Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-04
Reaction in Currency Premium
Follows Controllers Call.
LIGHT ON BANKS STATUS
Easier Tendencies in the Money
Market Today.
LONDON GENERALLY HEAVY
Prices Irregular, But Extensive
Movements Were Toward
Higher Levels.
LIGHT ON BANKS STATUS
LONDON GENERALLY HEAVY
specisl Dispatch to The Star.

Epecial Dispatch to The Star.
NEW YORK, December 4.-The ISSUE
OF a call by the controller Of the currenc!
for reports upon the condition of the ma
tionaI banks at the close of business yes
terday was followed today by an imme
diate and logical reaction In the premium
on currency The action Of the con
troller should furthermore throw a yer,
clear light upon the position Of certain
banks In various sections which have
been suspected OF boarding currency ane
Of accommodating an undue amount o.
treasury deposits. The call Of the CON
troiler Of the currency was somewhat
belated, but 1t Is probable that the delay
was we'll sdvised.
Today'S money market also showed
easier tendencies, with some relaxation in
the terms at which time loans could be
arranged. Sterling exchange conditions
showed little alteration. but gold to the
amount Of E305 900 was withdrawn from
the Bank Of England for shipment t9
New York.
The London stock market was generally
heavy, but its tone was attributed chiefly
TO the disturbances In South Africa II
was apparently the case that the recall OF
the Japanese ambassador at washington
had small effect upon the European stool,
markets. although the incident came in
locally for no little discussion.
Showed Apathetic Condition.
The days stock market showed itself,
however, as apathetic to this develop
NIT as did those abroad. Prices moved
irreguiariy. but nearly all of the more
extensive movements were toward higher
levels. 1t was not especially easy to as
sign any specific occurrence OF novelty
and Importance for the tendencies OF the
market. Foreign houses followed up the
lower quotations forwarded from LONDON
for American stocks by sales in this mar.
Ret which were not much IN excess OF
10000 shares.
For q short time after the opening Of
business the market exhibited some.
what heavy tone, but rally as soon o. r Sc!
In Reading, which later extended to
Union Pacific, ST. Paul. Great Northern
preferred and Northern Pacific. New
York Central and Pennsylvania. which
had; displayed rather pronounced weak
pated In the recovery. There was no ac-
tual news and little Interesting gossip ac.
compsnying the dealings In any OF the
stocks mentioned.
Revival Of Rumors.
In rather an inds6nite way there was a
revival Of the >rumors recently current
that the New York Central had in con-
temptation additional financial arrange
ments which would include the creation
and the Issue OF some s5o,ooo00o OF pre-
fefred stock.
AS had been suggested yesterday. the
regular quarterly dividend OF 9 per cent
vas declared on American Smelling COM
mon stock. This announcement was Toll
lowed by a sudden break OF more than
3 noipts in American Smelling, although
the decline was subsequently, In large
part recovered.
Amalgamated Copper likewise regainet
a considerable part Of an extensive de-
cline The United States Steel shares
were consistently firm.
Little was done In the Traction shares
apart from Brooklyn Rapid Transit
which was decidedly steady, doubtless ir
connection with the favorable showing
the company is making in the investiga'
ton Of its affairs by the public service
commission.
During the greater part Of the business
session the transactions we're conducted
upon q much smaller scale than on yes
terday.
The bond market was relatively active
and firm.