Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-31
MARKET IS Strong
Bull Movement Marks Closing
Session of 1909.
RAILWAY STOCKS ACTIVE
Rock Island Opens in Spectacular
Fashion.
COPPER PRICES ADVANCE, TOO
Industrial Department Affected by
Profit-Taking Sales, But Is Able
to Absorb Them.
COPPER PRICES ADVANCE, TOO

NEW YORK, December 31.-Ebullient
bullishness characterized the last stock
market session OF the year 1909 Tie
opening was strong and active and al
though in the subsequent dealings the
price movement showed some irregular
iy. the market at time during the
greater part of the day lost Its prevail
ing tone Of strength and in the early
afternoon the average of quoted values
showed much more substantial advance
over last nights closing figures than was
exhibited in the initial dealings.
In its progress tic market displayed
decided favoritism for the railroad quar-
ter. Industrial stocks, while generally
firm, showed for the most part only mod
crate fractional improvement
This development could, however. be
regarded as q normal consequence of the
greater strength which the industrial
list has displayed during the last quarter
of the year. There was some disposition
in the stock market community TO re-
gard the days transactions as repre-
senting what the English call window
dressing operations but there was an ag-
sressiveness i'm the purchase of stand
ard shares which was more convincing
than this hypothesis.
Rock Island Spectacular
railroad quarter were Pennsylvania, st.
Paul, New York Central and Great
Northern. These stocks seemed to be
under restraint. however. rather than
pressed for sale.
Tn contrast with them. the price move
ment of Atciison. Baltimore and Ohio.
Northern Parific and Union Pacific was
buoyant. and Southern Pacific. thesa
peake and Ohio and Rock Island rose with
was the leading feature of the standard
shares, its course deriving mulch. inter-
est from tho fact that the stock will sell
eX-d!vidend next Monday. Rock Island
opened in spectacular fashion at an adj
vance of more than points. and held
with remarkable strength thereafter a
little surprise was furnished by Third
Avenue, the rise In which was supposed
TO have been accomplished at the expense
of an unWary short interest.
In the industrial department the cop
per and smelling stocks, which Gle
substantial advance in the present week.
were affected by profft-taking sales. but
exhibited Il satisfactory capacity to alb
The industrial list w Brooklyn Union
Gas, which made a further ma. ked gain.
AS Wall street expressed it. 1t crossed
Consolidated Gas, and the strength witch
these two stocks have lately manifested
is assumed to have some common cause.
copper SHOWS strength.
So far as marketwise news went, there
was very little which shed any light on
the particular price movements of stocks.
The price of copper metal showed ad
vancing strength. and undoubtedly the
conditions in the industry, which APP
pear to be rapidly improving. more
responsible than any merger prospects
for the upward movement in the copper
stocks.
I.ehigh Valley in Philadelphia made a
close approximation to the high level
which ii reached early last fall and Il is
assumed that the action of this stock
and Rock Island and the Wabash issues
is rejecting HE progress of the plans,
which, according to rumor. have been
formed for the creation of a Rock Island
transcontinental system.
An authoritative review of the year,
which was published this morning, shows
that that new railroad construction nss during
smallest increase in the last decade ex-
cept In 1898. The Pennsylvania railroad
made Il public statement regarding its
equipment orders for the year. These ag-
Eregated HS4S freight cars, 345 passenger
cars and 215 locomotives.
II is known by all Intelligent students
of economic conditions that one OF sthe
pressing needs of the country is the pro-
vision OF railroad equipment on Il large
of railroad mileage
The money market developments on the
last day of the year were about as I'M
interesting they were Of LITTLE consc-
Guence. Call money loaned and renewed
at q per cent, tho feature of the market
being the very heavy offerings of one of
the largest OF the national banks For
eigu exchange moved irrcgtllarly and I'm
an uncertain fashion. New York en-
change at Chicago sold = cents dis
count