Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-01-29
MARKETS TONE HEAVY
Business Volume Closely Up to
That of Yesterday.
BETTER RESISTING POWER
Frequent Rallies Occurred During
the Session.
FURTHER DECLINES SCORED
Railway Specialties Reactionary
FURTHER DECLINES SCORED
Railway Specialties Reactionary
Both In Activity and Strength.
Americans Heavy in London.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January c9.-The volume
OF business in the stock market TO-DAY
measured closely up to that of yesterday
while in the bond market there was
very pronounced contraction in activity
caused chiefly by the smaller dealings III
q number Of recently active issues.
The tone of the market as whole. as
was the case yesterday. was generally
heavy. At the same time. on the further
decline that was scored, the dealings ap-
peared to reflect a better degree of re-
siStance to the pressure on one account
or another and frequent rallies occurred
with the course of the business session.
Moreover, the maximum declines We're IN
few cases really extensive. Nothing OF
novelty could be elected in explanation OF
the markets tendencies.
Little interest was expressed in the out
look for tomorrows bank statement, and
it was generally recognized that the
somewhat higher average rates quoted Tor
loans on call were merely incidental TO
the practical close of the month.
American shares were again heavy in
the London stock market, and, as has
been the case throughout the week, for
eign houses were sellers here upon linn
tied scale.
Statements of Railways.
A number of interesting and important
statements of railway earnings for the
month of December were published.
In the early part of the day Brooklyn
Rapid Transit was rather exceptionally
firm on a repetition Of the perennial re-
ports Of the early institution of dividend
payments on the stock. Today's rumors
encountered the same fate that was suf-
fered by preceding reports, but the stock
was. nevertheless, firmer than the other
I'M
boro Metropolitan securities were. In fact,
decidedly weak.
A decline in Amalgamated Copper
was naturally referred to a further re-
duction in the selling prices for the
metal American Smelling was firm,
but with that exception the Industrial
and miscellaneous shares participated
in the shifted tendencies Of the gen.
eral market. Sugar Refining suffered
rather sharp break and the United
States Steel shares were unfavorably
affected by reports with regard to the
state of the company's business during
the current quarter.
Notable Rallying Power.
In the railway list there were few
declines which passed beyond the limit
of one point. and in that particular de-
relopment OF the market the raliying
power previously mentioned was espe-
cially well exhibited.
The most active features were Union
and Southern Pacific, Reading and St.
Paul. The railway specialties, which
have recently been so unusually promi-
nent in the dealings. were today reac-
tionary in respect both as to activity and
strength.
Notwithstanding the withdrawal from
the banks of government deposits and the
shipments of gold to South America. the
preliminary forecasts of the principal
movements in currency during the week
pointed TO gain by the banks of be-
tween 81 100000 and $1,000. OOO AS al
ready mentioned. however, on account of
the prevailing conditions in the money
market, the consequent outlook for to-
morrow's bank statement excited very
little interest.