Evening star., 1908-01-30
Course of Prices Exceedingly
Irregular Today.
DEALINGS IN LIGHT VOLUME
Interest in Presidents Prospective
Message to Congress.
LONDON IRREGULARLY FIRM
ONLY Pressure on Market From
Short Interests-Reading the
Active Feature.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. January 30.-Broadly
speaking, the stock market was heavy
during the forenoon and showed an irres-
ular disposition toward recovery after
midday The course of prices throughout
the business session was. however. e4-
cee6ingly irregular. and during the greater
part of the day the dealings were In very
small volume.
The additional banking troubles an
nounced this morning were not in the ma
ture of a surprise and appeared 10 nave
no more effect upon the stock marhet
than DID the corresponding difficulties OF
last Monday.
There was again a great deal OF as
cussion with regard to the message Wh1ch
the President will transmit to Congress TO-
morrow and alleged and generally accept
ed excerpts from the document were .iee-
ly circulated.
The discount rate of the Bank of Eng
land was. left unchanged at per cent
and the bank reported the very hand-
somr ratio of reserves 10 lldpiillieS VI
$3.50 per cent.
The London stock market was Irregular
ly firm, including the American depart
ment but operations here for foreign &C
count continued upon neghsioie alan sGa,e
Otherwise the days material develop
ments were meager in quantity and unim
portant in quality.
Short Account Operations.
Tie banking insolvencies nor the ap-
prehensions with regard to the President
message seemed to lead to much genuine
liquidation, and such pressure as was
evident upon the market from time to
time appeared to represent for the most
part operations for the short account.
On the other hand. it appeared to be
= the case that in a number of stocks sup
INT urff
a view of p. otecting those issues in the
event of attacks based upon the un-
toward features of the days situation.
The md market was likewise dull and
generally heavy, with quite pronounced
reaction in New fork city AZ per cents.
based. of course, on the intelligence tnal
fu- ther large issue bearing the same
rate of interest would be shortly forth
coming.
Reading the Railway Feature.
Few of the movements in any Of the
various departments of the market were
accompanied by any specific news or novel
gossip. Delaware and Hudson was nota-
bly, heavy on the litigation against the
management of the property announced
this morning. recurrence, although on
q small scale Of liquidation in the shares
of the railways in the southern states was
also noticeable. Reading was easily the
conspicuous feature of the market in re-
spect both OF activity and act of fiuctua-
tions. As usual. however. there were no
other than technical market causes to be
elected in connection with the transac-
tons in that stock
Tine industrial and miscellaneous issues
were generally steady. notably in the in
stances of Amalgamat1d Copper and
American Smelling. The United States
Steel shares were somewhat heavy be-
cause of the general expectations. based
upon the December earnings of the cor
poraIion, that the returns for the current
quarter would make a very discouraging
exhibit.
a decline in Western Union on small
transactions was attended by predictions
that the next dividend on the stock would
be paid in stock. as was done at the last
declar alton period
Money market circumstances again
showed somewhat frmer tendencies on
account OF the further return by banks
OF Treasury deposits.