Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-26
Marked Relaxation in Money
Rates Today.
GRATIFYING CONDITIONS
London Closed Today Over the
Christmas Holidays.
RENEWAL OF HEAVY TONE
Fresh Liquidation, But Trading Was
Of Exclusive Personal
Character.
RENEWAL OF HEAVY TONE
soecjsl DISPATCH to The Star.

Special Dispatch to The Star
NEW YORK, December 2B.-The market
for call loans was naturally late in open
ing this morning. but when transactions
there got under way the Wall street COM
munity was agreeably surprised at the
rates at which It could obtain accommoda-
lions. Some OF the banks attempted to fix
a renewal charge In standing loans at %
per cent, but borrowers as a rule were not
disposed to accede to any such figures,
and the bulk Of the dealings in this direc-
ton was effected In the neighborhood of
Is per cent.
Apart from money market circumstances
there was little or nothing TO be said with
regard to the days financial situation at
large. The premium on currency remained
In the neighborhood of per cent. but the
dealings showed further curtailment in
volume. The banks have gained from the
subtreasury in their operations with that
institution since last Friday. more than
$2.30OO 900. and this fact, coupled with the
comparative ease in the days money mar
ket, would appear to foreshadow another
favorable bank statement Saturday
The local stock market was deprived OF
the customary IL nominal influence exert
ed by the course of the London stock
market, as the latter institution remained
closed today over the Christmas holidays.
During the greater part of the business
session the stock market showed re-
newal of the heavy tone which chara cter
lied the dealings of tine early part of the
week. and In some instances there were
rather clear indications OF fresh liquida-
lion. For the most part. however, the
trading was of an exclusively personal
charac ter. and the transactions were con-
Quoted upon about the same small scale
of activity as of Tuesday.
Generally speaking, and in an Indefinite
nv6t NJ o
showed q somewhat steailer tone than In
displayed during the morning session,
chiefly because of the Unexpectedly easy
terms at which loans on call could be
arranged.
Liquidation in Railways.
In the railway list the stocks In which
genuine liquidation was most apparent
were New York Central, Pennsylvania
and Atchison, although larger maximum
declines were scored in other securities
OBVIOUSLY, there was little OF novelty TO
be adduced in connection with the move
ments In any Of the stocks in question,
but there was much gossip with regaru to
the prospective showing of the Pennsyi-
vania railroad for the month Of Noveri-
Der.
Quite extensive declines were noted also
at one time or another during the day In
st. Paul, Canadian Pacific, Southern rail-
way preferred and Missouri Pacific. The
frequent p6stponements of action on the
dividend upon the, last named stock are
proving disconcerting to the sharehold-
ers. and wasers were offered upon the
floor Of the stock exchange today that II
would be impossible to secure a quorum
for the meeting scheduled for this after
noon.
Sugar Refining was the leading feature
OF the industrial and miscellaneous shares,
sand in that case also the selling appeared
1afply to represent actual liquidation. al
& in With the Sc %
weakness Of the stock.
Substantial declines were scored by
nupAper Of the inactive stocks in this de-
Part tent 81 the market, including New
>fufk AlrbFake. MacKey companies Re-
public Iron and Steel and United States
Realty. On the, other hand. such stocks
as the United States Steel shares, Anal
gamafed Copper and American Smelling
Wssscomparatively firm