Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-24
1oney Stringency Took the
Life Out of Dealings.
TRADING Is PROFESSIONAL
Currency Premium Still l Per Cent
or Thereabouts.
STOCKS HEAVY IN LONDON
Extensive Movements Compared to
the Industrial and Miscellaneous
Issues-Railways Inactive.
TRADING Is PROFESSIONAL
STOCKS HEAVY IN LONDON

Special Dispatch 10 The Star.
NEW YORK. December 24.-In a gem
eral way Il might be said that the con-
tinuing stringency In the money market
was the controlling influence in the deal
fngs In securities today but this observa-
tion would carry greater weight had 1t
not been for the fact that the trading in
stocks was almost exclusively Of a pro-
fessional character
In all the circumstances OF the case and
especially In view OF the period of the
month and OF the year. It was Idle to ex-
pect anything else but a very active and
disorganized market for loans on call
There was, therefore, no surprise in that
direction today. Renewal rates on stand
ing loans were q matter of arrangement
between lender and borrower. and the first
quoted rate for fresh accommodation on
the stock exchange was "a per cent. The
subsequent tendency was toward relaxa-
ton. mainly because borrowers were quite
willing to avail themselves OF funds at the
terms quoted in the early dealings
As matter of fact there were no par
ticular novel developments relating to the
monetary situation. The banks have
gained from the subtreasury since last
Friday 81 1862 600. and some large amounts
of gold were received by todays incoming
steamships. Further small amounts Of
the metal were withdrawn from the Bank
of England for shipment to New York.
the premium on currency was still main
tanned at per cent. or therea bouts, with
apparently somewhat diminished de-
mand.
Professionals Were Gay.
During the greater part OF the business
session the professional element Of Wall
street. who are now furnishing such a
semblance of activity as is being mani
tested. confined themselves rather to fes-
tivities more or less appropriate to the
season of the year than to attempts to
scalp profits from their transactions with
each other
Dealings upon the London stock ex-
change were conducted upon pretty much
the same basis as those noted in the local
market. American shares were somewhat
heavy, but operations here for foreign ac-
count were upon a trifling scale.
There was little or nothing in the news
OF the morning or in the developments
with the course of the business session,
sentiment strongly in one direction or an
other. Little attention was paid to the
further banking difficulties reported from
the southern states. and serious attention
was occupied mainly with the further evil
dences OF the serious contraction in the
general business of the country as evil
denced in the returns of railway gross
earnings and those OF the clearing houses
iion pTdctlcdlly every Sectlon.
Some Extensive Movements.
The more extensive movements in
prices took place in the industrial and
miscellaneous issues and included sharp
declines in American Locomotive and
General Electric. The American Loco
notiLG-Gcudp4ny having only recently
declared its Ssfopary dividends. discus
sion naturall1SkJfted to the prospective
in General EMctric Vas somewhat
the Westins housH concetn and the con
templated financing of the New York
Air Brake Company.
At Che same time the other railway
equipment stocks were not notably heavy.
-Amalgamated Copper American Smelling
and United statesLsfeel shares were rela-
The railway share list was for the most
part heavy. but no little rallying power
was apparent in that department. The
most extensive maximum declines were in
Baltimore ar1f Ohio. Southern railway,
Union Pacific, Missouri Pacific. Chicago
and Northwestern, New York Central and
Pennsylvania
In the present condition of Wall street
sentiment IL was inevitable that the
persistent weakness of Baltimore and
Ohio should be discussed in The light
of the appfoachiing action OF the d.
rectors on thesdividend upon that stock.
No informatfon was available with
regard to the decision of the Missouri
Pacific management on that dividend,
and the stock was not conspicuously
weak