Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-02
Extensive Declines Scored in
Today's Dealings.
IN INITIAL TRANSACTIONS
Loan Rates Not Oppressive Consider
ing the Period.
CURRENCY PREMIUM UP
Heavy Selling Of Americans in Lon
don-D;scuss,on Over Tenor OF
Presidents Message
IN INITIAL TRANSACTIONS
CURRENCY PREMIUM
Special Dispatch to The Sts-.

Special Dispatch to The Sts-.
NEW YORK. December "a number OF
really extensive declines were scored in
today's stock market, but owing to the
frequent rallies which occurred. the days
dealings, as a whole, presented an irregu-
lar. rather than actually weak, appear
ance. The greater part of the losses which
were suffered took place In the early part
Of the day and to some extent were incur.
red In the initial transactions. The course
OF the market at the opening Of business
was something Of a surprise to most OBJ
servers.
There was nothing Of any importance in
the Developments over Sunday. and apart
from the still active conditions In the
money market and the continued pre-
Intums on currency, there was little in
the days Developments Of disturbing
character. Moreover, the rates quoted
sive. considering the period Of the month
and the general state of the money mar
ket.
The premium on currency advanced
above per cent again, mainly because OF
q renewed demand BY national banks,
which was commonly supposed to indi-
cate their expectations that the controller
of the currency would soon Issue a call
for a statement of their condition. To
no small extent the local stock market
the London market. and more particu-
larry the American department there.
Heavy Selling in London.
Quite heavy selling Of American stocks
for continental account was reported from
London and selling operations in the local
dealings by foreign houses were estimated
In excess Of $1,000 shares. an unusually
large amount in comparison with recent
frur op hi ohor %,
teration was noted In foreign exchange
conditions, but doubtless because Of the
continuing premium on currency an add
ttonal amount Of 81 100000 gold was sc
ment to New York. The Bank of England
obtained the ba.ance Of the So. 500 90 gold
laid down In London today.
The reactfonary tendencies of the mar
ket during the forenoon session in the alb
sence OF any direct explanation of its
course created somewhat disagreeable
impression. Nothing, OF course, was ex-
pected of the initial session Of Congress
today, but there was increasing discus
sion during the morning with regard to
the tenor Of the Presidents message,
which will be published tomorrow. A re-
ductfon OF 80 1-3 per cent in the dividend
on Calumet and Hecla mining stock like.
wise created disagreeable impression.
Standard Oil Prosecution.
There was much discussion last week
with regard to the resumption today Of
the federal prosecution Of the Standard
OIL Company. but 1t became known early
that the proceedings had been postponed
until 3 o'clock this afternoon. In the
meantime Standard Oil stock was exceed
ingly strong on the curb market. 4
As had been foreshadowed in the adver-
ttsed notices, the coupons on the profit.
sharing secured notes Of the Underground
ElANfrfn luya 50 r
we're not provided for by the company
but were purchased by it's fiscal agents
here from such of the holders as were
willing to avail themselves of the oppor-
tunity.
There was much unfavorable criticism
upon the extremely vague character Of the
eompany's announcement with regard t.
their plans for providing for these notes
which mature June /, 1908. Consider ng
the price at which the notes were foated
and the level at which they are now
Quoted, IL would seem as II the controlling
interests might have been more explicit in
explaining the situation to investors in
the notes.
1t is also evident enough that the posi-.
ton Of the controlling interests will be in
no wise weakened through their acquisi.
ton OF the coupon due today. and the
probable acquisition of the coupon due
upon the maturity of the notes.
AS noted. the general stock market
showed no little rallying power on occa-
sions and toward the middle of the after.
noon the tender cy/ toward recovery be-
came more general The Improvement In
prices had, however, been preceded by
such declines as 27s points in New York
Central, rs in Pennsylvania, ia in Atchi-
son, N IN st. Paul, 21s in Union Pacific
~ in Reading and corresponding losses
In the industrial and miscellaneous shares
Reading and Union Pacific both showed
however. exceptional rallying power. The
traction shares showed rather note
worthy degree Of strength throughout.