Evening star., 1908-01-10
Further Rapid and Extensive
Advances Early Today.
DUE CURRENCY EXHIBIT
Heavy Profit Realizing Soon Wiped
Out the Gains.
MOVEMENTS VERY IRREGULAR
London Generally Heavy, But
Americans Were Exceptionally
Strong-Erie and S. r. Weak.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK. January 10.-The prelim-
mary estimates of the principal move
ments in currency during the week pointed
10 a gain in cash in the neighborhood OF
$500 600. practically the entire amount
of which was due to direct receipts from
interior points and probably also from
local sources. Provided that the loan ac-
count in tonorrows bank statement shows
the same tendencies which have been set
forth in recent weeks, and there is no good
reason to expect the contrary, the banks
ought TO be able to report their deficit In
reserves ex.inguished and a small sur
plus established.
1t was in part this prospect which led to
further rapid and exten.se rise in prices
during the first hour of business, but the
upward movement seemed to invite eA-
tremely heavy profit-realizing sales. under
which much of the early improvement was
wholly or in part obliterated. Price move
meuts were. in fact. much more irregular
than they were yesterday, but 1t would De
only correct to say that the market pre-
served an extremely firm undertone IN
view of the extent OF the general ADVANCE
during the current week.
Aside from the further consideration
which was accorded the improving ten
denotes in the money market. coupled
with the prospect for another strong Dank
statement tomorrow, there was httie 10
he adduced in connection with the early
further rise in prices, nor was there much
10 he clioited from the subsequent reac-
ton and irregularity except OF a simple
technical character.
The London stock market was generally
heavy on account of the impending issue
of some new large loans. but American
stocks were exceptionally strong. es-
pecially in the later dealings. Japanese
bonds were again noticeably heavy on the
continued agitation in the foreign press OF
the possibilities involved in the relation
between the Japanese empire and the
United StatesA Operations here for for
eiSn account were upon negligible scale
Factor in the Reaction.
factor in the uncertain tone of the
market after the early advance was the
development of renewed and pronounced
weakness in the Erie issues and the
Southern railway shares. The further de-
cline in those securities naturally excited
a most disagreeable impression, especially
In the light of recent developments in the
railway world.
In the early part of the day the most
conspicuous features of the railway list
were Reading ST. Paul and New York
Central. all of which stocks, together with
Union and Southern Pacific and the Hill
shares, scored substantial advances.
In the industrial and miscellaneous is
sues the leading features. as usual, were
Sugar Refining. American Smelling, Anal
gamated Copper and the United States
Steel stocks. The last named showed
noteworthy strength.
Brooklyn Rapid Transit participated IN
tie irregular course of the general mar
Eet while the Interborough- Metropolitan
stocks were decidedly firm in connection
with the success attending the opening
OF the new tunnel to Brooklyn.
There was a very large increase in the
sSolume of transactions over yesterdays
considerable total. and great diversified
ton of speculation interest was apparent
Transactions in the bond market were
also upon a very much enlarged scale,
and a firm tone prevailed in that depart
ment.