Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-12-29
RECOVERY
AFTER WEAK START
Rally in Second Hour as
Shorts Try to Cover Brings
Big Gains.

NEW YORK. December as.-The
market continued to make its wav
slowly. but more or less persistentIv.
aoward lower figures. led in the
opening hour by Atlantic Gulf and
Crucible Steel, the two especial weak
Iings or many a session The former
ie!i points and the latter ~.
mere was nothing new, reports are
seneraily more or less mixed as to
prevailing industrial conditions-and
frequently reported happeninp is
denied before the story of the rumor
mas accomplished. more than a frac-
tlonal recession in the stock affected
thereby.
The other weaklings of the opening
hour wree United Fruit, Mexican Pc
troieum. which can rise and fall :
points without exciting much COM
ment one way or the other; General
Electric, Consolidated Textiles, Great
Northern and New Haven shares.
mere and there through the list
mere was some show of fight put up
against the efforts of the bears, Air
brake, weak yesterday opened up ~
points, Royal Dutch gave a good ac-
count or itself for 3A gain: Reading
ana southern Pacific, Canadian Pacific
and Beet Sugar refused to bulge and
'naoo sisht advances to fair gains.
Market Reverses Itself.
In the second hour of the session
the market reversed itself. The
strength shown in certain stocks
seemed to give the shorts a little
nervous feeling, there was disposi-
ton on theiE part to call it year,
and as result they started out to
even up on their trades. hoping if
possible to get as large a share of
their profits in as possible
But they mad to pay the price, and
"a G,fr
nounced even before the noon frour
was reached.
Southern Pacific rose 2a points.
Northern Pacific, Reading and Lehigh
valley. points; Atchison, st. paul
preferred, n. & W., New York Cen
points.
Crucible Steel came back points
and Atlantic Gulf 2. Mexican Pc
troleum to 2 and other oils were
strong.
Equipments Rally.
Locomotives were very firm. Wells
Fargo rose points and American
Express 81.
Trading broadened. Money was
easy at per cent.
Investment Buying Reeoxnix.d.
In the secondary action of today's
market the street recognized the be-
:.
the reinvestment of expected dis
bursements on account of interest and
dividends with January 1.
In a measure it represented also the
confidence Of the best men on the
street that the worst was over: thar
the money market would gradually
work easier with the advent of the
new year. that the supply Of money
would be larger, and that the indus
trial situation had at least been dis
counted by the declines in values.
Oil Lands Factors.
Oil lands and their possibilities for
fortunate railroad ownership were a
decided factor of the Improvement
Accumulation of Southern Pacific and
the rights is marked. The new pa
cific Oil stock is in such persistent
demand that it gives color to the
rumor that one of the leading Cali
fornia oil companies contemplates
purchase.
Northern Pacific holds 45O, 900 acres
of probable oil lands and will develop
in the near future, and Atchison has
possibilities along the same lines
These stocks. were decidedly strong.
The rails extended their gains to q
and in some cases 3 Y points Indus
trials also moved forward, and there
was no disposition to take profits at
the close. 1t was the best and firm
est general closing for months.