The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-12-07
NEW YORK STOCK MARKET QUIET.
WITH STRONG UNDERGONE.
SOME GOOD GAINS.

NEW YORK. Dec. 10 p. MIN the
last few minutes the market has gone
up an average Of = 20 Z all around, but
the volume OF business is still very
moderate. Union Pacific is now 2o0Ss,
Reading his, Southern Pacific 1891,
and Steel common 9O5s.
The directors of the St. Louis and
Southwestern Railroad Company IN
creased the dividend on the preferred
shares TO 5 per cent
NEW YORK, Dec. THE opening
was without particular change. Then
the bears succeeded in making an i'm
preston on the list Lawson was out
with another screed. and the Street
feared the Presidents message, of which
Il had never a hint Before the session
was into the second hour the trend Of
values was to a higher range, some
gains were made. but, as a rule, the
changes were confined TO a few stocks,
an6 the movement was decidedly slow
The Street Is waiting for the message
IL expects a strenuous one. although
there are some rumors in circulation to
the effect that II will be decidedly mild,
and that the program of railroad legis-
latiOn which the President expected to
recommend might be postponed In this
event the action Of the market during
the afternoon is likely 10 be more ag-
gressive. and prices to move upward
as the shorts who have been counting
on a drastic message are likely to rush
in and get out Of the cold.
The news Of the morning is generally
OF a favorable character. The United
States steel plant at Cary, Ind, blew
IN another furnace this morning. max
ing six of the great furnaces in active
use. The SIoss-Sheffield people are re-
ported TO be doing about all their plant
equipment viii permit. Managers Of
the Hill roads claim that they are &C
cepting freight for any point without
restrictions, and they, therefore, con-
slider strike conditions improving
Advices. said to be from excellent
sources. give out the information that
Smelling will be well supported around
present prices. and that an advance VIII
be made i'm the near future The init
nation il that the stock is being accu-
mulated by big interests. starting with
the last break. at the time of the Stand
ard OIL decision.
The Street also has a rumor that the
American Can has decided to issue an
} amount Of bonds sufficient to pay back
interest Of preferred shares and attend
10 some financing operations This ru-
NOR is branded by officials as without
foundation. the intent being to place
the stock on per cent basis when
profits viii Justify. and pay back diVi-
bends when possible out Of surplus.
After the Street had received the
message the market still remained quiet,
but decidedly strong News of the win
ter wheat crop conditions received from
Washington at about the same time
added to the better feeling. The acre
age Of winter wheat Is 10 per cent
greater than year ago and promises
an increase of 2,449. 600 bushels. The
condition IS 95.S per cent. as compared
with S5.3 on December /. 1908.
The Strong Points.
The advances on some specialties were
quite marked. In this group Union Pa
cifc was prominent. with a gain of IA.
or to zoos, with a slight recession from
the top United States Steel was very
strong. The common stock sold at 50
to 90A. about a point net advance. Read
ing made an early gain. but did not
hold Pennsylvania was y point better.
Missouri Pacific H. and St Paul a like
fraction The best gain of the session
was on Illinois Central. a stock that
has not moved at all freely of late. 1t
closed Monday at 145 and opened at 146
10 strong 1861. Smelling was not
firm.
Entering the second hour Of the after
noon the market was extremely dull.
but there was an absolute lack Of SELL
ing pressure.