Evening star., 1908-01-29
Further Progress in Rally
Marked Days Dealings,
NOTABLE REACTION LATER
Many Weak Spots in Financial Sit
uation Admitted.
LONDON GENERALLY STRONG
Local fractions Stronger Than for
Long Time Past-Some Note
worthy Advances.
Special Dispatch TO The star.

Special Dispatch TO The star
NEW YORK, January 2a--The rallyins
tendency which the stock market has ois-
PLAYED during the past three or four days
made further progress in today's early
dealings, but with the course of the morn
ing the upward movement was succeeded
by a general and substantial reaction, and
subsequently, movements In prices eNi1D-t-
ed great jrregularity. There was little or
nothing to be named in connection with
the reaction aside from the extent OF the
preceding advance.
Bearish1y disposed traders attempted to
make some capital out of the rumored
difficulties in the local banking situation
which are understood to he greatly eN-
aggerated or at all events entirely pre-
mature In the event of their happening
they would not collectively be SO i'm
porSant in a general sense as the bank
suspension on Monday. which was re-
ceived by the stock market with practical
Indifference.
1t is, however. generally recognized that
many weak spots still remain in the situa-
tion result of the financial disturb
auce of last year, and until these are
finally eliminated, one way or another
they viii probably be utilized for all that
they are worth by operators for fall in
prices
Gossip About the President.
II was reported with the course of
the morning that the President would
Friday transmit q message to Con-
gress relating broadly to the labor situa-
ton which would possess an extremely
strenuous character. AS the day wore
on suggestions to this effect became
more persistent and these might PERHAPS
be named as the chief reason. superficf-
ally at any rate, for the hesitating tone
OF the market. otherwise, IT did not
appear that the Washington influence In
general. including the proceedings against
ln ~rNtn {fss a2t
part in the days dealings.
The London stock market was generally
strong. although very dull. in connection
with the progress of the fortnightly set
tlement upon the stock exchange there,
and little was done in the local mar
ket for foreign account.
The local traction shares were stronger
than for long time past, with note-
worthy advances showing in Manhattan
Railway and all of the Inte-borough
Metropolitan issues. Reading and Union
Pacific, usnal were the leaders In re-
spect of activity and in the varying fluc-
tudtionS in prices in the railway list.
u. S. Steel Earnings.
favorable construction was common
ly placed upon last evenings statement
of earnings by. the United States Steel
Corporation. but the views in this regard
were naturally qualified by the general
recognition of the fact that the earnings
for the current quarter will undoubtedly
show a very heavy reduction from those
reported for the quarter ended Deem
ber 81.
AInalgamated Copper was relatively firm,
end IL is understood that while there has
9..en little improvement in the demand for
t.h. metal, the supplies have been 50 de-
gieted that the appearance of a sustained
S.emand might readily lead to a very rapid
rise. particularly as it will require from
two or three months to reopen the mines
which have now suspended operations.
The bond market was again active and
generally firm, circumstance to which
more Importance was rightfully attached
than to the irregular movements in the
stock market.