Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-20
Early Advances Are Wiped
Out by Reaction.
SLUMP IN HOOKING AGAIN
Supporting Measures Check the
Downward Trend.
ALL BUT C0PPERs REBOUND
Increased Railway Earnings-Re-
duced British Discount Rate.
! Stock Kiting Inquiry.

NEW YORK. January D-Ihe STOCK
market had feverish opening today with
strong advances in the majority of the
list caused by a rush to buy on the part
of uncovered shorts There was re-
newed slump in Hooking coal. The first
sale was of 500 shares at %, the low
point of yesterday. and compared with
-. yesterdays last price. The stock sub
sequently sold at .. and then went to -.
There was a heavy unloading of Rock
Island at drop of 2is. Chesapeake and
Ohio also declined =. Sales of 5000
shares OF United States Steel were made at
S2is and S27s. compared with Sl& last
night. Utah Copper jumped "a, Pullman
=. St. us-Southwestern preferred and
Amalgamated Copper ia, Louisville AMI
Nashville Is. wabash preferred. North
ern Pacific, Mercantile Marine preferred
and Denver and Rio Grande a point and
many othe. active stocks large fractions.
Prices yielded from the best after the
Jpening.
Reaction Checked.
The feverish tone of the first hour ended
when supporting measures checked the
reaction. Severe pressure on Chesapeake
and Ohio carried it ga under last night
and the general level of prices fell back to
below last night. Consolidated Gas and
Allis- Chalmers preferred dropped ~,
Pittsburg Coal preferred :. Ameri> d n
Smelling, Western Union and Erie second
prefe. red IL and some others a point
Except in the Coppers prices had re-
bounded to the best by IL O'Clock.
Railways Advance.
Announcement of the failure of the
specialists I'm Hooking Coal caused only
a slight tremor in the market. Prices
advanced again afterward. Hooking Coal
vibrated erratically between ~ and %
Rock Island, Great Northern preferred
and North American .ose Is owe Ia
night New York Central and Wabash
preferred, ~: Reading. l%: Texas anu
Pacific and Kansas City Southern pre-
ferred. 1ss: New York: Chicago and st.
Louis. 3. National Railways of Mexico.
~: Pullman, 5, and Union Pacific, ST
Paul, AtchisOn. Missouri Pacific, Penn
sylvania American Smelling and Nation
al Lead. /.
Rock Island preferred declined ., and
a number of other not very active stocks
sold at declines. The tone was strong
at noon. Bonds were irregular:
AS the situation defined itself today,
stocks seemed to have struck bottom
prices this week. In so far as the erect
Of the collapse OF the Hooking Coal pool
is concerned it's immediate erect On
the market appeared TO have ended at
the announcement of the third suspen-
sion among the stock exchange houses
involved in yesterdays transactions.
The Hooking Coal Incident.
1t was a member of this house who
executed the purchases in Hooking Goa!
yesterday morning which were subse-
quently repudiated by various stock ex-
change firms, for whose account they
are alleged to have been made
The failure OF the house in question
apparently concentrates all remaining liza
biity for losses incurred in the Hooking
coal crash and renders further embar-
rassment unlikely. for the time being.
anyway. In the end it may be tnaL
there will be a division of this liability
among some, at least, of the firms which
refused to accept the specialists reports
Of Hooking Coal purchases yesterday.
In announcing the third failure the
president of the stock exchange prom
Used an investigation of the attendant
circumstances. This in itself is whole
some development. 1t will probably re-
suit. as did the recent Rock Island in
vestigation, in establishing a desirable
of the public and the cleaner conduct of
stock exchange business, especially if the
question Of last years upward manipu-
lation of Hooking Coal is inquired into.
1t should result in making much
clearer the responsibility of the stock
exchange for the quality of the Securl-
ties admitted to the privilege of the
market which the stock exchange af-
fords. 1t should also determine beyond
peradventure that the tradition of con-
tract honor based on nothing more
binding than oral agreements which
have long enjoyed exalted prestige on
the stock exchange is merited by the
facts.