Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-10
RAILWAY LIST WEAKEST
Further Extensive Declines in the
Industrial Group.
SOME VERY NOTABLE LOSSES
Features Contributing to the None
tary Stringency-Keen Interest
in W. q. Telegraph Action.
soec,al pIsp.,cb to The Star.

special Dispdtcn 10 lue
NEW YORK December 1o.-Dealings in
securities in today's market were con-
Quoted under pretty much the same cir
cumstances as of yesterday, except that
the stringency in the money market was
more acute and there was increasing
anxiety as to the course of affairs in that
direction during the next thirty days. AS
a matter of fact very clear explanations
OF the closeness in the money market
were wanting. 1t was said, however. that
time loans aggregating large sums are
now maturing daily, and owing to the in
ability of the borrowers to renew them.
they are, Of course, forced into the call
money market to provide for their re-
quirements.
The arrangements incidental to the sub
scriptions to the government bonds and
certificate issues are playing a further
part In the monetary stringency, and still
another factor might be named in the ex-
tent to which the short interest In the
stock market was reduced In last week s
rise in prices. Many experienced observ-
ers of money market conditions were, on
ground that in all the circumstances of
the case the rates quoted yesterday and
today were actually more easonable than
the average figures which prevailed last
week.
Common Source Of Weakness.
At all events today's stock market found
a common source of weakness in the con-
ditions prevailing In the money market,
although somewhat singularly the railway
list supplanted the industrial quarter In
the position of the weakest department Of
the market at large.
At the same time there were many
further extensive declines in the INDUS
trial group. Distillers' securities broke
in international Paper preferred. Pressed
Steel Car. United States Rubber ana
Sugar Refining. Amalgamated Copper ana
American Smelling, on the other hand,
showed diminished pressure.
meeting of the executive committee OF
the Western Union Telegraph Company
as, according to custom, It's recommen-
dations upon the dividend to the BOARD
of directors are made public. 1t was an
Difference to the full board OF directors,
the executive committee would make no
preliminary statement as to fts recon-
mendations. The first transactions IN
Western Union were not made until iate
in the morning. and these were at hgures
we'll above the final sale of yesterday.
The stock was in strong demand in the
loan market, and commanded a premium
of per cent for its use over night.
United States Steel Steady.
The United States Steel issues were rela-
lively steady, despite the intelligence from
Pittsbure that the Steel Corporation had
notified the rollers of reduction of 10
per cent in their wages, to take enect
after January /. 1t was generally sup
posed that corresponding notices would
be sent to other classes Of the corpora
tion's employees with the course of time.
Notwithstanding the extent of the de-
clines in the railway list, there was little
or nothing of real novelty to be deduced
from the transactions in that direction.
The declines, however. extending from
fractional limits up to more than points
were recorded there. The weakest rail-
way stocks were Great Northern pre-
fe-red. Northern Pacific and Reading.
The traction shares, while comparatively
dull, were also heavy, and there were
some sharp reactionary movements in the
bond market, notably in the Inter-Metro-
politan AS, Brooklyn Rapid Transit As