Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-12-24
ADVANCE CONTINUES
Market Tone Unaffected by
CurtaiIed Volume.
FRACTIONS STILL FEATURE
Much 1rregularity Noted in the
Railway List.
LONDON NO FACTOR AGAIN
No Material Changes in Local Money
onditions-Substanti Reduc-
tion in Surplus Reserves.
LONDON NO FACTOR AGAIN
Special Dispatch to The Star.

Fpe'ldl DisPdltN 10 L nc
NEW YORK, December 24.-The volume
Of business in today's stock market was
,urtailed to material extent without
affecting materially the tone OF the deal
ings. For the most part prices continued
10 exhibit advancing tendencies. and at
any rate the more apparently significant
movements were toward higher figures
The local traction shares occupied the
same conspicuous position in the market
which they have filled throughout the
week, without any definite or novel devel-
opments to account for their especial
animation. Third avenue was particular
ly strong.
a good deal Of irresularity was noted
in the railway share list but the uncer-
tain tendencies in that department APP
peared to reflect nothing more than the
customary closing out Of contracts incl
dental to the holiday season. Notably
firm features in tina. department were
Chicago and Atom, New York Central.
Chicago and Northwestern. Union and
Southern Pacific and New York, Chicago
and st. Louis.
New York Central's Upward Trend.
The upward movement in New York
Central was accompanied by quite positive
reports that early in the new year MIR.
+. III. Hartman would assume a promi-
nent place In the management of the
company, but for the most part neither
actual news nor gossip of interest &C
Companied the transactions in particular
stocks.
The industrial and miscellaneous securi-
ties were firm during the greater part of
the business session, in common with the
other departments OF the market. Strong
features there were Pressed Steel Car,
United States Rubber and Colorado Fuel
and Iron. The United States Steel shares
continued relatively sluggish.
During the forenoon active trading was
held in restraint to some extent by the I'M
certainty to the affairs OF a conspic-
nous stock exchange firm which is known
to have been under investigation for some
time past.
The suspension of the board members
OF the concern was announced before mid
day, but the charges which involved this
proceeding reflected in nowise upon the
rallied when the exact character of the
affair was publicly announced.
London Dull.
London played as little figure in the
days transactions as has been the case
throughout the week. The market at that
point showed the usual ante-holiday dull
ness and operations here for foreign ac-
count continued on a Ineligible scale.
The discount rate of the Bank of England
was left unchanged at "a per cent. and
while the bank S weekly statement showed
a material reduction in the ratio Of re-
serves to liabilities. the curtailment was
not in excess of the falling-away Incl
dental to the season.
The local money market and the rates
for foreign exchange showed no material
changes. Up to this morning the sub
treasury has gained from the clearing
house banks more than $1,000, 900, which
foreshadows another substantial reduction
in surplus reserves unless, seems quite
probable, the banks shall have managed
20 have effected material change in their
loans to the trust companies and out-of-
town lending institutions.
They have evidently gained very extern
sively on account OF the interior move
Tnent in currency, as the preliminary esti-
mates of the movements in actual cash
during the week indicate net loss Of
little more than $4,000. 600.