Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-12
Notable Advances Marked the
Opening Today.
PRESIDENTS DECLINATI0N
The Chief Topic of Talk Among the
Brokers.
LONDON MARKET IRREGULAR
Currency Premium somewhat
Higher-No Little Rally Power
Among Leading Railways.
PRESIDENTS DECLINATI0N
LONDON MARKET IRREGULAR
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, December 12-The stock
market this morning paid the compliment
to the President of the United states WIN
regard to his announcement of last even
Ing Of opening at advances ranging from
fractional limits to more than two polhts
A subsequent reaction as these gains were
greatly curtailed or altogether obiterateo
was generally attributed to doubts as to
the sincerity of the Presidents renuncia-
ton.
This comment upon market movements
is by no means meant to be hippant' aho
In fact, 1t is Identical with that common
" made in Wall street today. Lite e'se
in fact was discussed during the business
session, aside from the Presidents rear
Armation of the statement which ne r'aoe
Mt the time of his first election 10 the
office he now occupies. There was IN
deed. little otherwise in the days STU
ton to engage attention.
The Bank Of England's rate of discount
was left unchanged at per cent, and the
hank made a very strong weekly state
mont its proportion of reserves to la
bilities rising to 1890 per cent, against "A
nor cent last week. The London stock
market was irregular and dull, in ad-
vance of the approaching Christmas holt
DAYS. hut foreign houses were buyers In
the local dealings to the extent of about
5000 shares.
Call Money Rates Relaxed.
Conditions in the call loan money mar
ket showed some further relaxation, due
to the appearance of out-of-town banks as
lenders of money. The rates for sterling
exchange were somewhat firmer notwith-
standing which additional Withdrawals or
gold from the Bank of England were
made for shipment to New York. The
premium on currency averaged somewhat
higher than on yesterday on larger vol
ume of transactions. All these clrcum-
stances, were, however. quite oVersnau-
owed by the already mentioned news from
Washington. and are referred 10 mere
only for purposes of record.
After the initial advance and the later
reaction prices moved quite lrregulariy
during the remainder OF the business seq.
sion. The undertone of the market might
pressure to which securities were occa-
sionaIIy subjected seemed to be PLAINLY
operations for the short account
Rallying Railway Stocks.
The more active railway shares, such as
Great Northern preferred and Northern
Pacific, showed no little rallying power.
On the other hand New York Central con-
tinued heavy. as did Missouri PACING
Louisville and Nashville and Atlantic
Coast Line.
Transactions in the industrial and mis-
cellaneous shares developed few features
of special interest. Western Union de-
clined to light transactions, while Pac,nc
Mail was marked up smartly on equally
small dealings. The United States Steel
issues were steady. and rather wide tue
tuations were noted in Suga- Refining.
Both Amalgamated Copper and American
Smelling were, during the greater part
of the business session. relatively heavy.
There was nothing whatever of novelty to
be elected. however. from the transac-
lions In any o. the stocks In question.