact it
seemed to cut no figure whatever in the
dealings in the stock market The lat
On firm, hot
worthy exceptions to the common drift
were bound to excite more than the
usual degree Of comment.
1ndustrials Mostly Firm.
Attention was. consequently. naturally
attracted to a further material decline
in American Smelling stock, for which
no more novel or definite explanations
were advanced than the low price of sill
Yer bullion and the rather Indifferent
trade conditions. The industrial and
miscellaneous issues WERE for the most
part, however. firm, in common with
other departments Of the market
A number of the railway equipment
stocks showed pronounced strength. note
worthy instances in point being Railway
Steel Spring and Pressed Steel Car Con-
solidated Gas continued to f1uctuate wide
~. pending some definite information with
regard to the decision of the Supreme
Court at Washington In the eighty-cent
gas case.
Soon after midday Washington advices
were received setting forth that the Su-
preme Court had decided that the inter-
state commerce commission did not pos
sess the right to compel Mr. Hartman
and hts associates to answer the question
propounded to him in the investigation
of their purchases and disposition OF
various securities. This intelligence was
the ostensible explanation of rather
smart advance in Southern Pacific and
Union Pacific.
High Levels for Railways.
A certain degree of irregularity was ap-
parent in the dealings In the railway
share list. but that was by no means re-
markable. in view of the fact that the
average level of that quarter of the mar
ket rested on Saturday at the highest
quotations touched in more than eighteen
months.
Today's transactions in railway stocks
carried many active issues to still further
high levels of prices on the current re-
Covery. The Wabash issues were all not
ably strong, as were the SO-called Gould
railway stocks. Substantial gains were
recorded in New York Central, Baltimore
and Ohio. Atchison, Louisville and Nash
VILE and Pennsylvania.
The local traction securities were also
generally steady although they figured
rather less prominently in the transac-
tions than in last weeks market.