Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-01-07
AN UPWARD REACTION
Today's Market Tone, on the
Whole, Quite Steady.
TRADE ON SMALLER SCALE
Railway Specialties Furnish the Elk
tensive Advances.
STANDARDS ARE ALSO ACTIVE
Local fractions Less Active Than
of determinations Decidedly
Strong in London.
STANDARDS ARE ALSO ACTIVE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January Trading in
stocks during the greater part of the
days business session was conducted upon
a smaller scale than yesterday. While
the dealings in the bond market exhibited
increased activity. The tone of both de-
partments was, on the whole, quite
steady.
The general market did not have to
contend with such sensational episodes
as these which occurred in consolidated
gas and New York Central early in the
week. and the professional traders whose
operations again furnished a large pro-
portion OF the total again ranged them
selves upon the bull side of the speculative
account on the theory that the decline
had run sufficiently far TO warrant some
degree of upward reaction.
At the same time nearly all of the more
extensive advances in prices were in the
so-calied railway specialtieS. Conspicuous
features In this respect were the Colorado
Southern shares, the 500 stocks, Chicago
and Alton and Wisconsin Central. The
further rise in Colorado Southern was at
tributed to the reports, as yet unconfirm-
ed, that these shares would be exchanged
some relative basis for the Burlington
and Quincy per cent bonds.
Among the standard railway issues the
strongest features were st. Paul. Union
and Southern Pacific, Reading and Chesa-
peake and Ohio. New York Central fluc-
tuated quite widely. but still ruled above
its final figures of yesterday.
Rock Island Exceptionally Strong.
The Rock Island company shares were
exceptionally strong and more definite
assertions were current that voting power
would soon be accorded the holders of the
common stock.
The local traction issues were less active
than of late, but were also fairly steady.
A fairly large volume of business was
transacted in the industrial and miscel-
laneous stocks. Consolidated Gas was the
center of interest in that department, but
the movements in that security today
were more in line with those in the re-
mainder of the market than has been the
case since Monday.
The first transaction that has taken
place in Brooklyn Union Gas for several
days was made this morning at decline
of eighteen points from the last sale The
United States Steel shares retained the
firm tone they have exhibited during the
past day or two Other leading stocks
in this quarter of the market were Col
orado Fuel and Iron, American Smelling
and Amalgamated Copper.
Foreign Houses Sellers.
American shares were decidedly strong
In the London stock market, but foreign
houses continued to sell here and dis
posed of upward of 5000 shares on bal
ance.
The Bank OF Englands rate of discount
was left unchanged at PA per cent and
the banks weekly statement showed
fairly satisfactory recovery from the low
ratio of reserves to liabilities usually re-
ported toward the end of the year.
Little alteration was noted in local
money market or foreign exchange con-
ditions. The banks have gained from
the subtreasury in their operations with
that institution since last Friday nearly
s5.6oo,00. a circumstance which lends
some interest to the figures of the bank
statement at the end of the week.