Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-21
RESISTED PRESSURE
teady Absorption of Stocks
SteadieS Market.
SOME ENERGETIC SELLING
Prices Are Carried to the Higher
Levels.
RAILWAYS ACTIVE FEATURES
United States Steel. Consolidated
Gas and Brooklyn Union Gas in
the Strong Glass.
RAILWAYS ACTIVE FEATURES

NEW YORK. January H1.-Confrma-
ion Of the opinion expressed yesterday
hat stocks had practically accomplish
u their decline seemed TO he furnished
" the dealings and course of prices IN
oday's market The opening was rather
Irregular. and all told the first hour
vas about the most active and interest
ng period of the session. There was
ONE energetic selling in the early
lealings which smacked very little OF
liquidation and very much of bearish
aiding. Under il some temporarily
.eavy features were developed. but al
hough the professional trading element
vas rather generally disposed to sell on
allies than to buy on drives. the mar
Set as whole offered very firm resist
nee to pressure. Eventually this re-
istance became vigorous enough to ad
'ance the price level.
According to the results of inquiry
lrlong commission houses. the outside
interest in the market was exhibited in
Willingness TO take stocks around the
ow quotations recorded this week but
lot to follow prices up. In the Judgment
# experience. this is what Wall street
:allS a good time.
In the early part of the afternoon the
market. although quiet. represented an
tveraEe gain over last nights close. tbs
particular features of strength being
'tocks. Missouri Pacific. Pennsylvania,
-nion Pacific. the Wabashes United
itates Steel, Consolidated Gas and Brook
yn Union Gas. Rock Island and Anal
:anated Copper were rather conspicuous
EXCEPTIONS to the general price movement.
Expense of Short Interest.
Judging from the output of bullish ru-
nors. some overhopeful and too sanguine
expectations were entertained in some
peculative quarters. Apart from sharp
Use at the expense of the short interest
here seems to be little valid reason to
ook for anything better than a more or
ess quiet and perhaps narrow trading
aarket In the near future.
So far as speculative bullishness is con-
ierned, it Is very probable that Wall
treet does not realize how public sup
'ort must be alienated by such an affair
: the Hooking Coal episode. nor how
onG this alienation may endure. If the
.ction taken by the stock exchange au-
horities with regard to it does not meet
.ublic requirements.
Apart from such consideration it is
die to suppose that if the January de-
line in stocks discounted unfavorable
possibilities in the political or business
ituation, a prompt recovery OF the de-
line could be made while the discounted
uncertainties continue to exist.
On the other hand. there is no doubt
hat a good deal of professional bearish-
Tess. instead of being satisfied by the de-
lire which has taken place, has been in
ensified. The result should be. if the
.ottom of the reaction has been reached.
UGH an extension Of the short interest as
s usually witnessed when operators r
he fall push success too far.
Money Rate Unchanged.
With regard to the factor Of recent
nsettlement provided by the develop
1ents of Washington. ii seems too time
to direct attention to developments
lsewhere. which afe not without sgni-
icance for our own politics. Radicalism
as been rampant in Great Britain as 1t
as here. The result of the British par
.amentary elections so far show, how
Yer, a pronounced swing toward con-
ervatism.
1t may be possible to infer too much
rom this. yet il would be only rational
o conStrue IL as evidence that the TEN
er of the times has changed somewhat
the last year or So
II may not be long, therefore. before
ONE signs are noted OF conservative
opposition at Washington.
Most of the present financial facts of
he day were comprised in the money
market developments the chief Of which
vas a reduction in the Imperial Bank of
iermany's discount rate to AZ per cent.
our own money market showed no change
n rates, but the foreign exchange market
vas quite weak apparently on sales of
ills against foreign purchases of our
ecuritieS.