The Washington times., 1910-01-28
MARKET is NERVOUS, BUT BETTER
UNDER COVERING OF BIG
SHORT INTEREST

NEW YORK. Jan. 3S.-Whlle there
was a distinctly better feeling on Wall
Street and higher prices on the leading
rails and many Of the induStriaiS, the
opinion prevailed that 1t was nothing
more than a traders market, liable to
respond quickly TO either good or bad
news, with a tendency toward higher
figures on shorts covering and to lower
prices, once this demand ceased or g.
minfshed. In the rails the Street was
inclined 10 favor the HIi shares,
Southern Pacific, Pennsy, and UniOns
with the usual volume of trading II
Reading and erraGc fluctuations as
vel. So far a7 can be learned there
IS no change IN lie situation Traders
are not at ali sure of their position
whether they are bulls or bears The
market has had a severe drop. a modest
raIIv from low. and IL is IN NeLs
susceptible llumcr, and VIII ooo a 'i'0
vino blOwCtn, e-,4s..,
proved 10 be the weak sisters, ltLe
srots where 1t was impossible 70 -lI.5-- Illa.He
beadWay against the Seuine- -.
has been good buying on Jle de-Li-les,
h,1f A fg tbe kind Of buying that wants
q quick turn, uneasy over It's pvSi'-0-i'
much as the shorts are -
Different pools here and there LaNS
E,eer7 compefIe6 to sell first one sloch
- +T,e-1 s1ofae- TO protect holdings
elsewhere This kind Of selling mas hd oSsLl
noticed in Union Pacific OF late- - n
are plenty Of stop orders from llSluGl
below IS4 which is said 10 represent ttte
latest sr1oDorf' IN this stock W nile
fluctuations are unusually ldIS -
doesn't look as if this support Nouid oe
called on this week Close obSerFeES le-
port that the buying of southern "a
cifc is among the best in the WhOle llSl-
There has been scale buying Of TINS
stock all throughout the break
Would Welcome ouietness.
II is also a fact that the leading Wall
Street houses would gladly welcome
dull steady market pending develop
ments Of Importance Pending this de-
EirabIe condition values viii be erTatic
and the bears viii not permit peace and
quiet 50 long as there seems 70 De
chance 10 make headway by raldIng the
list
Even with the show Of strength in the
opening hour today there was conSic-
erable irregularity and fluctuations Of
points in twenty minutes, recoveries
and drops The market continued quite
active during the first TWO hours OF the
session. despite iTregulaTIty- but toward
noon It quieted down materially and
then started to ease of
The Morning Range
Copper lost q point after trying 20 rally
Smelling lost "A. plus an additional p
KAT WAS gained earlier IN the session.
Steel common was active, but made
some progress on the right side. opening
AT S21s. selling to SIS, and back to So.
and or 10 So q, = ret gain on the last
quotation. Other irdustTials were not
much changed either way
Great Northern started al E. rose 70
IA and of to 1z3- NOrthe IN Pacific
started At 1865, rose 10 1875. dropped 10
155, and rose 20 1857 Reading. with all
tss regularity. was = higher at noon
Southern Pacific started at PSI sold
at t27ES to 12S14 to 12Sas- Union 1s5 TO
1S54s 10 1868
Sharp, Good Rally.
In the afternoon the market gradually
seemed 20 grow stronger The buying
orders increased materially, and the
shorts, alarmed by the apparent scarcity
Of stock. tried o cover running up the
market on themselves. This advance
amounted to an avers Ee Of point on
the active leaders, and with the gain
well sustained with a prospect OF a good
closing. Sentiment seemed TO impro e,
but the market had all the appearance
of rise due to the activities Of traders
on both sides-the one TO cover. nd the
other 10 buy for better Sgures.
Steel common S4lz. Copper ~. SmeIi-
ing 9laa- Reading I50Is- Southern Pacific
J lSS7s. and Union Pacific ISIS