Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-03
Relaxation in Money Market
Today's Feature.
GENERAL RALLY IN PRICES
Only a Scant Offering Of Funds by
Local Banks.
UNCERTAIN TONE FOR STOCKS
There Were Sharp Declines Soon After
the opening-Some Leaders Lost
from l to 2 Points.
Special Dlspa tch to The Star.


NEW YORK. January S.-There was
suricient relaxation in the money market
today as to lead 70 lively and general
rally In prices after an exceedingly irreg-
ular opening in the stock market. The re-
5Iawal rates on standing loans were gener-
ally fixed at % per cent, and there was not
a great deal OF money put out above that
figure. although occasionally higher rates
were quoted.
There were few actual developments re-
lating TO the money market, which would
account for Its somewhat easier tendency
In fact, there were several circumstances
calculated to work In the opposite direc-
ton Gold to the amount OF 81 800 900 was
withdrawn from the subtreasury for the
purpose. II is understood. Of being shipped
partly 10 Mexico and partly to South
America. The banks increased their loss
in their operations with the subtreasury up
20 this morning to more than s2.5oo.oOo.
Some Treasury Disbursements.
There were. on the other hand. some treas
ury disbursements representing indemnity
payments in connection with the Chinese
Boxer rebellion, and the money market was
60 soma extent Influenced by expectations
that the appropriations made on account of
ths Panama canal construction would soon
DE deposited in local financial institutions.
There were only scant offerings of funds
By the local banks today. the necessary
accommodation being again extended by in
diVldual lenders and Out-of-town inStitu-
lions, u circumstance which Will probably
he reflected in a still further curtailment
az the loan account in the bank state
meut a the end of the week.
Despite the relaxation in the money mar.
ket sterling exchange rates were somewhat
reaetionary AS noted above, the stock
market opened with a very uncertain tone
and soon thereafter declined quite sharply
Active Shares List.
number OF the active shares lost, IN
fact, from one to two points Before the
close Of the first half hour steadier ten
denotes developed. which were fairly
well maintained in the subsequent deal
ings. There was a substantial falling
away. Irrespective of activity, In CON-
paFison with recent totals and notwith-
standing the relaxation in the money
market the general tone of what Wall
street describes as commission house
literature was decidedly conservative. A
number Of important statements of earn
ings supplied about the only real news
there was relating to individual securi-
lies
The reports included the November re-
turns Of the Pennsylvania and Southern
railway systems, both Of which were high
l. satisfying exhibits. Although the Lon
don stock market was generally easy to-
day, and American stocks were quoted
there for the most part below parity with
New Iork's closing figures OF yesterday.
foreign houses We're again buyers here,
taking on balance about 5000 shares of
stock
cite coal shares. under the lead of Read
ing, which rose to a new high record were
exceedingly firm, and their course was ac-
Cnmpanied by marked strength in the BIZ
luminous coal stocks