Evening star., 1909-02-24
SOME SMART RALLIES
Dealings Still Displayed Mark.
ed IrreguIarity.
ADVANCES Distributed
Further Wheat Rise Attracted At
tention Today.
BETTER TONE IN LONDON
q. s. Steel and Reading Shared In
the Rally-Trading Conducted on
an Exceedingly Large Scale.
BETTER TONE IN LONDON
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, February 24.-The stock
market showed some smart recoveries In
this mornings opening transactions and
the advances then made were In most In
stances materially bettered with the prog
ross of the day. At the same time, 1t
was only natural that the dealings still
displayed good deal Of irresularity and
some little feverishness.
Discussion was again active with re-
gard to the actual reasons for yesterdays
sensational break in prices, and 1t must
he said that satisfactory explanations
were not forthcoming.
1t might he added that aside from tech
nical market circumstances there were no
very satisfying explanations for today's
rally. The stock market has, of course
suffered a ix-day consecutive decline.
and during that period the average level
of prices has been substantially lowered.
Superficially the course Of the market
has been caused almost exclusively by
the readjustment In the selling policy OF
the United States Steel corporation. which
was announced toward the close OF last
week. 1t Is certainly open to question,
stance should be held solely responsible
for the striking results In the stock mar
ket since recorded.
Recoveries in London.
The early cabed quotations showed
American stocks quoted at substantial re-
coveries upon the London stock exchange.
but well before the opening Of the local
market a sharp and general reaction oc-
CURED.
The London stock market was seriously
affected by renewed uneasness with re-
gard to the political situation in south
eastern Europe. and was weak in all
quarters except the American depart
ment. Foreign houses were extremely
impossible to obtain any concurring esti-
mates Of the results Of these operations
on balance.
The majority opinion was to the effect
that the sales exceeded the purchases by
about 10000 shares.
Money market conditions were but little
affected by the completion of the return
= of the United States government deposits
under the latest call of the Secretary of
the Treasury. as considerable part Of
the transfer has already been made. This
mornings figures Of the transactions be-
tween the banks and the subtreasury
showed loss to the former Of more than
$4, 100000 since Friday.
Substantial Advances.
A further rise In wheat attracted some
attention. and the course of that staple
is apt to become a greater factor in the
stock market as the spring progresses. in
view of the current reports with regard
to the condition of the winter wheat crop.
In the stock market the United States
Steel shares and the Reading, which
were the leading issues in yesterdays
turbulent dealings. rallied in common
with the general market. Substantial
advances were. in fact. shown in all de-
partments, and there were few excep-
tions to the common drift Relatively
heavy issues were Southern Railway,
Canadian Pacific and the Erie shares.
Trading was conducted upon an ex-
ceedingly large scale in the early part
of the day, but there was later some
falling away in activity.
: For two hours after the rapid huctua-
tions in prices in the first three-quarters
Of an hour after the opening there was a
reduction in activity and a consequent
condition Of materially unchanged prices.
1t began to look before / o'clock as
though the force of yesterdays bear raid
had already been spent and that the
shorts were trying to cover quietly and
convert yesterdays crash into cash.