| Show SPECULATORS MORE IRE CHEE CHEERFUL Large Dividends Paid Yester Yesterday Yesterday Yesterday day and Money Returns to Channels of Trade FAIR BANK STATEMENT VIGOROUS RALLY IN PROGRESS AT THE CLOSE New cw York Dec 15 1 The stock market today maintained the more cheerful view of or the speculative outlook reflected in yesterdays yes yesterday es s sharp rebound from the depres depression depression sion Ilon of or the th earlier part of or the week The Thed days d s market did riot not show strength ex except except except in spots but there thero was no Important Important important tant concession of or the large recoveries of or yesterday esterday The bank statement was bet better better better ter than anticipated although the Improvement Im Improvement Improvement provement failed to wipe out the deficit In the legal reserve The shortage was reduced however to the extent o 0 of over leaving still to be made up The showing of a gain in cash In Instead Instead instead stead of the estimated loss of from one oneto oneto oneto to three million dollars was wag unexplained but was supposed to be due to a larger showing of the government deposits with the banks under the offer than had been counted on Further gains are expected from the offer next week The return of or some of the large dividends payable today to the channels ot of the money market are expected to have an influence In the money market of the coming week The loan reduction effected by b the banks contrib contributed contributed contributed materially to the relief of or the sit situation situation situation The announcement of the issue of ot 93 of Northern Pacific stock for sub to stockholders at par con conformed conformed formed to anticipation The rights were i quoted on the curb at t 3 39 and the Hill stocks were strong features In the trad tradIng tradIng 4 Ing So also was Union Pacific St StPaul StPaul Paul and Canadian Pacific showed some foot f ct of profit taking and this became fairly general after atter the t e appearance of the statement There was a vigorous rally before the close and the market closed dosed Total sales of bonds par value S 96 The action of or the stock market this week has been furnished under the In Influence influence fluence of factors that were at times conflicting and which changed from time timet t ti time The money situation has worked some restraint on the speculation at all times and stringent conditions became aggravated as the week progressed But the late break in the market was at attributed attributed more largely to other causes The acute weakness developed In the Hill railroad stocks had a bad effect on spec sentiment and the confusion in the various arlous explanations for the weakness rather added to Its effect The course of the Hill HIlI stocks In the market Is largely typical of the whole of ot the recent lation and their response to the different stages of the speculation is accepted as pointing to the probabilities In other cases It is this thin condition that makes the movement of the stocks of large sympathetic sympathetic sympathetic effect on the whole market Great Northern has been the beneficiary of a profitable series of developments which have hao given a keen speculation in inthe Inthe inthe the shares The announcement this week of ot the rights to subscribe at par to 40 per cent of holdings of the stock Is be believed believed believed to end the series of special occur occurrences occurrences occurrences which have been the ground for forthe forthe forthe the speculation in the stock In the par parlance parlance parlance lance of the stock exchange all the good goodnews goodnews goodnews news on the stock is out Speculative holders of the stock who had not already released their profits were inclined there therefore therefore therefore fore to sell ell with the exception of possibilities possibilities possibilities for stimulating further buying of the stock This selling met so slight a demand that a 0 movement In the price re resulted resulted resulted and the conclusion was forced that the speculation had bad run to excess and had bad set an undue valuation on the benefits which have bave accrued to the stock The conclusion was fortified by the rapid de decline decline decline cline in Great Northern ore certificates and in the subscription rights to the new stock which were dealt in in the outside market The disappointing response of Great Northern preferred to the pros prospect prospect prospect of the large addition to the capital was of special effect on sentiment owing to the large part played in the th recent speculation by b hopes of subscription tion rights to new stock issues Bonds have been dull and generally heavy beavy United States have advanced 34 per percent percent percent cent and the old 49 si per cent on call during the week I |
