Show I Financial fi n a la and nd Commercial tom m I i HELD HEED IN N CHECK OY BY DEAR MONEY M I Little Character to the Speculation Speculation Speculation lation in Stocks in Wall Wai WallStreet 1 J Street Yesterday 4 INROAD ON BANK RESERVES r DRAIN EXPECTED TO CONTINUE FOR SOME TIME I New ew York Dec Dee J There was little character to the trading in stocks today the constraint on the tho speculation being attributed generally to the money situa situation sItuation tion lion The Tile bank statement did not reflect F as large largo an inroad on the reserves as was foretold but yesterdays 27 per cent ent money i 1 rate caused an apprehension that the full fullI I result was not included in the statement 0 o tho the averages avera es contained in the bank statement The largest part or of the tho ti loss came late in the week and find so figured to toa toa toL L a small extent In the averages Moreover the tho influences at work to cause the drain are expected to continue in force The funds employed in making the December first payments may bo be 1 0 slow in returning h 10 to the channels of the tho money market V Tho rim English money market on the thc other 1 liand showed tho the effect of or tho the e re I of reserves by the Batik Bank of England and there was a sharp decline I In n discount rates in London Sterling exchange rates here also were weak I The constraint in the stock market was wasa a hown in the smallness of the dealings rather than In any depression of tone Dull DulI resistance was in evidence and some jot of t the minor stocks made sharp advances 1 especially espe lally among tho the lesser Jesser iron Indus Industrials IndusI I trials rials and the railroad equipment stocks I he constraint on the market was attrib attributed a In part to a desire to await the tho ef of effect I fl I of ot tho the forthcoming message of the tile I president The financial world has formed J the thc opinion that the extent of the rec I to be contained in the I message 0 may be pretty well inferred from previous official utterances and does docs not look ok for sensational surprises I A heavy decline in a favorite specialty in the Ule curb market speculation attracted attention owing owIn to the th prevalent 1 hension that a state of speculative inflation Inflation tion lion in mining minim stocks may have laid the 4 WRY way for a collapse The November transi trans transactions i 1 I actions at the tile stock exchange fell to a aI j I total of less than shares of stocks I I Hold sold or less than in last No Nov v ember while the par value of bonds I which changed hands was less Jess than in November of last year ear the tho total I tf iii Total sales of bonds par value Speculative activity in stocks has been I rr l this week The Tho interruption of I the mid week holiday and antl the preparation f for the December money moncy settlements were prime causes of the conservative disposition disposition 1 tion toward new commitments in the mar marlet marI I let lt Prices moved sluggishly and antl irregularly I larh and often reversed themselves in tue th course of or a days lays trading Special 1 movements in a few stocks had a sustain sustaining ing In influence to some extent but there I VT wire tore other cases cares where there was depres depression depression 4 sion son from special causes The permanence i L of jf the low Jew paying parin stocks did didI I not ot persist beyond tho the opening of the tile werk and the return turn to the front of the most important railroad stocks had a beneficial effect on sentiment The Thc it publication of the annual report of or the therrion I Pacific was an influence in this I f of the preference of buyers 4 Transfers of currency to San Francisco T to move moc the fruit crop have hac been large I the week and there has been a movement to Canada as well in connection lion tion with the tue annual showing of the thc Cana Canadian Canadian Canadian dian banks The further probable require requirements 1 ments nto of southern money markets for completing the movement of the tile cotton crop rop is a further item to be considered There has been a decided improvement L in the position of the English money mar markets markets markets The Tile condition reported by the Bank of England on Thursday is felt to show sufficient resources to meet all the ex ox exl 1 l i eded requirements for the end of the I year car and the fears of a yearend bank rate rato of 7 per cent have practically dis disappeared appeared Bonds have been dull and the tone rather heavy United States 2 the s and old reg declined 4 and the old coupon I ss III per cent on call during the week |