The Washington times., 1909-12-10

very steady and a little firmer than mid
. way IN the second hour of the after
noon. The rumor Of a decision by the
Attorney General Of the Supreme Court
IS now looked upon as clever fake
nothing In it. The chances are for a
better close.
NEW YORK. Dec. IOy-For a time the
market gave promise Of furnishing a
third day 10 the steady upward move
ment OF prices. sharp gains were made
in the leaders, and many OF the eX-
dividend stocks recovered a part OF
their dividends. There was an un-
usually large list Of stocks selling eX-
dividend, including c. & o.. y. Y. c.,
Northwestern. Car Foundry, Central
Leather, Steel common, d. l. & w,
and many others. The excellent char
acter OF the buying Of Pennsylvania
all through the session yesterday. the
decided strength in steel common, the
upward trend in Union Pacific. all tend
ed TO scare the shorts and to send them
into the circles to cover their shorts.
One Of the most effective influences IS
the certainty OF an easier money mar
ket. all signs being IN that direction
and some Of the most prominent fnan%
ciers expressing faith in January as
an easy money month.
Pennsylvania 1909 surplus will prob
ably exceed 10 per cent on the stock
The surplus on the total OF the new
issue and old combined, $40. 10000 will
be about . per cent. Of the Sl7,40,OOO
gain in earnings over last year. a mat
ter Of 100000 COO was absorbed by higher
expenses. The record has been one OF
economy in handling Of traffic.
In the first hour good gains were re-
corded in Union Pacific st. Paul, South
and eWstern, 500 ste. Marie, General
Electric. Railway Springs, and Steel.
other advances Of less importance were
made in minor securities and tho specu-
lative fraternity were hopeful for a
sustained bull movement
Turned Weak
In the second hour Of the morning.
with the tone excellent there appeared
certain rumors OF a Supreme Court de-
cision or an opinion by the Attorney
General that might he taken as against
corporations. no one just knew what IT
was, but the profits were inviting and
in an effort 10 take them in the sell
ing movement became much more gem
eral.
The gains were practically lost. and
in some cases additional breaks sustain
cd Pennsy and Unicn Pacific, two
OF the active leaders, went back TO
about Thursdays closing price, but
Reading dropped steadily from 1712t to
i10i4. The decision was said to be
against this company. but no one knew
what IL was, and the Street soon came
To the conclusion that the bears had put
over a~joke. top orders were uncover
81 in Reading, and this helped along
the break With the declines. which
continued until near noon. the market
became very dull, and even the leaders
moved slowly.
Gradually there vas a recovery in
Union Pacific, POI 10 2O2: in Southern
Pacific, from 1909 to 1905; in St. Paul,
from 1854 TO 1915; in New York Cen
trail, from 1924 to 1871, and elsewhere
apout the same gain was established.
Steel, which had gone to so. recovered
=. Copper "a, and Smelling, from 100
10 1907.
Good judges sized up the ticker as in
dicating a better closing. and there was
less pressure 20 sell. Well into the
second hour Of the afternoon the market
remained slow, but comparatively
steady. with the bears unable 10 start
the decline going again.