Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-13
STRONG At OPENING
Bull Market Starts the Week
on Change.
MOVEMENTS WERE BROAD
Conspicuous Advances Scored by the
Speciality Glass.
HEAVY PROFIT-TAKING SALES
Extraordinary Absorptive Capacity
n;~o1ocod leland Con,
HEAVY PROFIT.TAKING SALES
Extraordinary Absorptive Capacity
Disclosed-Rock Island Com.
Feature of the Days List.
Special Dispatch TO The Star. .

NEW YORK, December 13.-Wan street
had today what bore a close resemblance
to an old-fashioned bull market Monday
morning. The improvement in sentiment
which developed last week not only en-
dured over the week. but seemed to have
been recruited by further consideration
during the stock market interim, anc
although the main impulses in the stock
market movements this forenoon were un-
doubtedly owing to more or less pro-
fessional operation. there was no doubt
that some other important buying took
place. and inquiry disclosed an Increased
commission house participation.
Business was on an active scale until
midday, and despite the conspicuous adj
vances scored with more or less vigor by
issues for the most part in the speciality
class, the market was broad. The open
ing was strong and active, with Rock
1sland common the particular feature OF
the whole list.
American Smelling, Amalgamated Cop
per and United States Steel led the indus
trial, but no stock approached the place
which Rock Island assumed. Befo.e open
ing the stock had advanced in London a
full point over parity with the closing
quotations here Saturday and the initial
Q6aIlnGS IN lnlS market were Oh d ldI st
scale over a wide price range.
Substantial Advance General.
Despite very heavy profit-taking sales
and selling for the account of tired specu-
Iators, who had been carrying the stock
since the rise above AZ in the late sum-
mer. an extraordinary absorptive capac-
ity was disclosed. much of which no doubt
was owing to purchases for the short in
terest which was forced to cover.
The dominance of stock like Rock Is
land might at other times have unsettled
the rest of the list, but this was not the
case today.
The whole market made continuous
progress in strength until well into the
afternoon, when a general substantial adj
vance was shown by the price levels
Rock Island preferred, Southern railway
preferred, Colorado Fuel, United States
Cast Iron Pipe and National EnamelinS
had moved up or had been moved up
quite aggressivey, but the tone of the
market was more fairly indicated in the
course of the so-called standard issues.
both railroad and industrial.
Rise in Rock Island.
The rise in Rock Island was long ago
preceded by information available 10
everybody that the stock was destined
sooner or later to attain higher level.
1t Is assumed that the holdings Of those
individuals who recently left the Rock
Island party, SO called, have been for
some time in process OF liquidation, and
today's advance may signify that such
liquidation has been completed.
On the other hand, according to more
or less trustworthy information, there
has been steady absorption OF the stock
for foreign account. and the presumption
is that these purchases have been well
advised.
Furthermore, indications have been
sufficiently plentiful of late that the very
aggressive Rock Island party was be-
stirring itself in a way which might re-
suit In giving TO Rock Island common a
value which 1t certainly has not had as
a stoci with only very remote pros
psct Of dividends, and not even possessed
of anything but minority voting power
The very large investment which Rock
Island interests have made in Lehigh Val
ley. the recent sale of the st. Louis and
San Francisco to the Hawley party and
the rumors which have linked the Wa
bash with the destiny Of the Lehigh Val
ley may all serve to account for the
demonstration of Rock Island this morn
ing.
Call money ruled at AZ. per cent