Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-01-22
DEALINGS HAD STABLE TONE
Belief Current That Large Short In
terest Exists.
BUYING TO COVER CONTRACTS
London Situation Was Strong-Somt
Talk os Further Reduction in
the Rate of Discount.
Special Dispatch to The Star.


NEW YORK. January 9-Generaiiy
epeaking the stock market today MADE
better showing than has been set forth in
nearly fortnight. although there was
material falling away in respect of activ-
fly. On the other hand the dealings, While
not wanting in appearances of irregularity
had a more stable tone than has been dis-
played recently, and there were none of
those violent downward plunges when
marked the trading yesterday than on the
preceding DAYS. The general tendencies of
the market seemed again to be determined
mainly by purely technical considerations
It is the opinion of close observers OF the
market that a very large short interest has
been created in the unsettled dealings of
the past fortnight, and it is their best judg-
ment that the more serious difficulties
which beset the market in the shape of
threatened insolvencies have been tided
over. It would seem safe conclusion
therefore. that the bulk of the buying In to-.
days market represented the covering OF
short contracts. and at all events there
were no indications of revived demand
on the part of commissions at large.
German. Bank Rate.
q The London stock market was steady to
strong in all departments on optimistic
which was strengthened by today's reduc-
ton In the discount rate of the Imperial
Bank OF Germany from to per cent.
There is already some talk heard Of an
other reduction in the Bank Of highlands
minimum discount figure but this seems
altogether premature, so long as the Lon
don open market discount rates are main
tanned al the present level. Operations here
for foreign account showed small pre-
ponderance of selling orders.
/ Local money market conditions were ex-
trernely easy for loans on call and rela-
lively so for the various time periods The
banks have gained in their operations with
the subtreasury thus far since last FRIDAY
nearly 81 600. 900, but 1t IL probable tnat
from this time forward there will be
material falling away in the heavy govern
ment disbursements which have been con-
Quoted previously during the month.
There was as little actual news relating
TO the transactions in one stock or an
other as has been the case for 80 long
past After showing early strength IN com,
mon with the general market the united
States Steel stocks assumed reactionary
tone. doubtless because or the geneIA ana AZ,
fionment of the idea that the dividend on
the common stock would be advanced at
the directors meeting a week from today.
LIS Local Traction Shares.
Strong features of the industrial and mis-
cellaneous issues were General Electric,
Anis- Chalmers, the Railway Equipment
shares and Amalgamated Copper. although,
as In the case of all the other active issues,
the movements in the last named showed
no little irregularity.
The local traction shares were less active
than on Yesterday, and were again some
what heavy. ostensibIy because Of appre-
tensions of antagonistic action at the pres
ent session of the legislature.