Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-12-08
MARKET CLOSES
STRONG WITH
RISING PRICES
---#--
Losses of Earlier Hours Wiped
Out by Marked
Gains.

NEW YORK, Dec. S.-Higher prices
were the rule at the opening of the
stock market today, but the gains in
representative stocks were, as a rule,
of little consequence. The copper group
was heavy, Amalgamated Copper
losing u and American Smelling 70.
Advances were made of / to IA in Ma
tional Lead, Pacific Mail and inter-
national Harvester
II a. m.-The market backed and
filled during the frs hour, but none of
the leading stocks got far away from
yesterdays closing. Supporting orders
were distributed at intervals. which
offset the short selling. Minor stocks
showed strength in spots. American
Agricultural Chemical advanced IA,
American Beet Sugar rs and st. Louis
and San francisco second preferred,
Chicago Greatwestern and Colorado
Fuel /. Lehigh Valley declined IL and
! American Cotton Oil l. &
N~oon-Son,e disappointment was ex-
pressed at the retention of the English
bank rate. but nc noteworthy changes
occurred during the morning session.
Trading fell to insignifcant proper
tons, the professional element evine.ng
even less interest than usual in the
course of prices. Mild pressure was
extended against L. S. Steel on reports
that a meeting of Independents in the
trade is being held at Pittsburg to cut
prices. Noon prices were mostly a
trihe above yesterdays closing. North
western. Cleveland, Cincinnati. Chicago
and st. Louis, Southern railway and
American Can preferred gained l to
~. Railway Steel Spring preferred
lost 3 points. Bonds were firm.
! p. MIN the absence of marked
selling pressure, traders were inclined
to Fay for a rally. but finding this
futile another selling movement was
inaugurated soon after noon. Prices
fell q point or more in Union Pacific.
Reading. Rock Island, Chesapeake and
Ohio, L. S. Steel and Amalgamated
Copper, with substantial fractional re-
ressions in other active issues. Smelt-
ers added to its loss of the early ses-
sion and Lehigh Valley fell over 2. At
| 1 o'clock prices were within a fraction
Of yesterdays low record.
2 p. m.-The unfavorable copper re-
port was used as a oasis for depressing
the metal stocks int was apparently
regarded as a barometer of industrial
conditions. The list fell generally,
United States Steel selling to a new
low level on this movement, with heavy
offerings. tt y movement spread all
through the active issues and gathered
force from the lack of support. Over
night losses reachedf2A in Lehigh Val
ley, "a in American Smelling and Uni
ted States Steel. 2 in Afnalgamated
"copper", and q in Reading and Union
T%aci-c. Covering of shorts rallied
prices slightly, after which trading be-
came dull.
3 p. m.-The market closed active at
best prices. The buying of United
states Steel at the low level was fol-
J lowed by an almost instant reversal.
The shorts made haste to cover and
traders generally participated in the
buying movement which then ensued.
Losses of the previous hour were
soon reduced 10 mere fractions, and in
many Instances gains for the day were
registered. Especial features OF
strength were Louisville and Nashville,
Baltimore and Ohio, Pennsylvania
Atchison. st. Paul, Southern Pacific,
Union Pacific and Reading. OF ths
speculative leaders the metal stocks
were the only issues that failed to make
complete recovery.