The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-12-19
NEW YORK STOCKS
SHOW MORE TONE
Hill Shares Two Points
Higher-Others Show
Some GainS-RevieW
Of Outlook.


NEW YORK. Dec. 19.-CIosing-Dur-
ing the afternoon the market became
softer. The bears tried Reading and
found that it yielded, and then. pressure
was put on other securities Reading
closed lower than on Wednesday
Fhe Hill stocks held more OF their
gains than other shares. while the
general closing all around was per
maps a good half-point above last
nights figures
The Steels We're among the strong
stocks and Copper and SmelteT did well.
some OF the minor SHARES on the list
developed better strength than they
nave shown for months.
NEW YORK. Dec 1g-NoOn-To-
days market started just "a triae ir-
regular, but with the average higher.
some OF the leaders making excellent
gains. The trend yesterday afternoon
following the declaration Of extra and
tEular dividends by some of the best
reads IN the country. including Penn
syivauia and New York Central. turned
the tide. at least temporarily. and gave
The shorts a cold chill. starting them 10
covering good and proper
Passing into the second hour the mar
Ket softened a little. that IS there we're
reactions Of 2 point on the average in
the leaders but there was no great ac-
uvity in the list and The indications
were not especially strong for a con-
tinuation Of the up-turn.
German conditions are not favorable
On the contrary they are unfavorable
and there is sure to be a money pinch
between now and the first Of January
in the collecting Of money for the mil
lions 10 be paid out on interest and
dividend account.
The air Of hopefulncss Is noticeable.
where there was but little Of this
around the market for a week or more
New York Central In the declaration
on the. regular dividend did not give
5n"cA inspiration TO the market. II is
known that the roads earnings dc
creased S6l3Je0 for the quarter. leaving
"a margin of but S2S4. o0J after paving
tne dividend This margin is fer from
Impressive. There is little ErOuId for
Expectation of much Improvement in
Ne" York Ceutrals position There is
mucH discussion Of plans To secure ad-
Hitonal capital and this is keeping
Jlt stock from showing any buoyanCy
ire Street has many TumOrs concern
ing Reading. among others n report Of
am increased dividend distribution. An
OF the coal and railroad properties
- lar as any actually is concerned
mere has been nothing done 10 indi-
cate a compliance with the Hepburn
tlw..
ID was rather peculiar that the action
on Air Brake dividend pOstpOning pay
meuf, was met with a sharp rise in the
stock, this Indicating the approval Of
conservative management. As an evil
denCe OF the mood of the Street il is
but necessary to call attention TO the
utter failure Of a movement in the in
tereSt Of the usual Christmas iambOree-
the hollow mOclIery OF q celebration does
not appeal even 10 the most optimistic
Hill Shares Are Strongest.
The Hill shares have won a place as
market leaders. They probably have
IS much intrinsic merit and earning
capacity as any stocks on the list Their
dividends do not have to be declared at
the expense of the surplus. and they are.
therefore. favorites with the conserva-
tive investors. They lead in every up
turn and they presaEe a decline by
turning soft.
The Industrial situation Is not such as
20 cause any enthusiasm. II is within
the probabilities that. in the event of no
Iurther setback. a large number OF or
Gers Will be placed for rails and equip
ment by railroads. hut for the time
oeinE the effect is not prolific for good.
Values.
Whatever the causes and the condl-
lions, the opening was strong and It
continued so for an hour without recess
sion, shortly after which there was a
small reaction, attended by slight losses.
extending generally TO about = point
Northern Pacific opened Z higher at
lit.z moved up "a, ll57s. and reac ed to
1l5ik Great Northern ia TO ISL TO
"A ~ e. II
by an advance TO 9fl4 and a decline 10
$3.50. st. Paul held point gain Union
Pacific a point higher at the opening.
advancing Y and going back TO about
the opening price Missouri Pacific. a
better. Pennsylvania lost y point carly
gain. holding around llliz. Sugar had
q point advance.
copper was a point higher. at Az but
lost y. Smelter stronger. at IA advance.
Steels showed a fair amount OF strength
and gained y point.
100 p. n Well into the second hour
Of the afternoon, the market while
making "a fair show Of strength be-
came decidedly dull Late news had
10 do with a conference held IN PhiIa-
delphia yesterday iu which Mr.. Morgan
played an important part and which
resulted in clearing the atmosphere at
that point There is still some danger
but there is enough Improvement to
give hope or no outbreak there.
Further engagements OF gold for i'm
port and the reports from the Nevada
gold fields. also helped to stimulate the
market
The Hill shares were clearly the lead
ers into the mid-afternOon with every
indication that they will hold their
premier position to the end of the ses-
sion Their gains net. at this time were
: points. Western Union surprised its
friends by a sharp up-turn. Reading
was y up. ana the Steels were a good
= better than at the close on wednes-
day.
The tone was fairly encouraging. but
the light business was commented upon
as an indication that shorts were well
under cover.
uTODTuIn OTIuo 0nuIru