Evening star., 1908-01-28
Further Irregular Rise in
Prices Today's Feature.
BY THE SHORT INTERESTS
Offerings of Securities Were in
Light Volume.
BANK SUBTREASURY LOSS
London Quiet. But Consols Continue
Strong-U. S. Steel and B. r. T.
Among the Most Active.
Fpcclsi Dispatch 10 The Star.

tp"oisi Dispatch I" The Star.
NEW YORK. January 2S.-No other rea-
sons We're assigned for tho further ir-
regular rise in the stock market today
than that tic offerings Of securities We're
IL light volume and that TIE loan market
for stocks disclosed the fact that the
short interest was still Of large proper
tons. Purchases for the latter account
undoubtedly played a great part in such
advances as were recorded with the
course ii the day Transactions were
upon relatively small scale, and there
were no dealings At all in 4 number of
such usually active stocks as Baltimore
aud Ohio and the Erie shares until the
Afternoon.
There VdS uo.liHC in the news Of the
morning Or in the developments with the
course of tile business session calculated
10 shape speculative sentiment strongly
in one direction or the other. On account
81 tile return rs the banks Of portion
cf tho treasury deposits. and by reason
Of the approach of the end Of the month
the money market Was a shade firmer.
hlIt these circumstances played no part
whatever i'll tlIc course Of the stock
market.
The banks have lost IL the subtrea snry
SINCE last Friday something over $780,
oGh as compared with tho very large
Fan scored from that institution in the
corresponding period uf last week. Sterling
t-ichiHse continued exceedingly strong.
LCndon Stimulated Market.
The l on,on stock market was auiet in
connect n with the progress Of the fort
nightly settlement. but consols continued
Very firm. American stocks were irresu-
Tar, but operations here for foreign ac-
count showed a small excess of purchases
In fact. the quotations from London and
The buying by the arbtrage houses fur
nished almost the sole incentive at the
oncning of business for local speculative
ventures.
There were active dealings i'll the United
STATES Steel issues. which were all firm
in advance OF the publication this after
noon of the statement of earnings of the
corporation for the December quarter and
the action upon the dividend on the COM
mon and preferred shares. The consensus
OF the predictions to the showing os
earnings for tin quarter was in the neigh
borhoUd Of S;i:;.on0.0no .lmalgamated
Copper and Ymerican Smelling. together
with Sugar Refining. and decidedly firm
although little comment of interest at
tached 10 the movements in the stocks in
question.
Brooklyn Rapid Transit was one of the
most active and strongest features of the
market, but in that instance also there
WAS nothing of interest TO be elected from
Ihc-transactions in the stock.
As has been the case for an interminabla
period, Reading and Union Pacific fur
iuShed the bulk of the transactions in the
railway list and the widest fluctuations in
prices, apart from the very severe decline.
in Big Folr stock, which took place Of
course. in connection with the reduction
in dividend.
As has been the case for several days
past, the bond market was generally firm
and tas.t circumstance was rightfully re-
"a rdsd $ one of the most important and
encouraging features OF the situation at
large.