Evening star., 1908-01-13
Wide Range of Fluctuations
Followed the Opening.
ACTIVE ISSUES ADVANCED
But Gains Were Later 1ndifferently
Maintained.
SOME ENCOURAGING SIGNS
Money Market Showed Further Re-
Observation-Disclosures Of Ger
tain Railway Stock.
ACTIVE ISSUES ADVANCED
SOME ENCOURAGING SIGN

Special Dispatch to The Star.
NEW YORK. January 13.-There were q
number of stocks which covered yer!
wide range of fluctuation in today's stock
market, but except in few instances
there was little to be named In connec'
ton with their course outside of tech
nical trading circumstances. The same
observation might. in fact. be made with
regard to the movements In the market
at large At one time or another during
the morning practically all OF the active
issues made advances ranging from one to
more than two points. but these gains
were subsequently, indifferently main
tanned.
The early advances were seemingly in
great measure a reflection of Saturday s
excellent statement. in which. 1t will
be recalled the deficit in reserves re-
ported the preceding week was converted
into satisfactory surplus. 1t was as
serted today upon competent authority that
the retirement of clearing house certffi-
Gates has been progressing at an unsus.
pected pace: that the comparatively smail
amount now outstanding reflects almost
entirely the necessities Of some of the
weaker institutions.
The money market showed further re-
Taxation. and one OF the day s most
encouraging developments was the an
nouncement of the highly satisfactory
fiotation of the recent New York Cen
tral and Rock Island issues. One In
f1uence in the reaction from the high
level of the morning was report that
the Secretary of the Treasury had IN
contemplation the issuance of a call
upon the national banks for a portion
of the government funds In their keep
ing. 1t seems practically certain that
between this time and the end OF July
trnn
of some $75,0O0.0OO or $SO.oOOOOO OF
the governments balances. but 1t may
safely be assumed that the necessary
measures will be carried out with the
skill and care which have characterized
all the operations of the present Sec
retary of the Treasury.
London Marrow and Irregular.
The London stock market was narrow
and irregular in advance Of the opening of
the general settlement upon the stock ex-
change there, and its tone was uninfiu-
enced by the announcement of reduc-
tion by the Imperial Bank of Germany In
its discount rate from ~ per cent to 61s
per cent. At the same time this action
may have some effect upon the decision
of tho directors of the Bank Of England In
fixing the discount rate of that institution
on Thursday. The Bank of England Sc
cured today practically the whole~of the
don market. i
In the local market the transactions
during the greater part Of the business
session were conducted upon a smaller
scale than Friday. although there were
occasional spurts Of great activity In one
stock or another. Readin: was again a
notably conspicuous feature of the deal
ings in respect both OF activity and extent
of fiuctuation. Other very active feat
ures In the railway list were Union Pa
cific. Northern Pacific. Great Northern
preferred, Saint Paul and Atchison.. The
last named was notably strong The
discouraging November report of the
Er4A lines had comparatively little ef-
feet on the stocks concerned.
Aside from Reading the anthracite
shares were not as prominent as of
late. while. on the other hand, the
bituminous coal issues showed increas-
ing strength and activity.
The industrial and miscellaneous
shares showed the same degree of ir-
regularity which prevailed In the rail-
way list, with little of interest or sig
nificance to be deduced from the trans
actions in that quarter.