Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-12-17
BIG DROP IN PRICES
Number of Round Declines
Featured Dealings.
HEAVY SELLING MOVEMENT
Money Conditions Provoke Interest
in Bank Statement.
GREAT TRANSFER OF LOANS
American Smelling Exceptionally
Weak-Long List of Material
Declines in Railways.
GREAT TRANSFER OF LOANS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK December IA large
number of round declines were scored at
one time or another in todays dealings
in the stock market AS is nearly al
ways the case various explanations"
were proffered in connection with the
selling movement which carried the prices
of the active issues downward from one
TO four points,
Specifically. the renewed and striking
weakness in American Smelling was adj
vanced as a reason for the weakness in
other directions, but such an explanation
would not appear to be entirely salts
factory.
In more serious quarters there was no
little stress laid upon Mr.. Tafts en-
rhatic utteranceS at the dinner Of the
Ohio Society last night upon the questions
of tariff revision and the antitrust law.
At the same time Mr.. Taft scarcely pro-
ceeded any further in his address of last
evening than he did in many of his
speeches during the presidential CAM
palSn, SO it is not altogether easy to I'M
derstand why last nights utterances have
attracted so large degree of attention.
market was likewise referred to as a
FACTOR in the course of the stock mar
ket although the days rates did not
average abose those quoted yesterday
Now that there has taken place some
increase in concern. with regard to
money market condition. the weekly
bank statement is once more attaining
some of its old-time prominence in
discussion.
The outlook for this weeks document
cannot be described as especially prom
1sing, as this mornings figures showed
"a cI1h IF roo
particular reasons therefore, has gain
ed nearly $17.7OO 600 from the banks
since last Friday
There has. however, undoubtedly taken
place during the week a very great trans
fer of loans from the clearing house
banks to the trust companies and to out
of-tOwn financial institutions.
Distribution of Interests.
After all has been said bearing upon the
tendencies of today's market, technical
market circumstances might be named as
accounting sufficiently for the days re-
suits. Speculative commitments for rise
are undoubtedly very much extended,
there has taken place large and general
distribution of securities, and finally op-
erations for the short account are now be-
Ing conducted upon a greater scale and
with more aggressiveness than for more
than a year.
There was nothing new to be elected in
connection with the exceptional weakness
of American Smelling. The low price of
silver bullion and indifferent trade condi-
tons We're again referred to, and there
was increasing talk with regard to the
magnitude of the competition which was
organizing against the smelling company.
An extensive decline in National Lead
was, to some extent, sympathetic with
the break in American Smelling but
Amalgamated Copper was almost equally
weak and Sugar Refining and the United
States Steel shares showed effective pres
sure.
The selling of the steel stocks was MAUI
raj. perhaps, associated with the outlook
for tariff revision. Consolidated Gas ad-
vanced rapidly in the early part OF the
day, the movement there being of the
same character witnessed nearly each
week in advance Of the Supreme Court
meeting Monday, but that stock could not
Withstand the weakness of the market at
large.
The local traction issues, and notably
the marlborough metropolitan securities,
were negatively steady.
The railway list showed long list of
there any attendant news or gossip of in
terest.
The London stock market was generally
heavy. but the selling conducted here for
foreign account could scarcely be referred
10 as a factor in the course of the local
stock market