Evening star., 1908-01-16
Profit Taking and Short Ac-
count Activity Today.
REACTIONARY TENDENCIES
No Genuine Pressure Upon the
Market at Large.
TRADING WAS PROFESSIONAL
London Was Heavy in Nearly All
epartmcnts-Local Money
Rates Continued to Relax.
REACTIONARY TENDENCIES
TRADING WAS PROFESSIONAL
Special Dispatch 10 The Star.

Special Dispatch 10 The Star.
NEW YORK. January 16.-The irregu-
lar and generally speaking reactionary
tendencies which were observed in yester-
days stock market continued today III
empha sized form. but as was the case
hen the declines were interrupted by fire.
qucnt rallies and number of stocks ex-
hi5ited exceptional strength. There ap-
pea-ed TO be no genuine pressure upon the
market at large in the shape of actual
liquidation. but there was much taking
OF profits and renewed and aggressive OPP
erttions for the short account.
II is seldom the case that there has
been such unanimity of opinion in the
Wall street community with regard TO
the immediate course of prices. With
one mind almost the professional traders
az Wall street are and have been since
the opening OF tire week. declaring that
the extent of rise in prices was such TO
warrant substantial reaction. and they
have been basinS their ventures accord
ingly.
There wern various superficial eXplana-
lions advanced in connection with to-
day irregular tendencies. A good deal
uf bearish capital was made out of the
prospective federal prosecution of the
Standard Oil Company in the alleged
railway rebating case, and wholly un-
warranted efforts were made TO throw
doubt upon the probable resumption OF
ona OF the larger financial institutions
which suspended in the October panic.
There were likewise vague and unfounded
innuendoes with regard to the success OF
the recent note sale by the New York
Central Company. These several matters
were at all events actively exploited in
connection with the selling of securities.
British Discount Rate.
80 tho
dag was that with regard to the reduc-
ton of the minimum discount rate of the
Bank of England from to ) per cent.
The bank made\ an exceedingly strong
showing In CONNECTION with its action
upon its discount figures. but these cir
cumstances appeared to have been dis
counted in the london stock market,
which was heavy in nearly all depart
mants- Operations here for foreign ac-
count were not upon a sufficiently large
scale as to. influence price movements
ma terially.
The local money market continued to
exhibit relaxing Tendencies. and the pros
poets favor another exceedingly strong
bank statement Saturday. 1t is under
stood that the retirement of the clearing
house certificates has made very rapid
progress since the compilation of the fig
ures of last Saturdays bank statement.
There was a considerable increase in
the volume in the days stock market.
somewhat noticeable fact in view of the
general tendency of prices. Maximum
declines in excess of one point were quite
common. and American Smelling suffered
particularly severe break.
Amalgamated Copper Affected.
Amalgamated Copper was naturally un-
favorabIy affected previous to the an
nouncement OF its quarterly dividend by
the knowledge of the reduction in the
dividend of the largest of one of ITS sub
sidiary companies which is still in active
operation.
The local traction shares moved irregu-
larfy Brooklyn Rapid Transit was re-
dictionary, while the Interborough Metro
politan stocks were exceptionally strong
on further discussion of the noteworthy
success of the new subway to Brooklyn
borough.
Little news of gossip attached to the
movements in particular stocks in the rail-
way list. Northern Pacific and Reading
were exceptionally strong in the early
part OF the business session but subse-
puentiy both stocks shared in the irregu
lar tendencies of the market at large.
Union Pacific and Southern Pacific were
specifically affected by the days judicial
dec'i to the effect that interests promi-
nent the management of those proper
ties should answer the questions pro-
pounded TO them last year by the inter-
state commerce commission