Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-20
MARKET IS STRONG
Steady Buying Movement Ad-
vances Prices.
BIG ITEMS INVOLVED
Rock Island Railroad Feature Of the
Opening.
CONSOLIDATED GAS GOES UP
Reports of Division of Profits on
This Stock Revived Today-Ca1l
Money Rules at Per Cent.
CONSOLIDATED GAS GOES UP

NEW YORK, December 20.-Today' s
stock market was in all essentials a con-
tinuation of the series of markets which
apparently began about ten days ago.
when mature consideration of President
Taft's message to Congress resulted in q
buying movement of securities which has
persisted ever since. This movement has
not been broad at any time, nor gener-
ally in it's origin, but it can hardly be
doubted now that the purchases which
have effected a substantial advance in
the average price level Of stock over the
range which prevailed at the beginning
of the month must have been for the ac-
count of powerful and important in
terests.
At the same time, it has been evident
to careful observers that there has been
an increase In the last few days of COM
mission house participation, and undoubt-
eddy there has been liquidation under COW
er Of the strength which the market has
developed from day to day, but as yet
Indications are lacking that commission
houses are filling up with stocks or that
important absorption of standard issues
at least is waning. Both as a daily
feature Of the market and as a potent
factor in quoted values, what is called
banking house buying. or the appearance
of Ii, is dominant over the selling of
stocks for whatever account 1t may be
conducted.
Market Professional.
Manipulative tactics are in evidence de-
noting that the market has far from
lost its ultra professional character, but
that in these days is not construed as an
omen Of bearish import nor is 1t ever so
onerous as a display Of an avid appetite
for securities by that generic buyer COM
monty denOminated the Duhlfc
As yet, the public appetite continues
rather tickle, but there was an increase
Of commission house business this morn
Ing which denoted possibly the stimulus
of holiday hopes provided by the advanc-
ing strength of stock last week and the
rapidity with which sharp rises were
made throughout the list.
There was heavy profit taking in the
initial dealings today. but sales were well
absorbed. and although with the progress
Of the session the market became rather
more or less irregular recessions were
slight In all but a few cases, the general
tone Of the list was firm and not few
stocks made impressive gains. For the
most part the standard issues, especially
in the railroad quarter. were not among
the days leaders, and specialties were
week past.
Rock Island Strong.
Rock Island was the railroad feature of
the opening. and the Rock Island issues
subsequently displayed a disposition to
retain advanced ground. The course of
these stocks tended more effectually to
discredtt the supposition that the Rock
Island party had made an unfavorable
bargain in disposing Of the ST. Louis and
San Francisco. There seems reason to be
lieve that this transaction was but one
step in the prosecution of plan which
will result in rather extensive read
justmenf or Encouragement or railroad
relations.
In the Industrial quarter Consolidated
Gas made q spectacular opening and was
throughout the day the most conspicuous
feature of the dealings. In the forenoon
IT made an even greater advance than In
last Saturdays session, and held its gain
firmly. The rumors which have long been
current about q forthcoming distribution
OF profits on this stock took no definite
shape today in the form of authoritative
information. but were revived in the way
Of conjecture. which included all the pos
sibilities Of disbursement from the Con-
solidated Gas Companys extensive hold
ings Of valuable real estate and from its
interest in the electric lighting industry.
Perhaps their movement was merely a
sympathetic response to the course of
Consolidated Cas- but all the local stocks
were active and strong.
Brooklyn Gas Up.
Brooklyn Union Gas rose sharply. and
every one Of the local traction issues
advanced with persistent vigor. Reading
was the only standard railroad stock to
display aggressive strength. Wabash
preferred and Erie first preferred were
particularly strong. In the industrial de-
partment the day was signalized by sub
staintial gains which International Har-
vester. Peoples Gas. National Lead and
General Electric made.
The only really heavy stocks of the day
were Minneapolis. st. Paul and Saul'
Ste. Marye and American Sugar Refining.
Louisville and Nashville reacted extens-
lively, but its decline was attributable to
profit-taking sales. United States Steel
was under persistent pressure. which it re-
sisted. however. with degree of strength
that possibly indicated conflicting opera
lions. For the particular pricemovements
there was nothing explanatory in the
days news or gossip deserving Of nara
tion beyond the references which have
been made.
Call money ruled at ~ to 5 per cent
but the market for time accommodation
r0Fx fol Of