The Washington times., 1910-01-26
SHARP RALLY ON SHORTS COVERING,
WITH GAINS WELL HELD
INTO AFTERNOON.

NEW YORK. Jan. 26--Naturally
there was a decidedly strong opening.
It was started In London, when a large
number Of buying orders were sent over
not for the usual stineninE effect upon
our market, but because there were
belated shorts srxiOus 10 get IN before
overstaying Their market-as they uld
on Tuesday afternOOn-missed and
passed a great opportunity, which they
themselves had created Then. in ad-
ditfon to the shorts there were numer-
our orders from traders who were con-
fdent that a rally YVES due-either that
the bottom had been reached, or that
q temporary rally would follow
The combined influence was a sharp
cratic opening here with prices varying
from one 10 three points higher. The
action Of the Steel directors In making
the common stock a per cent divi-
deud payer, and the fact that 10 per
cent was earned after liberal deduc-
tons etc. and the outlook OF The cor
poration is so good that the report acted
As a tonic TO the whole list and re-
suited largely in the checking Of the
downward trend
All through the list the movement
was toward higher figures in some
stocks the initial quotations were high.
on others high was reached before IL
o'clock There were rumors here ana
there of support coming. indeed there
were positive signs OF support IN the
last hour YESTERDAY but q close STUDY
OF the situation failed 10 detect any aC-|
Iu2l support today Moreover there
were indications that the advances were
meeting actual liquidation, presumably
from the buyers at the low range OF
Tuesday
Street Pessimistic.
The Street Is pessimistic. in view Of
the fact that the two important cases
before the Supreme Court are hanging
over It This view certainly may seem
pessimIstic, and vet the decisions that
are expected are said to be most i'm
portant Of any handed down by the
Supreme Court. in their bearing on the
Sherman antitrust law One real fav-
OTabis happening and outlook is found
IN the WlpIuE out Of weakly m6TFtned
trades and the current lower levels IN
values: thus almost relieving the SiJua-
ton from the danger of a break in value
that would be disastrous
Moreover, there are many rail- and in
dustriaI corporations that are not amen
able to the Sherman law IN that they
are not iaw-b-ea1eTs- Stocks Of these
corporations ought 10 be reasonably
safe Investments around present prices,
when bought outright for investments
There Is nothing in the usual natural
influence that would, or rather should,
Money Is working easier. business is
certainly prosperous # e may so con
tinue undisturbed- Railroad earnings
are excellent Everything in business
zay Is promising
Not Real TeTrors.
n the past a way has been found
10 meet emergencies. The Northern Sc
curities decision hurt no one The com
modities clause decision turned out TO
be very favorable after all II the To-
bscco trust is dubbed bad IT IS be
cause II was overly anxious to do Il
all on the same basis as Standard oil.
But should these two be termed such,
there would be no reason for putting the
Steel Corporation on the same basis
1t has scores Of competitors, and Of all
manner Of Importance In the feld-Re-
public Iron and Steel. Jones & Nc
Laughlin Company. Bethlehem Steel
Company, and many more. together
with innumersbl concerns small in i'm
portance-
II is easier 10 decry against this. that.
OF the other thing than Il IS 10 secure
faT-makinE that Is constitutional or
zaw-malOing at ail-especially law-mak-
ing that would destroy industry
Market Acts Well.
Despite the pessimistic Character OF
much Of the gossip there were reports
emanating from financial agencies to
the effect that the necessary support
would be forthcoming in the event OF
It's being necessary The fact that the
market held tenaciOusIy 10 its advance
and scored some additional advances
IN the noon hour and the second hour
OF the afternoon seemed 10 give more
announcement, nut the buying aD-
peared to be largely from shorts with
some recovery By investors who sold
out days or weeks ago
Passing into tie second hour Of the
afternoon the gains showed practically
points net on Union Pacific. % on
Southern Pacific, % on Reading,
Cincinnati and Ohio, Great Northern
Northern Pacific ~ on ALchison. / on
Baltimore and Ohio, 81 on Copper. and
-is on Copper Prices at this time are
not far away from the high point
While there Is good strength there IS
4 rarEnrrS rrndartnne