The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-12-11
UNDERGONE OF MARKET FIRMER.
SOME SHARP GAINS MADE.
COPPER MERGER ON.

NEW YORK. Dec. 1l.-Close-It was
not until the last half hour Of the short
session that the market began 20 show
signs OF life. All morning Il had been
dull and undressing and generally
around or not fer from the closing levels
Of Friday Sentiment as judged by COM
mission houses and room traders was
more encouraging. but even those who
we're most satisfied with the situation
hesitated 10 do anything. ConservatiN u
opinion favored continuation Of dull
ness and the position was generally
taken, that the big financial interests OF
the city did not want 10 see any run
away rnarket nor would they permit any
severe bear successes. Outside Of a
sharp rise in New York Central ana an
advance in Western Maryland, the first
hour of the two hours session was as
uuproductive Of sensational or even IN
tercsting movements as a midsummer
holiday
and there, and big break in American
Ice due TO thu conviction Of the coln[
pauy as q monopoly under New York
laws, and the fear on the part Of some
holders Of the stock. that the company
might find Itself amenable to the Sher-
man antitrust law and in a STANDARD
Oil fix as a result.
Reading neld its own The Joke de-
cision'' that started the whole list on
the down grade yesterday was evident
~ founded on the suggestion OF the
Attorney General that the commodity
clause section of the railway law
should. IL 70 is not effective as TO holding
companies. be made So Reading dld
not 20 of on the story, but when tne
whole list spurted along abc:t MO
r.. m. Il led the advance. accompanied
as usual, by Steel common. Union "a
eifiC also moved up and the bears VINO
had been resting easily ana unulsIuIpeu
over their contracts became uneasy,
and their covering made a lively mar
ket from no on to the close.
News Develops.
Probably one Of the pointers. rumors,
or Eossips that was responsible for the
start of a bull market was found in
report that an option held by French
bankers on large block of Steel COM
nor would be exercised on Monday and
the stock removed from the market.
There is said 10 have been liberal &C
cumulatiOn Of Steel common rCunS -
and a report OF an extra l per cent
dividend In January Is nov spreading.
This may OF may not be fact, bur II was
Immediately effective on the stock, LOT
a rose from 902s, where II had been mop
ing, 10 81. and held very firm.
Other industrlals did not show much
change, but were generally steady 10 a
little frmcr-
Copper Merger.
A reliable agency is responsible for
the story that an official announcement
giving details Of the merger Of the Ne
vada Consolidated. Utah Copper. and
Boston Consolidated will be made next
week. The three companies have pro-
duction Of 10000. 900 pounds OF copper a
year and the earnings of the merger
company on a basis of l5-cent copper.
will be close to S10,0O0000 year. This
viii be the first step toward the ANAL
gamatiOn Of the Amalgamated, Cole
Ryan-Guggenheim properties. The plan
provides for this latter scheme The
first link will be the merger Of the
Guggenheim companies.
As a result Of this notice Utah Cop
63ts. but dropped back on profit taking
20 621z
Easier, Active Closing.
In the last few minutes Of the ses-
sion the buyers on tips started TO take
profits and brought reaction and an
easier. but quite active closing
Recalling, which had sold to i11iA or IL
net gain. eascd &c 1Il. Union Pacific
lost its gain. practically SO did South
ern Pacific. Most Of the rars closed
within a fraction OF the hual agures OF
Friday, some below and some above.
PENNSYLVANIA held = net gain. New
York Central was the stror Eest Of the
leading rails, strong all day and closed
IL higher than on Friday. Western
Maryland moved up 4 points 10 % and
off 10 20. Rock Island preferred was
point up.
The close was very active and promis-
ing