The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-12-29
SHARP ADVANCES IN STOCK LIST,
WITH MODERATE TRADING.
SENTIMENT BEARISH.

NEW YORK, Dec 2e.-At the i'm
mediate opening there was good tone
10 the market and some sharp gains
that were further extended until they
averaged about Y 20 q of point. Inc
betterment extended To practically all
Of the rails and TO Copper and Smet-
ing IN the Industrial list. 1t was e'i-
dent on the London opening that Amer
leans had sent over many buying
orders, and a sharp advance followed,
this being used TO give the local trade
n better feeling and TO bring about an
advance here. II was successful, de-
spite the fact that most of the close
observers on the Street are not favor
ably inclined toward the market. They
believe that the strength was made via
london for the purpose Of distributing
stock. and that stock win come out
every time there Is a market for Il.
The fact that bid prices are generally
lowered a little whenever indications
Of a selling order are in sight seems to
confirm this opinion. The insiders are
holding securities, but they want to
hold them without accommodating much
stock-none, IL possible.
Gossip held to the theory that the
Impeachment between Great Britain
and Germany had more TO do with the
cheerful feeling in the London market
and IN our own than anything else. Al
though just why this should encourage
the advancing tendency In Americans,
especially during the holidays. Is not
easy to understand. 1t might be a dis
tinct help 70 English rails and indus
trials. and exert a sympathetic effect
on Americans.
Feeling Is Not Hopeful.
The feeling on wall Street is certainly
much more pessimistic than il is hope
full. The financial interests controlling
the situation. the pools in various
stocks. have tried hard to make bull
market and have failed. The commits
sion houses and the brokers as we'll are
constantly advising against the buying
side and the repetition of take profits,
take profits Is growing very mo-
notonous-
The public will have none OF the mar.
ket and the recent Rock Island hascC
was in the nature OF a red flag even tC
will be few and far between in the fu
ture- Professionals buy. but they buy
10 sell again and they sell TO buy agar
just plain speculation. This covers
the bulk of the trades each day. unles.
perchance matched orders may b'
responsible for some Of il. No accumu
lation. no liquidation in matched or
ders, only payment OF commissions anC
awakening of simulated activity. Th'
Rock Island investigation is not ende'
as yet.
be the connecting link between Lacka
wanna and Rock Island and for thi
reason traders favor Wabash.
Smelling Leads Industrials.
The point is out strong on Cope
and Smelling and these stocks. especial
" Smelling, are the strongest on tn
list. The former sold to 90 with
slight setback while Smelling moved u
70 i045s or 19s higher. Consolidated Ga
was also very firm, advancing to 1885,
or 2as. Steel was n little frmer Tn
general run Of industrisls was stead.
The best gains in the rails were Fl
Canadian Pacific. Illinois Central, ant
Chesapeake and Ohio, ali scoring
point advance on very limited trans
actions. Gains in other rails were gen
orally limited to Il and Y point raises.
Market Grows Stronger.
Despite the very generally bearisI
opinion the market continued 10 groy
stronger as the session advanced an
further gains were made whit he mar
ket holding well through the secon
hour OF the afternoon. Pessimisti
opinions were reiterated throughout tn
line of commission houses and the COS
sip adVices were TO take profits.
The gains brought up point average
IN Southern Pacific, New York Contra
and practically all Leading rails, Will
St. Paul made IL ia rise. Southern Pa
cific stTOnge point. and Union Pacifi
IA. advancing to =oSh. Little Ste,
gained y Copper was strong at 9Oh, a
compared with close yesterday at S9l
Smelling held its advance and n littl
more.
The strength OF the rise surprised ii
bears, and there was some covering
the afternoon. but there was also son
selling OF considerable Importance o
the short side.