The morning journal-courier., 1908-01-16
STOCK MARKET REVIEW.
Reactionary Tendency Due to Technic-
 al Conditions.

New York, Jan. 15.-The reaction ary tendency of the market became more pronounced to-day and prices gave way rather decisively. The fall was not precipitate, however. and the measures of support for prices were not abandoned. There were points of stength here and there, the marking up of individual stocks being intended, rather obviously, for sustaining effect against the profit taking sales which were in progess. The turn in the course of prices was not attended by any marked change in the tenor of the news, but was accounted for rath- CT on technical grounds, the advance having run a sufficient length to make profit taking attractive while the buy CTS were not disposed to follow prices to higher level on existing condi- tlons. The evidence of the rapid ac emulation of banking facillties was no less striking than last week. h. terest rates were lower for all classes of loans and the call rate at the stock exchange showed a rapid approach to absolute ease. No official information is obtainable as to the clearing house loan certificate issues, but it is admit ted that those instruments are being rapidly retired The violence of the influx of funds to banking reserve cen- ters deLlives' the discussion of the un favorable course of the government revenue of any disturbing effect. The growth of the deficit in the govern ment revenues, which has now reach ed $12, ,000, 900 for the fiscal year com pared with a surplus over expendi- lures for the same period last year of S29, 100000, while the free cash in the treasury is less than $S.000,000, makeAi it certain that large calls must be made on the banks for surrender of government deposits in a short time. From other indications it is evident that not only are making deposits re- turning freely to New York, but the needs of the circulation are a,so con tracing materially. Current redemp- tions Of national banl. notes are run ming very large. the total thus far in January according to yesterdays statement of United States treasury operations having reached nearly s13,- 100000, or considerably over a mil lion dollars a day. The contraction of the enormous expansion of circulation following the panic, therefore, has ac- lively set in. Under these circum- stances, withdra wal of government de- posits from the banks in moderate amounts is not expected to affect the money market unfavorably. The sig nificance of the inflow of money as an exhibit of trade contraction received more attention in the prevailing mood of the financial district to-day. The action expected tomorrow on the Amalgamated Copper dividend is awaited with interest in view of the examples of reduced disbursement on copper securities which have been of fered. Reading was bid up with great determination in the last half hour of trading, with a recovery of more than it's dividend and the low prices to which stocks fell in the course of the selling were partly repaired in sym spathy with this demonstration. The closing tone, however was irregular.
 Bonds were irregular. Total sales par value, $S,S72,000
 United States 3s declined 1-4 per cent on call