The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-12-23
READING SECONDS MAKE BIG GAIN.
MARKET BECOMES WEAK
AFTER GOOD START.

NEW YORK. Dec. 23-There was p
decided improvement in the volume OF
business transacted and some moderate
gains and one sensational one. The
old time leaders were made the fav-
orites. although for once Reading sec
ond preferred came TO the front with n
rush. This was rather indicated in the
closing hour yesterday when the stock
rose four points on short order. But
yesterdays advance was just a starter.
II opened this morning at 105, and by
noon had risen to t1I15 with one point
reaction There IS no telling before the
close what point it may advance. There
are comparatively few holders OF the
stock. and the insiders can do about
as they wish with it. There are two
theories I'm circulation as 10 the cause
Of the big jump. One that the stock
is to he retired and the other that 1t
IS being used for a lever TO boost the
market generally, and the hard coalers
especially. While rather slow the vol
ume Of business in certain stocks was
moderately large. but with every little
rally there seemed to be a disposition
to take profits. this being one o. the
I1nfavorable signs of the situation.
II IS also evident that pool operations
ia Rock Island are under way on an en-
larged scale. and e advanced sharply
for a strong points gain; The pre-
ferred did not advance with the com
mon Pennsylvania continues TO move
I'D, gaining a point but not holding It,
1t is said that 40 has been set for the
immediate future, and no one VIII con
slider this an eXtrava giant estimate with
the stock now selling at 13i1z-it was 20
1874 this morning
Too Much Profit Taking.
The manner I'm which values advanced
around the room seemed to indicate
that the Christmas rise might material
izA between noon and tomorrOw's close,
or # would have looked that way but
for the fact that there was some profit
taking every time good strength was
displayed. ~.
There is a report on the Street to the
effect that Reading second preferred Is
10 be retired by an exchange OF one
half share Of first preferred and one-nall
share common for each share second pre-
fe1-red. In this event the second pre-
ferred looks as If Il were the CHRISTMAS
bargain of the old year. The stories
regarding retirement appear 10 come
from good sources. but the Street Is
wary having in mind the late stories
foUndationless. regarding Union PaclHc
last summers segregating runors.
Southern Pacific did not make much
OF a move one way or the Other. Union
Pacific WAS "a nlEner ~ lilt up e'AN
held fairly we'll St. Paul was = better
RaItfrnore and Ohio =, and Atlantic
Coast Line q Of a point up. Some OF
the rail shares that are usually TO the
fore did not move at all freely nor dld
the general run Of indusuiais act any
too well.
steel shares were just about steady.
Copper was strong early on report ol
probable increased dividend but II Ole
not hold. Smelling was very firm.
Market Turns Weak
After making fair Roadway ALI morn
ing, the proft-taking habit proved toe
much for the market. Just as soon as
A profit appeared # was garnered IN
and there was little chance for much
Improvement with this kind Of selling
constantly bearing down.
with the exception Of the gains IN
Reading second preferred and in Rock
Island, practically all the advances were
lost and additional small declines sus-
fsiued here and there throughout the
list.
Tho declines were not serious, but
they were enough 10 check the upward
movement and 10 destroy faith IN any
Christmas bun market
Reading seconds were or 10 DO, still
holding N points gain. Steel common
eased to e07.. a. IS loss and average
losses Of about thls fraction were sus-
tanned elsewhere.