The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-12-18
STOCKS CLOSE STRONG. HIGHER,
WITH GOOD UNDERGONE.
SOME DECLINES.

NEW YORK. Dec. 1S.-Close.-Close
observers of market O., .tions were
satisfied with the ouuo.-> and seemed
TO see in the movement OF stocks indi-
cations of rise before Christmas. Sen
timent is distinctly favorable. The
manner in which J. Pierpont Morgan
is handling the Steel stocks gives con-
ndcnce 10 the holders Of these secur-
uiities At the time Of the Standard Oil
decision. the general opinion was that
Steel was vulnerable. and many hold
ers placed selling orders. The stock
was we'll absorbed and today both the
1ocommon and preferred shares are not
far away from their high records And
7dhe same strength that is shown in the
Steels is evident in Union Pacific, Read
ing. and all the old-time favorites. The
bears have not the courage to back
their opinions very generally. in the
face OF the evident nursing" of the
Svhole market by the big financial inter
ests who are carrying the burden. That
"a little forceful manipulation on the
part of the bulls would be followed by
sharp advances is evidenced by the
cease with which the values are held.
Values are creeping up, and on increas-
'oe ed earnings of railroads and industrial
corporations and on increasing divi-
bends we'll
.,,e Net earnings Of railroads for the fiscal
year to December 1 show an average
- of nearly IS per cent over the net earn
ings for the corresponding months Of
Los October net earnings showed an
increase Of over q per cent. One hun
,rdred roads reporting for that month re-
ported a net S16,51s,0OO.
Some of the prophets look for broad
ening market with the coming of next
o1,str,T of no
81, reinvestment Of January disbursements.
Late in the session Denver came
e. strongly with rise Of over a point, but
, 0~iit was not impressive because the pre-
sferred was not as strong as the com
.1non; vet the rise was believed by many
-ito have substantial foundations in a
plan for the Joint control of the prop
Ierty by Moore and Gould interests. The
latter are now in complete control, but
the property has come 10 have increased
RI, Importance through the completion OF
the Western Pacific.
Active in Last Hour.
to The market became more active ir
the last hour, Steel, Pennsylvania, and
Reading being the active leaders. but
the buying was general all through the
rrIst. Pointers were out to buy Rock
reIsland, and they proved to be correct
on both the common and preferred is
--sues. Pennsylvania increased its gair
10 a IL point rise New York Contra
5HfOllOwed. with q advance. Boston ad
vices predicted higher prices for Smelt
ing, and Is gain was established. Stee
Common movec up q, Rubber 8, and
Consolidated Gas 32l points.
"a The final closing was grinding on thu
top OF the price range. The big inter
Is sests were evidently turning their at
7ltention to other stocks than the old-tim,
= 1avOrites. the Hartman Pacifcs, St
Paul and Reading, leaving these al
about Fridays closing.
The session was the best of the week
~ from the standpoint Of undertone, ac-
tivity. and well-distributed strength.
Bulls Encouraged.
II encouraged the bulls and discour-
aged the bears, and gave the room trad
arsrs and holders Of securities more nope
for bull market for Christmas, as
preliminary 10 tire January rise. The
bad break in Sugar was without eff
feet. It has few friends among public
Investors. and the decline was MT at
tended with heavy selling.
-. Among the notable changes were de
clines of 3iR on Sugar, a point Of which
was recovered. and rs on Utah Copper
Atlantic Coast Line and Louisville &
Nashville gained over points. North
iern Pacific was = higher; Denver, Ia.