Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-05
Sharp Advances Followed De-
cIines at Opening.
A SCARCITY OF OFFERINGS
Americans, Were Somewhat Irreg.
ular in London.
RELAXATION OF MONEY RATE
Reading One Of the Features OF To-
days Dealings-Some Striking
Movements Noted.
A SCARCITY OF OFFERINGS
RELAXATION OF MONEY RATE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, December SIN order fully
TO appreciate the extent of the rise In
prices in this mornings stock market the
fact should be noted that early declines
OF from one to more than two points in
practically all Of the active issues were
by the middle Of the business session
converted into equal and even greater net
advances. Such depression as the mar
ket showed at the opening of business
was plainly attributable to the announce
ment Of the suspension at Kansas City
OF one Of the largest and most important
national banks west of the Mississippi
river.
The market effect of the banking
trouble was. however, fully expressed
during the first thirty minutes Of business.
The trading then Quoted down somewhat
and then prices rallied with the exceeding
vigor already mentioned. There was very
little OF interest or significance to be
elected, however. from the course of the
dealings. Brokers were unanimous in re-
porting great scarcity Of offerings and
apparently the very extensive rise in the
market during the /. asst two weeks has
had the effect of increasing the short in
terest rather than the contrary
In fact the Outstanding short account In
the market is well enough Illustrated in
the fact that four commission houses
were this morning lending more than
100000 shares of United States Steel COM
mon alone. 1t would be interesting to
know the identity of the speculative inter-
ests that have elected to retain their
position on the short side of a market
which has suffered such a decline as was
experienced during the past twelve
to adhere to their position with remarka-
BILE faulty In view of the fact that gen.
eral Liquidation would finally appear to
have eliminated.
London Bank Statement Strong.
The Bank of Englands rate of discount
was left unchanged today at per cent.
but the banks weekly statement made
very strong showing and open market
discount rates in London ruled well be-
low the banks minimum discount figure.
American securities were somewhat ir-
regular In the London market and little
was done here for foreign account
Money market conditions showed con-
tinued signs of relaxation and up to this
morning the banks have gained from the
subtreasury 81, 156 COO The premium on
currency remained in the neighborhood of
per cent, and large amounts could be
readily disposed of above that figure. 1t
remains to be seen what effect upon this
phase of the situation will be exercised by
the western banking troubles. 1t was
noted today that the Consolidated state
ment of the banks at Omaha set forth
ratio of reserve to liabilities of no less
than 46 per cent.
Notwithstanding the magnitude of the
maximum advances scored in many
stocks. there was little in the way OF
either actual news or novel gossip to be
adduced in connection with the dealings
in particular stocks. Reading was one of
the leading features of the market In all
respects and there were striking move
ments noted also in New York; Central
Pennsylvania, st. Paul. Union and South
ern Pacific and in Great Northern and
Northern Pacific.
The industrial and miscellaneous issues
together with the traction securities, fol-
lowed the same general lines pursued by
the railway list and there were again
large transactions at advancing prices in
the bond market.