The Washington times., 1907-12-08
SHARES ADVANCE,
BUYERS WAITING
FOR REACTION
Call for Treasury State
ment Released Money
Hoarded by Banks.
Hill Shares Are Leaders
During Whole Week.
SteelS Act Well.

NEW YORK, Dec. There have been
many things In the market favorable to
higher prices during the last week, chief
of which was the strengthening infiu-
ence Of support and good buying by
J. PierpOnt Morgan But better than
that, even, was the general buying OF
that contingent that has been waiting,
waiting for months for the coming OF
the time when the tide would turn,
knowing that 1t must, but always kept
of heretofore by the utter feebleness
of the market and the one-way trend
OF prices.
With the first signs OF strength, the
army of walters plunged IN and each
day the average Of prices was higher
than on the preceding day. Monetary
conditions were easier. The Hill shares
led the list In their advances. Reading
marching well TO the front, and with
the industrlals. under the leadership Of
Smelter, Copper, and the Steels, doing
splendidly.
True there were reactions now and
then, but they were never serious. ex-
tending usually to q point or a little
more and nearly always recovered un-
der the buying that would follow.
Traders were surprised at the con-
tinued strength of the market and pre-
uicted reactions. but they were met with
assurances from commission houses that
oil every reaction there were buyers
waiting and anxious TO take on hold
ings.
For time the expected final call Of
the Comptroller OF the Currency for q
statement Of the condition of the ma
tional banks OF the country seemed
about to check the movement. The
banks all over were getting ready for
the call Some of the Western banks
were known to have 40 or 90 per cent re-
serves and some Of the New England
banks even a higher percentage.
Call Releases Money.
When the call came for a statement
a the close Of business December & II
released this "hoarded" money and
thereafter for two days the market was
very strong
Thursday, after a long upward move
ment in prices. came reports of a bad
bank failure in Kansas City, and this
was followed a day later by a Pitts
burg suspension. This was sufficient to
scare a nervous market but It was but
a circumstance to Wall Street. 1t was
either a case Of genuine investment buy
ing or manipulation for the purpose of
putting out a long line of stocks that
needed TO be liquidated.
Hill Shares Strong.
The Hill shares were clearly leader
of the entire week. These properties,
the Great Northern and Northern Pa
Cific, have intrinsic merit back of them
They are worth as dividend payers
and prospective earners much more
money than they are selling for The
advance to date has been insignificant
as compared with the decline. This may
well be said Of the entire market. The
Hill shares were up on merit and the
expected sale Of Northern Pacific's Bur
lington interest to Great Northern.
The bulk Of the weeks business has
been in Northern Pacific, Great North
ern, Reading. Union Pacific, In the
rails, and Smelter, Copper, and the
Steels in the industriaIs
Reactions in Closing.
AS usual on the last day OF the week,
and for that matter on Friday after
noon preceding. the profit-taking was
quite a feature. and there were some
reactions that actually took some Of
the gains of the week away entirely,
but always in the minor stocks and
not I'm the strong leaders, which held
a large part of their gains throughout
Great Northern sold to 1914. as COM
pared with ll6M last Saturday. North
ern Pacific turned 1914 for high. as
compared with i'll q week ago today
with a reaction 70 119!a for the close.
Perhaps 20 per cent Of the business
O, the week was in Reading. 1t ad-
vapced over points, but held but 3iz
net gain at the close. Union Pacific
closed but a fraction higher. Penn
s,lvania recovered from the extreme
depression that handicapped il for so
long. making on excellent advanc', and
held il throughout New York Central
and ST. Paul, high-grade weaklings,
have been firmer in sympathy with the