Show TONE OF HESITANCY Stocks Did Not Respond > Eagerly Yesterday i I IIG GAIN IN CASH RESERVES Incnase Gavo Spaculators a a PItasant Surprise Block Speculation Underwent Chango This Week and Prices Advanced in Broader L1ne e Tori Dec C There was a tono of doubt and hesitancy In todays block market which quito nearly followed the appearance In yesterdays market of signs of a culmination of the rise Ycs urdaya largo volume of deallnga and tim final net changes In Invoices pointed both to heavy realizing and to largo short coy trlnp While the realizing Is a strengthening strength-ening factor of the market the reduction of the short Intercut deprives It of a technical tech-nical factor of strength A renewed advance ad-vance In Brooklyn Transit followed by tlic local tractions this morning obtained little following in the general list A selling sell-ing movement followed carrying a number of leaders such as Pennsylvania United States Steel preferred and Amalgamated a point under last night A feverish and irrfguar recovery succeeded upon the publication of Uhc bank statement Tho gain of hall n million dollars In cosh reserves was an agreeable nurpriso compared with the expectation of a de crfaso of several hundred thousand dollars dol-lars and It la supposed to be due to the marking up of former discrepancies the other way The Increase In tho loan Item of a little over a million dollars was not disturbing The market closed steady and not far from last nights level The sterling exchange market was weak and declined further to a level which will assure as-sure the movement toward New York of any available gold supply In foreign money markets The financial chronicle rolnbJ out that municipal bond sales for F November were larger than for any previous pre-vious November except In 1SOG The large Issues of new railroad bonds which have been successfully placed In the recent pnst Is aim the occasion of comment favorable to the financial prospect A contrast In afforded by tho figures of new Incorporations with a capital of I JlOCOOCtf over during November which Ml to the lowest aggregate of any months month-s thu early part of 1SD9 The temper of iipcculallon In stocks r linn undergone a change this week and prices have advanced In a broadening mark Commission houses report that there has been little growth In outsldo order business and the movement Is supposed sup-posed to be principally duo to operations by i professional traders and habitual operators oper-ators of the wjalthy class But the technical tech-nical significance of the movement IB I probably not lets on that account Operators Oper-ators In stocks for a long time have found their only success on the side of receding I price This eek the market gave cvi dcncu of fovlng oversold and the beam fulled of their recent succcssco In forcing 1 out sales of slocks when they offered prices down Among the Industrials especially es-pecially which have suffered such drastic itcalhig down of prices the urgent demand jt to borrow stocks for delivery which com il nmndnl a premium In some cases gave warning of danger to the shorts nnd promptd buying to cover The early coy i ring movements among short speculators of the smaller class did not at first ills tuib the more powerful operator on that side of the market and they wore Inclined to avnll themnclvoa of the rallies In prices to put out frejih linen at the higher level SJomo of tim Hclllnir that was attributed to realizing by the long waa undoubtedly this renewed short aelllnir AVIth the persistence of tho upward movement through the vculc an extended thort intercut was thus left uncovered until past the middle of the week when It became clear Unit a boar clement of u stronger and more persistent character than any heretofore icached wan being driven to cowr with tin important offiict upon prices and an uwakcnim of decided animation In the market The fears of the shorts were aggravated by their HUH melon that an absorption of stocks had bOLn going on by the great capital and banking combinations whose operations contemplate wide policies and are bused upon convictions an to general conditions and their ultimate working out The rc oovory In prlccu gained force and proceeded proceed-ed In this face of various news actors that were nnfavorablo but which hud to uo with condltlonn Unit have boon more or loss forcacn and bare been an element In thu Hpouulatlon for a decline for some I time punt For Instance the cotton crop indicated by thi Oovernmonts estimate at below lOCnOWO bales would bo regarded AH amounting to a national calamity were it not that the heavy marketing of cotton wiring November awakens Home akoutl lion toward the estimate Hiiportn continue to bo received of limo Musing down of Iron and steel mills and of now nitiKurca of rolruichnient and econ omy In that truck Railroad earnings while still holdltur above last years level both for gross and not earnings show a progressive decline In time ratio of the In eretue for both Hut thcso dovolopmonts sire met by the growth of time opinion that the cnormnun ihrlnkaKu which has oc curred In time prices of securities has al ixndy been sufficient to discount the worst that could happen of true reac tion anti contrjictlon The sentiment over ho liiluBtrlal future alto has grown Its tinctly more hopeful This IH Mpcclallv markccl In regard to the Iron and stiol lxidIcaimij A vAf V 11 irires ot tno product has met i a revived demand which prom jacsi come conaumntiv i absorption of Limo lessoned voluino of output The inciisuro It nnlTl alrenil niOJltl and thom III contumplntlon atl limo reduced freight mates on steel products for export arouse r Hopes of nn avalhiblo outlot In the for I iKTi tnde The details of the foreign F fl trade statement for Ortober offer gratify I A tug i l7 ° VnJiiSr lime revival of the export tnulo in all linen of manufactures The seasonable cold wnthcr lets given ail Im 1 IKtua to nil HtitH of distributive trade And I i the roal track In which conniacmbo I gestion had dovclopod 1mm reported to con ho csnecljilly bnciltclbythe l colil weather Jn the stock market no small part has bien played In the recovery In the con Btnnt circulation of rumorn of important adjuntment of control and of uollcv touching tim riatiomitm of group of canl tnllHtH tending to hnrmonlso thoso rein tlonK Thmo money market has shown tho I expected relaxation following Limo complo ton of the December Battlements Con ditions abroad IIH well aim hero promlso a contlnninco of a linn money market for the rent of thin year But It Is l mado vicar horn the inovemcnt of th > International chanfcea and thu atatlstlca uf Interne tional trade that New York commands time exchange situation New Orleans und Sun Francisco have made further requisitions requisi-tions upon New York for currency during the week and additional shipments to those points are expected but the Western West-ern demand for cropmoving purposes has come to an end Gold for Import bus been secured In the London market whenever the movement of money rates did not make It more profItable for holders of exchange ex-change on London to hold up their collection collec-tion and leave the proceeds on loan In London A now development has been the shipments ship-ments of gold Horn Japan to San Francisco Fran-cisco San Franciscos exchange neods arc usually sat tilled by way of Australia but large Australian crops has thrown the advantage of exchange to that center San Francisco llnds it of greater advantage advan-tage to dispose of its sterling exchange claims to Japan and to take gold from thLrc In compensation The movement serves as a relief from the Sun Francisco demands upon New York for currency ConlklcncG Is uiidimlnlshcd that money vlll become easier with the turn of the year nnd it is believed that the movement move-ment of stock is In part a discounting of this expectation The bond market baa been somewhat Irregular but has grown stronger In sympathy with stocks United Slates 2s and the now Is dc dined 34 per cent below tIme closing call of last week weekNEW NEW YORK rOND LIST U S ref 2s reicr L N unl 4s OOj U S ref 2s couplOG Man con g Is102 U S Ts reg107 MaX Con Is 73 U S is couim107 ilex Cen si Inc 15 U S n Is rcgim M S L 1 is US U S n Is coui13Hi M K T i 4s OC U S o Ss rcg IO M K T 2iutls 9 U S o Is coup110 Nat of Me x c In 7C < U S Ss reg 101M N Y Con g 2 M U S 5s coup 101Vt N J Con g1 rsl 0vi Ateh pen Is100 North 1ao 4s 102i A tch adj Is SS North Iuc TS 70Vj Atlantic C L Is ot N W con 4s iifvft JJiilt O 4SHHVH Or S L 4s P U2H i Bait O 3s SMJi I Pcnii conv 15 s siSi Cen of Ga GslOI Rondlng gen 4s IIi t Gen of Ga st In CC S L it 1 M c fisllli Chea O 4Usl01vi S L vt ri F fpr 4s Chi Al S i4s 73 S L S W ists W C B ft Q new Is 92 Seaboard A L 4s 71 C M tiZ S P g is110 aouth Pac 4s SGj C N W c TslSOU South Ry nsH2j C K J r P k I 70U Tex it Pac lstsH4 i C 71 I P c Os 7n T S L cfc W 4s IN c c c s T g i nsvi Tnlon Pac 4s 102 Chi Term Is 70 Union Pac c 4s 01 lf Cons Tob Is 57 = i U S Steel 2nd 5s 70A Colo So Is SIV Wabash Ists 11310 D n G JSKO Wabash d B Co lie prl lion Ss 08t AV L E 4s Sil Erie gen Is S5 Wls Cmi 4s iOi F Vi D C IntlOT Cola P 1 Os C7i Hock Val 4s1Ot4 ValCLOSING CLOSING STOCK LIST Sales High Low Clcno Atchison 12100 W 071i i7k preferred 00 liJli i > 2 lil Bait Ohio CJi 7JT 7S 7b5 preferred 210 SVt S7Va S7 Canadian Pac 1400 llSs H7i 31751 Central of > J 15G Clues Ohio 1520 It4 ili 31 cat ti Alton fiOO 31i 31 i 21i preferred 100 70J TO1 70 t Chi Great Vest 1100 1G 15JJ lf = 11 preferred 2 < i Chi Northwest 210 1G76 1G5 1G7 Chi Term T preferred ISj C C C < t St L 200 7J 74 71mm Cob Southern 3iO llA 11 li 1st preferred 525 5I Mis 611 2nd preferred MO 22 22 22 Del Hudson 100 Wjy 3W J 15S71 Del L West 211M Denver Rio G ZIA preferred K0 Gt C9 OS Erie S1W 35S14 27 27 1st reforcd j G700 r171 07 0714 2nd preferred 5JO 4Ui 4014 4l Vi Great North pfd 100 Hocking Valley 73 preferred 83 Illinois Central Oil 130V 12iift 12Ij Iowa Central 21 preferred 3 K C Southern J Mid preferred 1 IK Louis Nash 3tCO lOtli 103 1015ft Manhattan L COO I 111 110Ji 151 Met Street Ry 2100 121Vj lUli 120 > i Mum t St L 5S Missouri Pac 12J75 Wd tl7 f Wli Mo K t Texan EW 17Vj 15i 7Vj preferred WO 3tf > a 3D 3y > ij N R of Mex pfd 37 N Y Central 12CO Jlfi 117ri 1lTA Norfolk West 7W 57i ui t7 tirefcrred S7 Ontario ttest 1500 21j 21 t 21t Punnsylvanla MJacO IIS lir 117 P C C St L 100 C2 iH 011 Iteadlng 11tro 44 43 l W 1st piefened ICO 77X 77Hj 77li 2mmd preferred CO Rock Island Co 20000 2 < J 2VV 23 preferred 200 01 < j 151 tU St L S F i pfd CO 2nd preferred 200 43 43 4riji St L Southwest 13VJ preferred 300 V2 32i 32Vi Si Paul V50 111 141 111 = 1 preferred 172 Southern Pac 0021 4i5i 41ii 4C Southern Ry 2WJ 20 2t4 20 = preferred m TF 71J 7SM Texas Pac 22W 2lv 2111 Ij T St r Wcmt 10 2l 2l 2l preferred lir i 3111 2tj t Union Pac 1S723 7GVj 75ii 70Vi preferred CTJ Wabaah WJ 20 20 joy Preferred 212fi Jffn u > > Wheel L Erie JiO 1G IfilA Ifi WlH Central 4V > 17A dJ i IOTJ preferred 1X0 07 7ii 7 Express Companies Adoins 230 American 1S5 United States 100 WellsFargo 103 Miscellaneous Arnalg Copper 303 41 W1 41Vt Amer Car A F 2 0 Hifc 13 IS1 preferred Co Amer Lliuiced Oil it preferred 27 Amer Loco 700 IS < lilTA llil preferred 100 7Wi 7GVi 7C1 Amer Sm Ref COO 4l7y AZVj 4G i preferred 813 f j KWt S > < Amer Sugar Ref lEOO 123 i 1221A lJ2yt Anaeonda M Co 70 Brooklyn It T 41100 4C H 47 4SM Cob F Iron 400 2 20 2i V C Hock Coal Ito IliA iI5 11 Cons Gas 1110 173 ITS i7s General Electric ItO 161 100 100 lntcni1 Paper iL0 11 lO preferred 2CO GT i Ki t p Internl Pump preferred 7 National Biscuit jfi National Lead 1ilt North American 78 l iu Mall 157 Peoples Gas 1CCO Ji 6i K16 Pressed Steel Car 200 27 27 2CV2 preferred in Pullman Pal Car 2H Republic Steel 714 preferred 61 42 IIi 42 Rubber Goods 453 lt IfrTi IfTvl preferred 70ft Tcnn C ti Iron 1070 3t 4 32 323C U S Leather 00 7 i 7 > 7U preferred 200 77 7Cvi 70 U S Rubber 91i preferred asi U S Steel 10710 12 11V 11 preferred l7ViO fi7 f5 HG4 Western Union 320 SS S7s S7 Nor SecurlticH S9 Total sales for tho day 200375 shares |