The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-01-21
WALL STREET NEWS
After the Battle" Appear
ance in Stock Market.
DOWN TO A NEW LOW LEVEL
Average Range of Prices Reaches
Figure Not Touched Since Last
April-Heavy Odd Lot Buying by
Conservative Investors "a Feature
of the Market-HOcking Watched.

New YORK, Jan. -u.-AllNouBu tilS u4o'
ket to-day. especially In the forenoon
was still nervous and unsettled. the pre-
vailing sentiment in Wall street was or
an "after-the-battle" character, and II
was the consensus in the best quarters
that such a thorough shaking down had
been given TO the speculative situation
that affairs generally in Wall street were
resting at least upon pretty stable
foundation. The extent to which the de
cline has been carried. not only in
stocks. but in commodities, and the con-
sequent loosening Of money that has
taken place, is stin, perhaps, not popu-
larly realized.
In stocks the fall has carried the aver
age range of prices, taking as basis of
compilation twelve of the leading railway
and industrial shares, down 10 level
that has not been touched since the mid
die Of April of last year. The prices Of
cotton futures. including in the reckon
ing tc-days further fall. represents a de
elmo of over cents a pound since the
first of the year, and the price of wheat
is much lower than it was two months
ago
Buying Becomes General.
All this Is about as effective a punctur-
ing of speculative bubbles as is usually
witnessed, and it was not therefore. at
all surprising that conservative people
yesterday and to-day should have made,
as they did, purchases OF securities on a
large scale. The phenomenon of heavy
odd-lot buying was also a feature Of the
stock market in a degree that has not
been Witnessed since the fore part Of last
year
OF course. the market was for a time
still timoTous inasmuch as there was a
good deal of uncertainty as TO whether
the worst Of the miserable Hooking Coal
and Iron trouble was yet fully known.
The affair was bad enough in and of it.
self, but spectators for the fall yester
day did their utmost 10 exaggerate II,
and spread broadcast stories Of impending
financial disasters that were utterly I'M
justified. There was announced this
morning as was universally expected,
the failure OF the firm, one of whose
members as a specialist on the floor Of
The stock exchange. executed yesterday
the buying orders for Hooking Coal and
Iron stocks
Have Sustained Losses,
Although it is still entirely probable
that a good many members of the eX-
change will have to sustain losses by
reason OF their direct or indirect connec-
ton with the affair. knowledge regarding
it has so far progressed that fl is abso-
is involved and that the total losses are
by no means such as 10 be a source Of
general disturbance.
To-day, partly because further gains
We're made by the Conservative party in
the English elections, bur chiefly by reason
of reduction in the Bank of England's
discount rate and return OF the banks
condition showing a proportion of re-
serve held against Liabilities unusually
high for the season of the year, a great
wave OF. strength swept over the English
stock market, which carried American
stocks before the opening of business
here to prices running from one 70 two
points in the leading stocks above yester-
days final quotations on this side.
The temper of our market was such
that Tor time this more cheerful feel
ing In London was not very effective in
advancing values But il soon became
obvious that buying was going on a far
more substantial character than any seen
I'm recent stock exchange experience. and
that with few exceptions, operators hos
tile TO the market We're finding it impos-
sibIe 10 depress prices in important quar-
tiers. From then on a hardening move
ment was plainly under way. this
eliminating IN the last half hour Of the
days business In a rapid and general
advance