Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-27
FEW STOCKS ACTIVE
Pressure on Reading an Unsettling
Factor.
LOCAL FRACTIONS WERE STRONG
Bank Statement Was q Disappointing
Exhibit-Stocks Closed With an
All-Around Slump.

Special Dispatch to The Star.
NEW YORK, January 27.--For the
greater part Of the half session today the
stock market manifested, although on
smaller scale. many of the peculfarittes
which were its dominant characteristic on
the preceding days of the week. The low
| priced stocks were more or less consistent
ly firm and fairly active under such leaders
as Southern railway and American Locofn0-
tive. In the high priced issues there was
mere irregularity and in some directions
cor siderable pressure.
Although yesterday seemed to show
that the weeks selling movement had prac-
tieally spent it's force with the exception
of the continuing liquidation in Reading,
and although the market this morning gen.
orally behaved as though the stock offer
ing for sale were inconsiderabae. the pres
sure on Reading continued and was fac
tor of unsettling influence. This stock
broke IL points In the first half hour
and the subsequent course was for the
bulk of the forenoon barely more than
steady. Union Pacific was pressed for sale
apparently in an effort to help along the
depressing influence OF the movement IN
Reading but the offerings in this leading
issue were well taken.
With regard to Union Pacific 1t is worth
repeating that the most important bullish-
ness felt concerning 1t has by no means
diminished during the week, and 1t Is as
true as it was a week ago that this attitude
has no relation to the forthcoming olVlueno
rate.
The local traction stocks were strong in
the early dealings. apparently on pre-
penderance of opinion that the final details
OF the merger were favorable to the stocks
which are to be retired. but the sharp adj
vance that took place invited rather heavy
profit-taking by traders, and the subse-
quent course of these issues was about as
irregular as opinion with regard to their
value and status was mixed
Commercial Reports.
The weekly reports of the commercial
agencies published this morning continued
their monotonous story Of sustained activity
In all lines of trade and industry. These
reports received additional emphasis from
authoritative compilations Of railroad earu-
.ngs and bank ciearings. The bank clear
ings for the week ending today showed an
increase of more than 81 coo, 100000 over the
corresponding week last year, or more than
45 per cent. The gross earnings of repre-
sentative railroads during the present
month show weekly increases over the cor
responding periods last January of from 10
to 20 per cent.
Apart from these facts of general signif-
canoe and Importance however, the market
was without special stimulus, except in the
announcement OF the terms of the traction
mergeh. The forecasts Of the bank state
ment were rather mixed, and prior to the
publication of that interesting but usually
valueless document the attention paid by
stock market traders to the anticipatory
conjectures about 1t were relatively incon-
se1uential
The Bank Statement.
The bank statement was a disappointing
exhibit. 1t showed decrease in reserves
of 1884 TBS as result of increase in
deposits OF S17.743,30O. Cash increased
S., sol 100. which was anywhere from one
third to one-half less than the gain shower
by the known movements Of money, and
loans increased $15.517,Soo. In respect to
the changes in loans. cash and deposits
the statement made a bad balance, being
over $1,O0O,OO0 out of the way. The in
crease in loans was larger than had been
expected in week that had been one of
such large obvious liquidation in livestock