Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1906-12-18
WALL STREET RALLIES
TO RELIEF MEASURES

New YoFk. Dec- is-TAe xtock mar
kst after a few days Ut dropping prices
has responded 10 Secretary sha~'s
measures II relief and shows a fiFmeE
tone than had been expected al this
time. As was foreeasted In this lee.
ter 10 b. probable. M. Paul has been
selected by the leading maaipnlatoEs
90 he The bell getheT sheep u the
bun movement and has been pushed
up aggressively I'D around 100. or ten
points higher than II was a week agn.
This stock Il SO closely held fur Del.
manent investment that Its floating
supply On the stock exchange In small.
u Ii this fact that enables the power.
full speculative clique known a. The
Standard OH Crowd to mark up the
price ON 70. Paul as they sec fit and
m advance In that stock II often man.
ipnlated with the object Of covering
up or distracting attention from sell.
tng Of other shares. However. In this
Instance. N would seem that the pur.
pose was a different one~that Of max.
Ing n leader for tho other shares 10
follow. That the money situation IL
acuteiy serious and thai all the incen.
uity OF the most powerful financiers
Of Wall street was required tn tide
over a real crisis Is nov admitted. For
days at a time large spectators were
warned by their hanks that further
accommodations could not BE- had. Old
loans were scaled down and every OK.
pedient adopted TO prevent public an,
prehensfons as 20 the supply Of funds,
There was even suspicion mt one time
that the weekly bank statement was
not a correct exposition Of the actual
figures, but nov that the treasury
department has shown a willingness
TO aid, all this In forgotten and mer
are buying stocks M though there had
never been a cloud on the flnancIa
horizon. They with continue 10 buy Jus
an long as the bell wether shares ar,
being marked M aud that will no OF
just as long as those In control o
the market find II profitable. WheI
they get the market high enough the,
viii begin 10 sell and then the publ,
will find itself loaded up with Stock
and prices declining.
Wall street has not known exactl.
how 10 regard tho use Of 500. 000. O0I
new Great Northern shares. At frs
u was figured out 10 he a bull argu
ment. but later this vas reversed an,
traders were inclined TO regard II a
a Ut doubtful value from tn
shareholders Standpoint. Estimate
Al to the values Of the rights" unde
the new shares also varied extremely
Some authorities holding this 10 b.
worth $50 per share. while others pu
Il as low "a s3s. The same sort O
puzzled sentiment applies to some o
the recent increased dividends, moi
ably those of lines controlled by tn
Pennsylvania system. Are these IL
creases being made because the carr
controlling corporation, the Pennsy
vania Railroad company. needs tn
money, Wall street asks, 1t Ia thi
feeling OF scepticism that may act a
u check on bull speculation and fror
the standpoint OF all but the spe,
ulator who has stocks to sell 1t Is
good thing. II the public were Away
TO adopt something of q Missouri
attitude and demand ito be shown
It would insure to the prosperity {
the country In general and the sma
stock trader In particular.
Announcement OF further central
cation Of the control Of the Pennsy
vania of Its subsidiary lines has bee
made In the case OF the Cumberlan
Valley railroad. a line running fro
Harrisburg. Pa. to tho Potomac rive
Maryland. a distance OF eighty.tw
miles. Although the Pennsylvania Co
trolls the line. 1t Is absorbing as muc