The Washington times., 1910-01-18
STOCKS ERRATIC. BUT STRONGER.
OLD FAVORITES LEAD IN
THE ADVANCE.

NEW YORK. Jan. 1s.-It was a case
Cf another nervous market with trad
e-s kept from operating with their usu-
al freedom through fear Of erratic 1uct-
uations- It has come TO the time where
operators on the bull side Of the mar
ket jump for profits with avidity. and
as the bears have the same methods. It
IS a case Of erratic fluctuations and
scaIping opportunities on either side. Tt
was a rather weak opening, with de-
clines Of L on an average throughout
the list This was followed by COW
erfng and some GOOD buying orders. and
then a good rally, which was partially
lost IN another retrograde movement be-
EOre the noon hour. and a second move
ment above the low range.
The continued weakness and lack Of
support when necessary has caused some
reckless Offering Of stock When eff
forts are made TO buy stocks the lin
It's are generally so far below the rUlins
figures that il IS impossible to execute
them. and the short sells are actually
the best bidders and buyers OF securities
One thing is certain, and that IS that
money is flowing back 20 New York III
large quantities. and the percentage OF
loans 20 deposits is decreasing very
largely Price values and interest rates
are considerably apart, and If they are
10 meet again stock values must so up
and rates secline-
Leading market interests declared over
and over again that the legislation pro-
posed by the President viii result in
more good than harm Nevertheless.
many people are Of the opinion that the
recent decline IS more or less in the
nature Of a demonstration against the
Administration policies. and that IL
must be more or less effective in ere
atinE timidity.
Indications point 10 q near-lOw limit
on stocks at the present time, and in i
way the market has been getting into
better shape every day Tor a month
past The large short line is a factor
for the lettering of prices; the decline
* attracting new interests 70 the
Street, and sOId-out bulls are coming
hack again 70 80 I'D with the list The
market has also been discOIntinE posi-
EIs adverse decisions in the United
states Supreme Court. II the decisions
should BE- favorable the result would
Cnquestlonably be a rise that would jar
the shorts 70 their eve teeth
Bears Are Vicious.
There are rumors Of more liquidation
In Locomotive, the story being that
there is a long account that is weak and
-f--- - --e-- -o- A--E 7l4AA5 dAAtE IL II
is said TO be guarded by stop-orders
Just under the hnaI figures Of yester-
day Despite the trend toward a beg@er
feeling downtown the uptown crowd
IS said TO be very bearisu- seeking for
vulnerable spots here and there where
there IS an opportunity TO successfully
deliver z smashing blow They are
encouraged to this action by the failure
Of rallies 10 hold
The directors Of the United States
steel Corporation viii meet one week
from today for the purpose Of declaring
the dividends and reporting on the I.-t
think that the dividend on the com
mon viii be raised from the / per cent
marx The report IS anticipated. as ex-
celient- Unified tonnage viii cut some
figure.
Stronger and Higher.
As the session advanced through the
noon hour, the second hour Of the after
noon and well into the last hour, there
vas a distinctly better tone 70 the list,
and some sharp advances were made in
tire leaders The good show OF strength
turned the shorts into covering and gave
the market a much hrmCr appearance
In the rise the old leaders were well
10 the fore Union Pacific rose 10 49,.
q net point gain for the day; Southern
Pacific where the buying was excellent
advanced to 1S1as, also q point higher.
and Reading made IL I@1 higher In
touching 1s3- The shorts covered freely
On the rally steel rose 10 Sli.
The whole market SyInpa LhiZed-