Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-01-06
GAS SLUMP FEATURES
Further Decline in Console
dated Disturbs Prices.
LIQUIDATION ABOUT OVER
Vigorous Rally in United States
Steel Helps Restoration.
ROUND ADVANCES SCORED
Course of Market Still Characterized
by MISUNDERSTANDING
Spasmo6ic.
ROUND ADVANCES sCoRl
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 6.-After fur
Their perpendicular decline in consolidated
gas in the early transactions in today S
stock market. the loss amounting to .
points. the dealings in that security be-
gan to afford some indications that the
more urgent liquidation following upon
Mondays Supreme Court decision had
for the time being. at any rate. run it's
course. At this mornings low level con-
solidated gas reached a figure more than
~ points below it's high level of last
Monday.
As was the case yesterday, the bulk of
the days discussion was made up of es-
Inmates and conjectures of the losses
which were incurred in this disastrous
decline, but. on the other hand. yester-
days rumors of consequent impending in
solvencies were not repeated.
Another stock in which liquidation has
recently been pronounced with unfaVor-
able effect upon the remainder of the
market-namely, United States Steel COM
mon-nkewise enjoyed a vigorous rally.
and 1t appeared to be the case that the
had a great deal to do with the better
tendencies exhibited by the market at
large.
Brokers Looked for Rally.
Round advances were scored at one
time or another in all the several de-
partments Of the market, but the course
of prices was still characterized by no
small degree of irregularity. The floor
traders were commonly disposed to base
their ventures on the simple theory that
after such a decline as the market has
suffered this week. some sort of rally
was inevitable, and doubtless there was
a considerable increase ihrthe short ac-
count as result Of the transactions thus
far this week.
There was little or nothing in the way
of actual news to be cited In connection
with the course Of the market and no i'm
portant changes were noted in the fun
damental features of the financial situa-
ton.
American shares were firm in the London
stock market. but operations here for for
eign account showed excess of sales
amounting to about 10000 shares.
Volume Of Business.
The volume OF business was maintained
upon recent average levels, but activity
was nevertheless more spasmodic than of
late. and, in fact, there were protracted
periods Of actual dullness. Nearly all of
the more extensive advances were scored
in the forenoon dealings, and after mid
day. as has been the case of late, irregular
ahu iOd'tohdiS tchOcAtieS were COLL
mon.
The most extensive maximum advances
IN the railway list took place in the Col
orado Southern shares the 500 stocks
Wisconsin Central preferred, Kansas City
Southern and Southern Railway preferred
Among the standard issues noteworthy
gains were recorded at one time Or an
other by Reading. Union and Southern
Pacific. Canadian Pacific. Atchison, Penn
sylvania and New York Central
The last named. however reacted
abruptly toward the middle of the after
noon, although there was no particular
news relating to the stock aside from
the election of a successor to the retiring
president. and there was no SURPRISE in
that respect.
Local fractions Strong.
The local traction issues, and notably
Brooklyn Rapid Transit, showed pro-
nounced strength in the early part of the
day, but later participated in the irregu-
lar tendencies of the market at large
The general description might be ap-
piled to the industrial and miscellaneous
shares. where, aside from the stocks al
ready named. American Smelling was the
leading feature in respect CT strength and
activity.
The hearings in the so-called Union Pa
ci1c merger and that in the Standard Oil
case were somewhat roughly referred to
AS accounting in a measure for the I'M
certain drift of the market in the after
noon dealings.