Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-04
Highly Irregular Conditions in
Evidence Today.
ERRATlC FLUCTUATIONS
Vol--le of Bushes, While Large, Was
Very Spasmodic.
SHARP CUT IN THE LOAN RATES
London Reported Dull and Showed
Negative Tone-Railway Shares
Were Rather Heavy.
Special Dispatch TO The Star.

Special Dispatch 10 The Star.
NEW YORK, January 4-Whatever may
have been accepted as the dominating and
impellng forces In todays dealings in
curities, they led at all events 10 highly
irregular stock market The market was
by turns strong and weak and strong again,
which is to say that 1t underwent num-
Der of very fdgety fluctuations.
The volume OF business also while again
large was furnished by periods of spas
modic activity. which were succeeded by
long terms of extreme dizziness. So far
as the money market was concerned, the
conditions there furnished some ground for
argument to the holders Of stocks on mar
gin.
There was another sharp cut In the re-
newal rates on standing loans following
those which took place on Tuesday and
Wednesday. and the days borrowing on
call was effected at a mean rate we'll be-
low yesterdays figures Exchange on New
YORK at important interior points was
quoted at a sufficiently high premium as
TO Insure heavy shipments OF currency to
this city, and upward of S1.OoO.O00 was
taken at Chicago for transfer here.
The Foreign Market.
The foreign exchange market showed lit
tie alterations. The Bank Of Engand's rate
VI ulSCOuHl was leIl at per
cent. and the bank reports ratio of re-
serve to liability of less than 80 per cent as
against 1881 per cent last week. and 34s4
per cent in the corresponding week of last
year. a decline in the banks percentage OF
reserves at this particular season is, OF
course, normal occurrence. The London
stock market was dull and showed rather
negative tone. American railway shares
were rather heavy there, mainly because
of selling for New York account and these
transactions were followed by moderate
foreign liquidation in the local market.
The transactions for foreign account were.
however, SO unusually complicated that it
was difficult to obtain any closely concur
ring estimates of the net results. Locally
there was good deal of discussion with
regard TO the apparently fresh complica-
lions which have arisen between France
and Germany over the Morocco question:
but the foreign markets did not show any
Sharp Breaks at Opening.
At the opening of business sharp breaks
took place in both Anaconda Mining and
In Amalgamated Copper, the effect of which
upon the remainder of the market was by
no means reassuring. The Industrial and
miscellaneous stocks generally showed
highly uncertain tendencies throughout the
business session. Substantial maximum
advances took place in American Locomo-
tive. American Car and Foundry, Colorado
Fuel and Iron, National Biscuit and Cast
Iron Pipe, while number of other stocks
of the same general classification showed
market pressure.
The local traction shares were rather
hrmer than they have been for several
days past. Practically all of the more
extensive movements In the railway list
were toward higher figures. They were
most extensive in Union Pacific. Atchison,
Reading and New York Central Aside
from the expectations that the next divi-
dend on Union Pacific may be ordered at
an advanced rate, there was little to be
ELECTED from the transactions in this quar-
ter of the market.