Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-15
SP|R|T[ESS MARKET
Prices Move Narrowly and
With Hesitation.
UNDERTONE Is STILL FIRM
Price Changes Equally Divided and
Fractional.
STEADY PRESSURE ON STEEL
An Unsettling Factor in Days Deal
ings-Railway Recessions Offset
by Gains in Coal Stocks.
UNDERTONE IS STILL FIRM
STEADY PRESSURE ON STEEL

Special Dispatch to The Star.
NEW YORK. December 15.-For the
greater part of todays session the stock
market was I'm the doldrums. Disguised
at its becalmed and stagnant condition,
the traders turned their attention to other
and what seemed to be to them more i'm
portant things. Their interests, it ap-
peared, were chiefly engaged In guessing
and betting upon the probable course of
Reading common and the action of the
general market in the event of an increase
of I. > or 3 per cent in the dividend rate
In the vent of no increase In the dividend
at all, and in the event of a postponement
OF action at the meeting which Wall
street had understood was to be held by
the directors today for the purpose of de-
ciaring the semi-annual disbursement.
The street was filled with contradictory
reports as to whether or not there was to
be any meeting of the directors Of the
Reading or Lehish Valley for that mat
ter. the assumption being that the Lehigh
Valley dividend declaration would fur
nish line on the intention Of the Read
ing directorate. Despite the uncertain
ties. however. the lack of stock market
occupation for speculative energies en-
couraged the process of conjecture az to
stances, and opinion seems to be divided
between the views Of those who held
that following the analogy of the price
movements In the last lew months an
increase in dividends would induce prompt
selling and a fall in prices, while no
increase In the dividend or no action upon
ii would probably mean raid on the
short interest. and the notion that the
temper OF the market had changed so
much that 1t would probably make
bullish response to good news and
bearish response to anything else.
This was not very Sc. ious business, but
the days stock market was itself not
very serious business. 1t opened with q
rather heavy tone. but improved in the
subsequent dealings and in the early aft
ernoon was generally irregular with frac-
tional p. Ice changes about equally divided
between advances and declines.
Gains Offset Recessions.
lis. st. Paul and Sault Ste. Marie issues
were offset by equally substantial gains
in the Pittsburg coal stocks. AS a whole
the list displayed q rather firm undertone
without other features than persistent
pressure on the United States Steel
shares. both common and preferred, espe-
cially the cannon.
An opening in United States Steel
point below last nights close had proved
~ uC al uHsctSiulS III the Initial
dealings. and transactions subsequently
were more or less affected all around by
the course of business in this stock.
Sales OF 5000 shares Of United States
Steel prompted by the declared labor
war Of the corporation broke the price
. point. Utah Copper declined and
Union Pacific preferred advanced y.
The changes as rule were mixed ana
were all quite trivial.
Whole Market Hardened.
There was perceptible yield to prices
following the decline in U s. Steel, but
when that stock rallied a fraction the
whole market hardened. The market
became heavy again later on increased
business Reading reacted from 1.68M
to 1.6Sh. and the rest OF the important
stocks all sold slightly below yester-
days closing.
Before noon Reading had risen again
to 1.69 g. and this had a hardening eff
feet elsewhere. The movement was
sluggish and the trading dull. Atlantic
Coast Line and Rock Island pfd. de-
clined !. Bonds were steady.
Aside from renewed rise in Wabash
preferred to 5sS. there were no
changes OF consequence in the stock
market during the noon hour Mime
apolis. St. Paul and Sault Ste Marie
declined Ia.