The Washington times., 1907-12-20
NEW YORK STOCKS
MAKE GOOD GAINS
Professional Traders Start
Buying Movement and
Gains Follow.

NEW YORK, Dec. 2O.-ClOse-Ihe
market became very active in the last
hour Of the session and prices again
moved up. The shorts were thoroughly
alarmed. The activity was well dis
tributed, other stocks than the Hill
shares participating IN the advance.
The big advance in Consolidated Gas
was on a decision declaring SO-cent gas
unconstitutional. Pennsylvania extended
its advance to 112N; Northern Pa
cifc to III. or rs higher: New
York Central tC two points
net gain. Copper to 21z; Smelter to 2.
Atchison to IA and the list moved up
with good show Of hrmness. right up
70 the tap of the closing bell.
Steel shared IN the frmness. Preferred
advanced to SS55. or Ia gain. and COM
mon gained q.
II was the best close the market has
shown in many days.
NEW YORK, Dec. 2O.-12:3O p. M
While, the general trend Of the stock
market was higher, the volume Of bust
ness is gradually decreasing. This win
probably continue well into next week,
and the holiday duIlness will be on. This
same clique that tried to bear the Iuar-
ket last week are trying to advance il.
and that. toe. with money at Is per cent
The very best thirg for the stock mar
ket at this time is extreme dullnexs,
without much movement ono way or the
other. The shor sellers have prac-
tically stood aloof from the market this
morning, but on sharp rallies they are
more than likely 10 get very busy again,
as they are firmly convinced that
bull market with clearing house certlf-
founded. It Is also probable that the
bears Will endeavor to get out OF the
market pending the reinvestment OF the
millions Of interest and dividend money
after January l.
The room element is ready 10 follow
any movement that looks good for tenn
porary gains. whether on the bear Q.
bull side.
The immediate opening was materially
higher on the IIiH shares. which are
now prime favorites. The gain on North
ern Pacific in the first hour aggregated
Us on the opening and on Great North
ern. IL.
These were the chief changes on the
list. In these stocks the opening proved
10 be the highest.
On Union Pacific the opening was
L better, followed by a rise Of a full
point. Reading rose from 922l, the open
ing. to 94z- The bears were caught in
this stock worse than in any other.
The whole list showed fair strength
for a time. and then turned with re-
actions. carrying prices back about a
point on the chief leaders of the mar
ket, and fractionaily on others. Most Of
the stocks on the list showed some lit
tie gain as compared with yesterday 5
close
At the noon hour and into the first
hour OF the afternoon the gains aggre-
gated but little more than y point.
The Union Pacific statement was un-
favorable and this had a checking in
fuenCe Moreover the sCalping ChaTaC-
ter Of the market is indicated by the
disposition Of traders to take in profits
on every opportunity. They are not
taking any chances with the market
and prefer TO get In and out rather than
to extend their lines either way and
take any chances.
There is enough strength In the
market TO turn tie tide into a well-de-
fined boom, provided spectators could
operate as usual on margins, but this is
being done TO such a very limited eX-
tent that IL Is next to impossible for
this kind Of trading to have any effect
in the usual direction.
More gold has been engaged for i'm
port and the currency premium IS still
close to l per cent. These influences
COunteraCt each other.
Trading became extremely narrow in
the noon hour.
? p. m.-Entering the second hour Of
the afternoon. the market became quite
active. the morning dullness disappear
ing. Shorts I'm a number OF stocks, in
different TO the rise Of the morning, in
the belief that sEe market would go off
before the close, found that there was
a better undertone than for some days
past. The bull clique OF room traders
was strong enough to control and the
shorts therefore rushed IN &c cover.
The result was a renewal Of strength.
and a great increase in the volume OF
business
Before the middle OF the second hour
prices had recovered to nearly the out
side figures OF the morning, in some
cases a little better. but generally about
the top Of the first hours prices
II seemed difficult to force additional
gains, however. and it is likely that
there viii be a strong closing at about
the same figures current at this hour.
One Of the features OF the session was
a seven-poInt gain in Consolidated Gas.
which carried this stock up to S7h.