Show GAPIT CAPITAL At UT Sf STANDS ANOS AN B S EXCESSIVE STRAIN STRAN The Closing Y Year cm Shows Be Best t Record for Last Decade MONEY MARKET T A FACTOR l Stocks Have 1 0 Lost Speculative C Level In IA Last st Cc New ew rk Dec 29 he The year yea Cr ends 1 In n ran Wall street street with a d r J di divergence ill ill- of o opinion regarding time the tIO general germ gen eral commercial outlook but with whim wih a reasonable amoU amount t of or assurance aurance that time the stock market et position Is Is' isms as strong lis is as It I lias M be n itt at l any U thin n in in the tho la last t tl l twelve l months NI Nineteen le c n hundred and amid six Ix will wi pass a In financial history as a period which has imas ha witnessed a astrain astrain strain UPOn lon capital greater grealer both In Ir I aH and nl than thal m anything recorded recorded re re- corded in in the last l li decade i e. e AS Aggravated li a cd ed at t Vel very Intervals lv ls b by lalion laLon It Is Js' Js Isa a a. 3 strain which huts has been brought on au mainly by the lie great business expansion of r tho the world tl At the time close of or the time year ea attention has been directed vei el very anxiously to lh time the fact tact that the tIme business 1 of or this currency c had encroached dangerously upon the thu limits of tho time money supply upI Ba BaIc re reserves re- re serves semes had hind sunk abnormally ah low how l money ln Y rates rales had l l risen abnormally ah hl high bight h hund und and It I was an open question queston whether with u a continued increase in trade lu c activity activity ac ae- t I the time year ea would not nol bring about aboul vcr very serious crisis in inthe inthe the time 1 money market So far tal as tho lie 4 I movement of or commercial expansion I was concerned these anticipations were wele I fully funy realized Bank Bault clearings which the are time the accepted measure of ut tr trade e increased cased during the time eleven n completed tn months of or time tho piet nl y 1 12 i 1 1 per pel e li lot for or time the Ulie United States Stales as a it whole he i of the these demands I p. p irL r the time mone money market would have S P hind had some someer er very un unpleasant re re- re Sl i su Ja bad l it I u ii t been heen for the inter biter U of or the be lle secretary of the treas treasury ury with wih plans for relieving time the tension tension ten ten- sion U pugh ft the tIme use ucc use of t funds l thanks to this timis nl aid and amid nd t to I the time ln erm lS gold old Import which for foi forthe fot r the calendar months reach m over o er the lie year jear ear had passco passed pass pass- ed co lr n check upon comm commer commercial r- r cial and aud with no serious de de- c- c pi essio t market marJel T suc Dropped d. d The last wc only been eventful eventful event event- Jas ful ci In o one le or om 01 l t qu of the he stock market notably ly the he Hill II shares an and amid Reading Reading D Jno il h these stocks continued COI- COI con tinned to upset t dealings on 01 Monday Mon Mon- lol- lol day and amid again on Wednesday on-Wednesday Ve ne ay after the lie Christmas hoJ holiday renewed fall tal In Inthe fl time the Northwestern T es occasioned more moe or x Jess nt elsewhere but bu d q lIT s 's the evlA evl- evl A c M. M Ut ri 11 have am al prel f W plainly r 5 2 prices rallied allied nn and amid there being an an any disposition to rp a great eat advance ance tIme the the market hns d a very a firm Orm un undertone The Thc l yer and Northern h hc c now fallen so low that lint when the tJ-me rico oft of t tIle the o n new w subscription rights q ted In In the time curb market marker are aro d deducted from Crom their own prices these Stocks will wi no longer be he out of line hue wih seven even even- dividend payers In a the time great gretl declines In the time so so called aJ hi specialties St. St.- Paul and Reading has I Ja pretty well wel corrected th d the only Instances where speculative Inflation cou could halte properly been charged in time the Wan WaH street C t position f r 1 Net ct Lo sc Were CIO Slight Comparative firm ness of the the lie marke In Jim other othel directions ln toil prices ll ha having lentI really real lent I ly lost very little net within the time rust las fortnight ls Is hi-Is Is easily explained on 01 the tue ground that lint In the lie bl great t part paiL of tIme the trading lost Jost there huts has been no imo 0 hula hula- iou tion OI Tho The has hus passed without any of the disturbance banco which has been so much apprehended ed in the call cal mono money market The Time Thc withdrawal withdrawal- of oC capital to for Or I time the year yea I and settlements has been completed and owing owing to the time recent increase in bank bani reserves and to time the lesene lessened requirement of or the stock exchange It has la been pUsHed without oven O a momentary flutter lutter in money rates rater There Is Js er c every reason cason now to expect that hato er whatever th he time COU course of oC the time money market ct may bo later atc oil ohm the Hist six wd weeks ks of or time the new year will wi bo be a a fairly comfortable time hue |