Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-03
j. S. STEEL SUSTA|NS
Stock Prices Recover From
Declining Tendencies.
STRONG TONE TO MARKET
Irregular Opening Meets Recovery
Second Hour.
STANDARD RAILWAYS FACTORS
Gain of Point and More Over Last
Nights Close Shown-Rail-
road Earnings.
STANDARD RAILWAYS FACTORS
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, December 3.-Perhaps the
striking extension of power by very i'm
portant banking interest indicated by
yesterdays developments in the insurance
company field following the trust COM
pany transaction announced earlier in the
week impaired courage to the Wall street
community today.
Irrespective of its other bearings. the
banking leadership under which these
new departures have been conducted in
spires confidence in the financial COM
munity. Moreover, the departure itself Is
a token of financial confidence in the fu-
sure which could not but be influential. At
all events the stock market, whether or
not 1t reflected such considerations as
these, was in striking contrast with the
timid and reactionary character of yes
.erday's session.
These contrasts from day to day have
been witnessed before in the last few
months and very likely professional Ope-
rations would serve to account for the
nature of today's dealings and the course
Of prices. An orderly and general short
covering movement would have explain
ed the market, but it takes something i'll
the way of stimulus to cause the retire.
ment of short commitments.
Sentiment of Traders.
However, sentiment was about due for
a reaction from the dependency and ap-
prehensiveness which characterized it
during the last few days and although 1t
could not be said that commission house
participation in the days dealings showed
a marked increase, the trading element
was on the whole inclined to espouse the
long side of the account
"hlle great deal of imaginary trouble
ha sheen INDUCED in by the Wall street
rank and file this week, important inter-
estS have furnished several Indications Of
D confident attitude toward the future
The deals, as Wall street likes to call
them. which have transpired lately
would hardly have been negotiated IL the
outlook for corporate enterprises and
financial. endeavor were clouded with I'M
toward features. nor would the energetic
activities of important interests be di-
fected as they are toward effecting other
momentous adjustments and readjust-
ments in the industrial and financial
world
List Sells Off at Opening.
Around the opening the stock market
seemed to be governed by the same in
duences which dominated 1t yesterday.
The SPECTATORS who were bearish were
especially worried about the switchmens
strike In the northwest, and after firm
opening the list generally sold off,
The declining movement did not last
long, though, and toward the second
hour recovery began which became more
pronounced in the subsequent dealings
Standard stocks like Union Pacific, South
ern Pacific, Reading and United States
Steel led the way and the general market
made the prompt response which 1t usual
~ makes to such leadership.
BY the early part Of the afternoon the
average of prices had been so advanced
that a gain of a point and more over
last nights close was shown.
United States Steels influence.
The most influential of all the leaders
was unquestionably United States Steel
its recovery was made in impressive
fashion, and its course more than that
Of any other one stock gave tone to the
market.
The shares of the northwestern group
Of railroads involved In the switchmens
strike shared substantially in the recovery
Outside of the matters referred to the
lays news of marketwise returns con-
sisted chiefly Of satisfactory reports Of
October earnings made by railroads like
The Jersey Central, Norfolk and Western
and Illinois Central, and developments in
money.
The call loan accommodation ruled at 3
GER cent and the time loan market showed
40 change from the dizziness and firm
aess which have characterized it lately.