The Washington times., 1908-12-23
MARKET CLOSES WITH GOOD RISE
AND ENORMOUS TRADING
IN MANY STOCKS.

the industrials made a good start this
morning, and before the session was
fairly under way moderate advances
were scored. This was but natural. In
view OF the big bulge that developed
yesterday when the big armv Of shorts
rushed in at once to take their profits
on the week of down grade prices
They made such a simultaneous rush
that the market recovered fully two
thirds of the loss before the day was
over.
TIE Street is Just full of rumors. on
every hand one hears the theory ad-
vSncad that the Vanderbllts and Goulds
are practically being eliminated from
the railroad map before the ascend
ancy of the rising young man. Mr..
Hartman, backed with the money Of
the ROckefellers.
The rapid rise in the Gould stocks
according to reports but marks their
turning over to some other road or sys-
tenn The Pennsylvania, Atchison, HI
nois Central, Erie. and other roads are
named as possible absOrbers.
Slump Early.
Before the end Of the first hour the
market fell away again the reaction go
ing beyond the advance and to a net
loss of p point on nearly everything on
the list, Wabash going off a full point,
Chesapeake and Ohio dropped back
points and Smelter is. The exceptions
also included Missouri Pacific, which
rose Is and did not go back: Chicago
Gas, which for some Unaccountable Tea-
son jumped points in n jump, and the
DenVerS, which we're very nTTn-
The movement I'm the induStrlalS was
generally Indicative Of action on the tip
that has been rather freely circulated
Of late that equipment stocks We're
ChaSes on the certainty Of business de
veloping in the early part OF the new
year
. Rally Again.
lust before the middle OF the second
hour the market started TO rally again
Noone knew just why. perhaps because
the fractional profits looked good TO the
shorts but in any event the rally
brought values on many stocks within
a short distance from the high OF the
morning.
Entering the noon hour the market
seemed to lack spirit. the shorts mad
apparently covered and the quiet time
prevailed for some time thereafter.
In the present condition IF the mar
ket predictions are dangerous. The
manner in which II rallied on the shorts
VAS "A warning 10 much large extension
IN this line The distribution OF $780,
OOO.OdO on interest and dividend pay
meuts January /, Is the point around
which the future Of the market cen
1crS Answer the query, VIII Il be re
invested? and YOU have the KEY to the
future Of the market The chances are
that il will, but wheu2 If at once, then
higher prices are sure. If delayed the
chances are not so good
A Steady Tone Predicted.
The probabilities are that the market
viii not show much change one way OF
the other. a trading market with fair
hCctua tons for some time 10 come
Tariff revision is the stumbling block
-
what changes VIII be made. The state
ment is made that but for this matter
Steel common would be worth fully IS
instead OF the So The preferred stock
sold at 111izN112A.
; There was but little recovery in the
volume of trading IN the second hour
~ the afternoon. Some stocks showed
fair strength Smelling being one Of the
best Missouri turned weak for a loss
OF rs.
In the last two hours of the session
the covering process was under way
again and the imitation Of prices showed
material gains on the highest point OF
the morning. This time Union Pacific,
Reading, Pennsylvania. and st. Paul
with little Steel. led the way Denver
and Rio Grande was very strong and
New York Central was in the fore Of
the advance
The Gould stocks other than Denver
ceased 10 be factors, although Missouri
Pacific was very firm Wabash was
actual = lower. and katy preferred
lost an entire point
The feature of the industrial list was
clearly the changed position Of Amer
lean Smelling Instead Of being the
football of the entire list. il WAS IN
strong demand After breaking IL
points TO 81. 1t rallied and coming
strong rose $ss points and held the bulk
Of this gain 70 the close
In the miscellaneous list New York
fractions were prime favorites with a 3
point gain In Manhattan and 3I4 IN
Brooklyn Rapid Transit, while Inter
boro was steady. Reading rose firmly
under a fine demand Southern Pacific
was a IaggaTd- Rock Island stocks ma
good gains and Hill shares were strong
Union Pacific was high at 1873 or IS,
higher. St Paul gained rs, Reading
Ia. PENNSYLVANIA r, Northern Pacific
=. New York Central IL, and Great
Northern 2. Atlantic Coast Line gain g
- points, AtChison and Baltimore and
Ohio steady, Chesapeake and Ohio was
weak
Copper rose nearly points, Cotton
Oil 27s. Car Foundry preferred ., To-
Cpmotivc =. Lead a point, Steel common
p, and preferred T. The close was
very strong.