Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-31
STOCKS DUE FOR A RALLY
May Respond to Natural Causes II
Court Delays Opinion.
Easiness of Money Situation One of
the Encouraging Features-New
Anti-Railroad Proceedings.
speeiaI pispatch to The Star.

Special Dispatch to Inc star.
NEW YORK. January 31.-How much
the stock market is at present hanging
upon the Supreme Courts Interpretation
of the antitrust law seems to be Illus
trated by the transactions and course or
prices today. IrreGularfty within mar
row range a few features of conspicuous
strength and a great deal of dullness
characterized the days dealings.
Reading was far and away the leader
of the market, both in activity and
strength. but, although ably seconded by
Rock island. Western Maryland Con-
solidated Gas and Amalgamated Copper,
there was long gap between the lead
ers and the followers. Third Avenue
was conspicuously weak on the announce
ment of the forthcoming sale of the
property March 1. United States Steel
and Union Pacific were steady, firm or
heavy, according to the point of view.
Except in the case of Reading. and pos
sibly of Rock Island, In which opera
tons of a more or less inside nature
were suspected, the days market repre-
scented almost wholly the efforts of pro-
fessional traders to catch fluctuations
The opening was irregular. followed by
a general all-round hardening of prices,
and then irregularlty again supervened-
xSdlly "Oulu DIG NoA AAd4.
In the carly part of the afternoon,
when it was announced that there was
no decision in the tobacco case today,
the market was very dull. There seems
TO be pretty strong belief in important
quarters that nothing much in the way
OF distinct trend in the stock market is
likely to develop while the Supreme
Courts reading Of the Sherman law is
in allegiance.
On the other hand, If the settlement
of this matter is long deferred 1t is
unreasonable to suppose that the market
will not respond to such factors as de-
velop in fundamental conditions.
So far as the technical position of the
market is concerned, stocks would seem
to be entitled to a rather extensive rally
after such a violent contraction as took
place this month. Such a rally would
be a normal and classical consequence
of a sharp decline, but the rallying
tendencies of the market are pronounced
in a few stocks only.
Money Conditions Easy.
News of marketwise Importance which
came out over Sunday related chiefly
to the French flood situation, but the
Improvement in physical conditions is OFF,
set by the financial considerations, which
will henceforth come more actively into
play. So far these considerations have
not been reflected in the international
exchanges. Our own foreign exchange
market was very much like our own
stock market for the greater part Of
the day. that is, dull and steady.
The institution of new anti-raiiroad pro-
ceedings under the commodities clause
of the Hepburn law was the most con-
spicuous item of marketwise importance
offered for Wall street consideration be-
fore the stock market opened. There
after the news was not of a kind CAL
culated to affect pria es or stock market
movements.
Money showed how easy conditions have
become. because preparations for the fair
~ heavy February interest and dividend
disbursements resulted in no hardening
Of rates. A great deal of curiosity has
been aroused by the way in which bank
loans have been expanding since the first
OF the year. The loan item of the clear
ing house banks is now $20.OOO, 900 in ex-
cess Of the figure at which it stood at
the end of 1909. The fact probably re-
fleets a process of readjustment following
the shifting of accommodation which
was such a conspicuous feature of the
money markets last fall.