Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-19
A Firm Undertone Despite
Great Irregularity.
TOWARD HIGHER LEVELS
Local Money Rates Showed Further
Relaxation.
LIGHT BUSINESS VOLUME
Reading and Union Pacific Featured
in Speculative Interest-Wide
Fluctuations.
LIGHT BUSINESS

Special Dispatch to The Star.
NEW YORK, December 19.-While stock
market movements today were charac-
terized by great irregularity. the dealings
at the same time presented very firm
undertone Most of the apparently sig
nificant movements were toward higher
levels. At the same time the trading was
OF a highly professional character, and
the course of a number of stocks suggest
ed a change in the attitude of a number
of large operators rather than any new
and sudden demand for securities on the
part of commission houses.
There was little or nothing in the news
of the morning or in the developments
with the course of the business session
to which the tendencies of the market at
large could be referred.
The Bank of England's rate of discount
was left unchanged at per cent, and the
banks weekly statement set forth fall
OF per cent in the proportion of reserves
to liabilities. The banks showing was
apparently not liked in the London stock
market. which was sluggish and heavy.
Call Money Easier.
Operations here for foreign account
continued however, upon an inconsid-
cradle scale. The local money market
that is to say, for loans on call-showed
some further relaxation, and. at all
events. rates averaged slightly below
yesterdays levels. Somewhat curiouSly,
however, there was a further rise In
the premium on currency, and the
transactions were in enlarged volume.
During the greater part OF the busl-
ness session transactions in the STOCK
market were conducted upon smaller
scale of activity than of late, and there
was again noted a great convergence
to- a. mo
and Union Pacific The fluctuations In
both stocks were uncommonly wide.
notably in Reading, but there was little
of novelty to be ELECTED from the trans
actions in either stock.
Both Northern Pacific AMI Great
Northern preferred were exceptionally
firm. New York Central was compare
lively heavy because seemingly OF mis-
rectors of the company in declaring
the full quarterly dividend of IN per
cent.
Some Smart Advances.
The industrial and miscellaneous issues
were likewise stea6v. American Locomo-
tive rose quite sharply on the announce
ment that the usual dividends had been
declared upon both the common and the
preferred shares. Amalgamated Copper
and American Smelling were strong and
active, and the United States Steel issues
were firm. Smart advances took place In
Sugar Refining and Western Union.
The bond market exhibited considerable
irregularity. The Burl .ngton and Quincy
joint per cent bonds were decidedly
strong and active On the other hand,
no little pressure was evident in other
directions. particularly in Brooklyn Rapid
Transit As. Interborough Metropolitan AZ
per cents. and the United States Realty
5s the last-named security breaking rap
idly more than fout points.
Az was the case. however, even with the
more\ Extensive movements in the railway
list N actual news or gossip of interest
accohSSafed theseiprice movements.