Evening star., 1908-01-21
Today'S Price Movements
Were Notably Irregular.
SOME EXTENSIVE DECLINES
London Was Heavy Despite Relaxed
Money Rates.
LOAN CERTIFICATES REDUCED
Trading in Lighter Volume During
the Greater Part Of Day Than
Yesterday-Railways Active.
SOME EXTENSIVE DECLINES
LOAN CERTIFICATES REDUCED

Special Dispatch to The Star.
NEW YORK, January 21.-Price move
ments In today's stock market were al
most as irregular as they were yesterday.
and such changes as occurred were
equally wanting in specific reasons other
1han those represented by the occasional
preponderance. OF selling orders or the
contrary. In the early dealings a number
or rapid and quite extensive declines were
scored. the tone of the market at the time
being chiefly a renewal of that which
prevailed at the close Of business yes
terday.
Within the course Of the morning an
irregular sort OF rally occurred In which
the early declines were In great measure
recovered. Subsequent price changes
were as uncertain as those of the fore.
noon. There were fewer occurrences re-
lating to special securities than was the
case yesterday. and, In fact, there were
none at all except of q strictly routine
character
The. London stock market was generally
for money. but very little was done here
for foreign account. In the local money
market the renewal rates on standing
loans were fixed at ~ per cent. the low
est uSuI6 yet quoted, ana continued re-
Taxation was exhibited In the terms for
loans on time.
Loan Certificates Reduced.
One satisfactory announcement with the
course OF the day emanatedc from the New
York clearing house. and set forth that
the amount of loan certificates now out
standing had been reduced to about $19;-
100000. and that 1t was the expectation
of the clearing house authorities that all
OF the certificates will have been retired
within two weeks. At one time the
amount of certificates outstanding was In
the nefghborhood of 800, ,000. 600, and up
tn the past three or four weeks the re.
urement of this special currency pro-
sressed very slowly
This mornings figures showed that the
banks have gained more than 5000 600
from the subtreasury since Friday. and
the latter institution was again today a
ment..
The trading was in lighter volume dur
Ing the greater part of the business ses-
sion than on yesterday, but otherwise pre-
sented the same general characteristics.
Violent Break in American Smelling
At the opening Of business there was
further violent break in American
Smelling. for which again there was no
specific reason assigned. and the stock
carried down with 1t both National Lead
and Amalgamated Copper. The United
States Steel shares were relatively firm,
and there was repetition Of recent asser.
fione that the statement for the ended
quarter would make a better showing
than has been expected.
In the fxiIway fist there were COM
paratively few transactions and wide
Shactuations in Reading, Union Pacific.
the Hill stocks. ST. Paul and New York
Central. In this quarter also there were
only technical considerations to be
advanced In explanation OF the move
rnents In one stock or another The local
traftton ehares were duh and INTERIOR.
ouoh- Metropolitan issues were somewhat
nota1ay weak.
Tr11eactions in the bond market we're
charaovorized by degree OF irregu.
larfty equal to that shown in the deal
fngs IN stocks. The New York city ~
per cents were notably strong. while
further extensive declines took place in
the Rock Island railroad issues.