Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-24
Steel Common Starts Early
Sales at $1,000.
U. P. HEAVIEST FEATURE
General Run of Stocks Down Three
Points or More.
SPECIALTIES FARE THE WORST
Pressure to Sell Forces Downward
Trend Despite Occasional
Rallies.

Special Dispatch to The Star.
NEW YORK. January 14.-Prices NOV
ed downward with remarkable CELEBRITY ir
todays stock market. By the early part
of the afternoon a very substantial part
of the recovery from last weeks low
prices had been recorded. On the aver
age perhaps, the decline from high hS-
ures touched on the rally was 30 per cent
of the rally According to the point
of view the course of prices was various
~ construed.
Persons of conseivatively bullish opin-
ions regarded tt as d secondary reac-
ton, such as customarily occurs after
prices have had sharp rebound from the
period of violent depression. Those OF
agsressively bearish proclivities interpret
Cd it as a resumption of the downward
movement which began with the OPEN
ing of the new year.
With no conspicuous exceptions, losses
of from one to three points and more
were shown by all the active stocks at
the end of the third hour of business.
Union Pacific was far and away the
heaviest feature of the market, but 1t
was closely seconded by Southern Pacific.
St. Paul, Reading. Northern Pacific, In
terborough preferred, Great Northern
preferred, Chesapeake and Ohio, Virginia
Carolina Chemical. United States Steel,
Great Northern Ore. Consolidated Gas,
Colorado Fuel and American Smelling.
First sales of United States Steel were
of 1900 shares at 81 and S6ss, compared
with S67s Saturday. Southern Pacific and
Utah Copper declined Ia, Reading. the
second preferred, and Chesapeake and
Ohio /, and st. Paul, Atchison, Union
Pacific, Trie. metropolitan
preferred, st. Louis, Southwestern Re-
public Steel and Amalgamated Copper
large fractions.
Temporary Support.
Temporary support was extended to
the market, resulting in United States
Steel rallytag to 81. and the railroad list
generally making UP part of its loss.
Large selling orders then made their ap-
pearance In the standard stocks, and the
whole mAraet went off anywhere from
l 20 points.
United 0tstes Steel. the Pacific rail-
roads ana Chesapeake and Ohio were
especially vulnerable. American Express
dropped points; Sloan-Sheffield Steel,
2ls: Southern Pacific and Chesapeake
and Ohio, 2; Union Pacific and st. Paul,
rs; Colorado Fuel, Great Northern Ore
certificates and Westinghouse Electric,
IL, and United States Steel rs.
Stocks continued to be pressed for sale
with rapidly receding prices. Southern
Pacific declined 8; Consolidated Gas, ga :;
Brooklyn Union Gas, SO; Louisville and
Nashville and Colorado Fuel, 2s4; Chesa-
peake and Ohio, ~; United States Steel
and Interborough- metropolitan preferred,
rs; Great Northern preferred and st.
Louis Southwestern, 2h, and Reading,
Northern Pacific, Kansas and Texas, At
lantic Coast Line. American Car end
several other active issues as much as .
Bears induced a fractional rally by buy
ing to cover shorts before noon, but the
higher prices diminished the demand at
once and the market yielded.
Bonds were weak.
Light Selling.
Light selling. which increased in vol
ume as prices got lower. drove the list
down to new low levels. Inactive spe-
cialties made sensational losses, and the
general run of stocks went down two
points more. Pittsburg Coal preferred
broke "a. Gloss Sheffield Steel and United
Railways and Investment preferred 4,
Union Pacific 3$., Reading 3, United
states Steel 2s., Great Northern Ore GER
tificateS "a. st. Paul, Wabash preferred
Amalgamated Copper, American Smelling
and General Electric ..
While the declines were in the process
Of accomplishment the market was quite
ttSllNCs pul GIOuliu iiuuOdy tie ucdlliSS
tended toward dizziness and in the early
part of the afternoon there was i slight
rally, but with very little doing.
There was no doubt that large guam
tity OF trading stop loss orders were
caught on the recession, and. indeed, the
bulk OF the selling seemed to be for pro-
fessional or mi-professional account.
Steel Center of Interest.
During the greater part OF the session.
at least, there was no appearance OF
liquidation of general sort, but there
was not little suspicion that a fairly
large supply of stocks had come from in
flucntial quarters. In so far as anything
outside of the days price movements
themselves attracted attention in the
stock market community, the center OF
interest was the respective action Of the
United States Steel Corporation directors
at tomorrowS meeting on the common
stock dividend.
However, nothing was suggested by con-
lecture In this respect, nor vas furnished
Dy the days supply of Ilaiketwise in
than what is called trading market
could be looked for in the near future.
Just at the moment something like a
popular revolt aga. INST the high level of
commodity prices seems to be growing
rapidly. All other considerations aside,
the fact of the crusade is bound to eX-
ercise a depressing effect on business
This, however, was one of the matters
involved in the discount.ns process to
which the stock market has been sub
iected this month.
Legislative Apprehension.
Others. and perhaps the most directly
influential. were summed up in the word
Washington. In the highest financial
circles the note of political uncertainty
is the one which is just now most forcibly
emphasized.
II the stock market has been discount
ing political and other contingencies, II
would seem to be reasonable to suppose
that it will stay in II discounted p si.ion
until the adverse features begin to change
for the better
Assuming that the discounting so far
has been adequate and compete, the fact
remains that there is no change nor sign
of change as yet in the Washingt n situa-
tlon. The money market worked toward
greater ease. Call Monday, which ruled
around j34 per cent last week ruled
around 3N per cent today. Foreign ex-
change was steady in the early dealings,
with demand sterling at Saturdays clos
ing quotations.
NEW YORK CURB PRICES.
Quotations furnished by E. F. Hutton & Co.
No. Nnrr 800. Exoh