Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-26
Rush to Buy Starts Stocks in
All Quarters.
ADVANCES ARE UNIVERSAL
short Covering Plays Important
Part in Dealings.
;oME SMALL RECEssIoNs LATER
United States Steel Showing a Great
Factor in the Markets Over
night Turn.

pecial Dispatch to The Star.
NEW YORK. January a6.-An oversold
condition was certainly disclosed in to-
lays stock market when the initial trans
lotions were generally made at advances
{ from one to three points and more, with
urther gains in the subsequent first-hour
iealines.
The opening advance hardly came as q
surprise considering the great improve
nent made in the Lond-n market for
American stocks before business started
lere. This is rather a Inisstatement OF
act.
Business started here long before the
stock exchange opened, the rally in Amer
can stocks in the London market result
nS chiefly from transactions on New
fork account
Short covering undoubtedly played a
arge part in the days early strength.
he retirement of short contracts being
stimulated by aggressive buying from i'm
,ortant quarters.
1t did not appear, however, that there
vas much general commission house par
lcipation in the days dealings.
Some of the Leaders.
In Consolidated Gas there was a Jump
# IA: Utah Copper, !; Chesapeake and
,hio and Amalgamated Copper. ga;
Northern Pacific, 2ss; Reading, American
ar and American Smelling, PA, and
MON Pacific, Great Northern preferred,
Denver and Rio Grande, New York Cen
raj. .
There was a sale of a single one-hun-
ired-share lot of United States Steel at
he opening at SS7s. followed by running
ales Of 1900 shares at s4Is to s4ss, COM
AIRED with SPA last night.
Persons who took hopeful view of
he situation and held that at the range
IT prices established by the January
eclines stocks were on the bargain
ounter excused the absence of shoppers
n the ground that the sale had not been
efficiently advertised as yet.
The bearishly disposed argued that to
he outside investor stocks just now must
ook like equities in potential govern
nent law suits or in stock exchange
candals. and insisted that the Washing
on and stock exchange situations must
e cleared up before any pronounced i'm
'rovement of an enduring sort could be
ooked for IN the market.
Common-Sense View.
\ common-sense view of the situation
-ould be that there had been great deal
liquidation which had placed stocks in
better position than they were month
go; that the great reaction which had
aiken place had discounted very unfavor-
bile possibilities.
Toward the end of the forenoon, after
cry active and heavy trading, the mar
ct quoted down and around midday and
the early part of the afternoon it was
cry dull.
At that time the list as u whole showed
fractional recessions, averaging about
ne-half point perhaps from the highest
rices reached in the earlier dealings, the
eing shown by Chesapeake and Ohio,
marlborough preferred, Union Pacific,
leading, Conso idated Gas, Great North
TN Ore and United States Steel.
Dull Toward Close.
There had been a great supply of stocks
n the early strength. but there was no
uestion that this selling had been we'll
,bsorbed. At the same time when the
larket became dull the disposition of the
Professional traders and commission
ouse customers was to abstain from &C.
ion until tendencies were more clearly
efined.
It was the general feeling in the stock
narket following, that the bearish fac
ion, flushed with success would make
mother drive at the market, and 1t was
agarued polite at least to wat until
: could b. seen If further liquidation
)u 4 he induce.
Ike showing mode ~ the United States
;,eel EGriaraIion In the December quar-
er was unqIestici.at;y a great factor in
, he markets overnight turn.
Money conditions were unchanged. Call
,ans were nlaue at "a and sig per cent.
'oreign exchange was tribe easier in
ne fore part of the day