Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-03
Confusing Fluctuations Mark
ed the Movements Today.
NO REASONS ASSIGNED
Money Conditions Showed Consider
able Relaxation.
COVERING OF THE SHORTS
Americans In London Depressed, But
Market Otherwise Steady-Amer-
lean Smelling q Feature.
NO REASONS ASSIGNED
COVERING OF THE sH0RT'
nOeeial Dispatch to The Star.

NEW YORK, December 3.-There were
curiously confusing and extensive huctua-
lions In prices in today's stock market,
and for the irregular changes noted there
was little or nothing to be assigned IN
the way of novel developments. Pre-
sumably some persons perused through
out the Presidents lengthy message to
Congress, but 1t could scarcely be said
that the stock market furnished any pro-
nounced reflection of their conclusions.
The market opened weak after which 1t
rallied briskly, and then declined again
with equal rapidity. Price movements
throughout the day followed In general
these irregular lines. American stocks
were depressed in the London market.
which was otherwise steady, and which
closed with decidedly flrmer tone. Oper-
ations here for foreign account showed
only a small excess of sales.
Money market conditions showed con-
siderable relaxation from yesterdays .eN
els, but on the other hand the premium
on currency advanced further. and there
were some transactions reported as hlgn
as per cent. 1t was generally believed
that the explanation Of this last state or
things could be found In the expectation
by the national banks that they would
soon be called upon to furnish report
upon their condition to the controller OF
the currency. Stock market dealings
themselves were of interest chiefly along
technical lines.
An Effective influence.
The further covering Of short contracts
was unquestionably an effective influence
in the occasional advances which were
shown and a good deal of manipulation
was evident In a number of the more &C.
tive issues. Signs were not wanting on
the other hand of careful distribution of
securities bought during recent periods OF
extreme market depression. presumably
for the purpose Of extending support to
particular securities. Little actual news
or gossip of interest attended. however.
the transactions in individual stocks.
The widest fuctuation in any Of the
active issues was In American Smelling,
which advanced over four points In the
early dealings on unauthoritative asser-
tions that no reduction would be made In
the forthcoming dividend. Another of the
copper mining properties followed the
prevailing fashion of postponing action on
its quarterly dividend, and this. together
with the forthcoming action on the divi-
dend on Anaconda Mining. doubtless &C
counted for the comparative heaviness OF
AmaiSaunated Copper.
Active Railway Shares.
The serious indisposition Of the presi-
dent Of the American Sugar Refining
Company was cited az accounting for an
early decline In that stock of more than
two points, the greater part Of which was
subsequently reduced.
The active railway shares covered an
unusually wide range of fluctuations and
that department of the market changed
its tone repeatedly. Transactions there
were largest In Union and Southern Pa
cifc, Reading, St. Paul, the Hill stocks.
Atchison. New York Central and Penn
syivania.
Brooklyn Rapid Transit stock was again
steady, while the convertible 4s reflected
somewhat marked pressure. Transactions
were in considerably increased volume In
comparison with recent totals, and q
fairly wide distribution of interest was
evident.