Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-01-03
Buoyancy Marked Dealings
After Irregular Opening.
RELAXATION OF MONEY
Americans Relatively Heavy in the
London Market.
FOREIGN HOUSES SELLERS
Transactions Largest in Reading, v.
P. and Hill Stocks-Some
Wide Fluctuations.
Special Dispatch to The Star.


NEW YORK, January 3.-After an
early period of great irregularity, the
dealings in the stock market resumed
something of the buoyant appearance
which was displayed yesterday. Aside
from the further relaxation in the rates
for money. there was little or nothing to
he named in connection with the course
of prices, but that development was OF
itself a sufficient explanation of the tone
of the trading.
American stocks were relatively heavy
in the London market chiefly because of
the receipt there of the discouraging re-
ports from NV York with regard to
trade conditions. Foreign houses were
sellers here on balance to the extent
of about 10000 shares.
Aside from the days dividend announce
ment and returns of railway trahc there
was little in the way of news relating 10
individual stocks.
The long discussed return of the Penn
sylvania railway for the month OF NO,
vember was made public. and it appeared
therefrom that the lines east of Pitts
burg showed a decrease in net earnings
OF S369.O00 in the face OF an INCREASE IN
gross earnings of nearly SV4UU- ms
showing was apparently a somewhat bet
ter exhibit than had been expected, ana
at any rate Pennsylvania rallied sharp
" from it's early prices in common with
the remainder of the market.
The Largest Transactions.
As has been the case for many weeks
past, transactions were largest in Read
ing. Union Pacific and the Hill stocks.
There we're wide flucations in the lat
ter. particularly in Northern Pacific The
transactions in that stock were accom-
named by persistent reports that an extra
dividend of some description would I'M
fnrfh mo- T1 n
meeting of the directors. Inc eXceptlon-
ally heavy transactions in Reading were
unattended by any news or mover gossip;
Price movements in the industrial and
miscellaneous shares were In hhe WIN
those in the railway list. and the trans,
actions there we're largest in Amalgamateo
Copper American Smelling. United states
Steel issues and Sugar Refining. Inc las.,
named stock, which has lately commanded
a premium in the loan market, rose SHARP.
w ably on the covering of short
contracts.
Buying of the same character was per-
haps the chief influence in the dealing at
large. but on the other hand the lncle Ss-
ing activity in the mining stocks and other
specialties now listed upon the STOCK eA-
change. together with the greater ANNA,
ton displayed by the curb market, Woulo
indicate some enlargement In OUTSIDE III
terest in the speculation.
Bank Statement Prospects.
The bond market also was firm and
fairly active.\ The general expectations
of another relatively favorable bank
statement tomorrow were also factor
in the lettering tendencies of the stock
market with the course of the business
session. -
The preliminary estimates OF tne
principal movements in currency curing
tbsLweek pointed to gain IN actu nd
SasMGey the banks of nearly s6,000.0OO,
whjcx ia the largest amount that has
beenfkos1shadowed in these returns for
seveS9N weeks past and recently the
e.ins Mtuallyj made have been in ex-
cess of Ahe weekly forecasts.
n addition 7another considerable re-
dncfion IN the loan account is reckoned
. nnoS for tomorrow in which case II
seems not unlikely that the banks re-
naming deficit in reserves will be sub
stantially feduced.