The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-01-30

New York, Jan. z9.-Transactions in
stocks to-day were practically Of the
same volume as yesterday. ana the tend
ency OF the market was again toward
a lower level. Fluctuations n prices
during the day were. however. very II
regular, the market Offering at times
seeming TO reflect the evidences OF Gov
eri1g Of speculative accounts for the
decline and Of g moderate support by the
banking interests that was not afforded
yesterday, while at other times selling
OF stocks went on rather vigorously.
Il seemed 10 be the case after the
day was over that while the attack OF
speculative commitments for the fail had
been reduced in certain directions il had
been extended II others and that also
some genuins liquidation had taken place
Right az the close the market was IN
der the influence OF a renewed selling
movement which caused & final net de-
cline 10 be recorded for most Of the
active stocks. On the other hand more
than fractional recessions were not usual
among some OF the inactive issues
Pressure on steel.
Particular pressure was again brought
TO bear against the Amalgamated Copper
and Z. S. Steel shares based as yester-
day upon stories OF the accumulation Of
metal stocks. OF price cutting in finished
commodities. and Of an admitted reduc-
ton OF prices for raw copper. The cause
popularity assigned for whatever unfav-
OFable turn has been noted IN business
recently IS still the impending revision
OF the tariff. the expectancy, OF at least the
possibility. that with q S per cent reduction
IN tariff duties lower prices viii be
quoted for many commodities has, as
IS sueged. led large wholesale dealers
IN these commodities 10 cut down their
orders for goods 10 q hand-to-mOUth
basis, and as in many lines production
started up again IN full force after the
Presidential election the natural result
Is declared 10 be an accumulation Of
stocks which necessarily press for sale 70
q considerable extent.
Il IS declared. however. BY persons
whose words carry weight II the business
world that rumors about stocks OF this
sort are greatly exaggerated. and that
accommodations OF unsold materials exisi
only IN a relatively small number OF in
dusyries.
Earnings Of Hartman Roads.
The only new features Of interest in the
financial situation to-day were the pub
Hcation Of the Union Pacific and Southern
Pacific reports OF earnings for the month
OF December and 3 movement IN the price
OF sterling exchange here and in the vaTi-
Gus International markets fav0ring gold
exports from this center 10 London The
two Hartman lines again made another
extraordinary showing Of reduced operat-
ing expenses, JUST as they have done for
50 many months n the recent past
The Union Pacific's gross for December
increased 200 over that OF December a
year ago, but the company so cut down
its expenses for operation as 20 show a
net increase FOR the month OF S55f. CO.
The Southern Pscifc's report was not
quite as favorable. showing a decrease
IN gross over last year OF S9S0, 900: but as
the roads operating expenses were re-
dueed $50, co. taxes being also cut down
the company's net incTeass for the month
is nearly S4S7,001