The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-01-12
STOCKS RALLY ON INSIDE BUYING
AND THEN BECOME DULL
AND REACTIONARY.

NEW YORK Jan 12-WhIIe prices
were somewhat better. It looked very
much like a case Of a little necessary
tonic in the way Of support TO scare
the shorts and check their operations
on the bear side Of the list Sentiment
is not AT all buIlish. although q is ad-
mitted that Morgan can check the de-
cline in Steel any time that he cares to
undertake the job. Also. If his interest
and the interests Of the Standard OH
crowd Law in that direction. the slump
ing tendency in Union and Southern
Pacific may be checked Tendon came
in little firmer. but this was largely
due to some early orders sent over with
8 view Of having a helping effect on our
opening
After the close OF business the Rock
Island verdict is to be given out Much
depends upon IT. The houses involved
are very large and important. and it is
not believed that their customers have
uduidsted to any extent If the eN-
change shall discipline the firms inter
ssted in the famous wild times. then
there may be bunch of stock coming
out
The determination Of the Government
20 prosecute and TO further hamper the
roads. ard the fear Of pool disIute-
grating is on the Street Advances gen
orally meet sales and. all in ali, fl is not
= market 10 inspire confidence or en-
JhUSiasm
Some Shorts Cover.
The opening was a little drmer. be-
cause the drives at the close on Tues
DAY had not been successful ia bring
ing out much stock, and this started
some shorts covering
Rock Island episode If a penalty is
handed out, the exchange viii. in fact.
say TO investors that II Is q safeguard
against repetitiOus like that il Rock
Island Any haIf-measure would be cor
sideTed BY some as bearish, IN that II
would lessen faith in the stability OF
quotations and Of the exchange itself
The first suit 70 test the validity Of
me corporation tax has been brought
IN Chicago. The court Of appeals Of
this State decided the private papers
and books Of brokers can not be ex-
amined IA the collection Of the stock
transfer tax
The persistent thOTWing over Of Rock
Island shares Sc noticeable YESTERDAY
continued at the opening this morning
with a break TO - or IA, although this
loss was recovered later on when the
6.Iying Of shorts 10 gather profits ad-
SanCed IT,
The covering Of shorts and a little
support where needed By insiders.
caused average gains OF 1zuzs OF a point
III the rails. while the iudustrials were
comparatively steady, AMI with the cx-
Cept1on OF z gain in steel, common,
Eil not show many changes
Reading viii Ice eZ-div1GeuG IN a dav
or two and some Of the wise ones who
make q practice OF buying stocks a day
Or two before the books close, either 10
sell just before the close or in the hone
Of the stock recovering the dividend the
next day, were buying Reading quite
freely. The stock advanced from I55 10
1913, and eased of little
As the session advanced the market
turned weaker and half OF the gains, on
an average, were lost The volume Of
business decreased very materially, the
exchange waiting for the Rock Island
verdict and traders not disposed to do
nue. either way The short covering
So bsided and then the reaction came
naturally Union Pacific went back TO
1895 from 1893 Southern Pacific to 49,
from 1551s: St Paul TO 1924. fro uI531l-
this being net loss OF = point Read
ing held better than anything. this
because the bears are AFRAID TO Eer
gay with It. Steel Common went back
10 SIS. holding 3 gam
KATY was reasonably firm. Rock Is
land held close to yesterdays final fig
Ures and Q. & o and IuterbOrouEhs
were steady