Evening star., 1908-01-17
Price Movements Were More
Irregular Today.
TONE CHANGES FREQUENT
Varying Shifts of Market Due to
Technical Conditions.
FEATURES WITH RAILWAYS
Especial Pressure on N. Y. Central,
'Pennsy," Atchison, Southern
Railway Pref. and q. p.
FEATURES WITH RAILWAYS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 17.-Price move
ments in today's stock market were more
irregular and uncertain than they have
been during a week characterized by sud
den and frequent changes in the tone of
the trading. At one time or another dur
ing the day the more active stocks show
ed declines ranging from one to more
than two points. but upon occasions even
such losses as those noted were quickly
recovered wholly or in part.
As has been the case throughout the
week. the varying shifts in the market
resulted wholly from technical market
circumstances. Very heavy pront-taKlhs
sales were apparent in many directions
but. on the other hand. bullish manipula-
t,on was evident, under which number
OF stocks advanced easily.
Allowing for many contrary movements
tbe strongest features of the market were
Brooklyn Rapid Transit, Northern Pacinc'
Reading and ST. Paul. Notwithstanding
their exceptional tendencies 1t was I'M
nossible to elicit a single fact In explana-
tion of the course of these STOCKS apai'
<ron, the identities of the largest buyers
and sellers.
York Central, Pennsylvania, Atcnlson'
Southern Railway preferred ana onion
Pacific II was formally declared that
an appeal to the Supreme Court OF the
I-nited States would BE- taken agalns.
Yesterdays decision of the local federdi
court requiring certain leading nsuIes III
the Union Pacific Company 10 Inake an
swer to the questions propounded 10 tnelh
at last springs investigation oy the hilei
state commerce commission.
Other Fluctuations.
The industrial and miscellaneous shares
also fiuctuated with great irregularity.
The United States Steel shares were nrm
on reassuring predictions as to the show
ing which the company will make for the
ended quarter and as to the present state
of it's business. Maximum declines in ex-
cess of two points were scored both by
Analganated Copper and American
Smelling, but both stocks showed no nt-
lie rallying power. The noteworthy
strength and activity in Brooklyn aRpid
Transit was unaccpmpanied by any mover
considerations.
Money market conditions showed con-
tinued relaxation. The banks have gained
from the subtreasury since last Friday
more than 81 800 900. AS 1t Is understood
that the retirement of clearing house Ger
tificates has made rapid progress this
week it seems likely that the deposit and
loan items 10 tomorrow's bank statement
will show e. further large curtaiment.
Consequently, another increase In surplus
reserves may be reckoned on.
The outlook in this regard was factor
of considerable influence in the course or
the stock market, as was only natural In
view OF the continued conveyance of in
terest upon monetary circumstances
The foreign exchange market was ex-
ceedingiy strong and affairs in that direc-
tion appear to be heading toward a pom,
will enter into active discussion.
The London stock market was again
dull and generally heavy, but operations
here for foreign account showed a con-
siderable excess of purchases