The Washington herald., 1907-12-01
WALL STREET NOTES
Sharp Rise in Prices Put
Bears to ROut.
IMPROVEMENT SEEN ABROAD
British COnsOIs Score Advance,
While Union Pacific and Reading
show Strength without Aid OF
RumOrs-PrOht-takin Fails 10 stop
Advnnce-OiI Interests Active.

New York, Nov. 30.-The bears fed pre-
cipitately to-day There was no sem
blance Of order in their flight Demoral-
ized and dismayed they had no alterna-
tive but to take TO the woods. Liquida-
tion had ceased. the money situation was
rapidly righting itself the short inter
est was large. and the floating supply of
stocks smaller than at any time in
months
Like little wanton boys, the bears had
long disported themselves. and when the
bulls attacked them from many points
of vantage they had no alternative but
ignominous rout II was helter-skelte-
from start 10 finish except when at in
tervals the bulls slackened their pace as
If they enjoyed teasing and wanted to
continue the chase on another day.
Not the least encouraging thing about the
market was that the advance was made
practically without the aid or rumor
Rumors there were. TO be sure. but these
were the effect Of the rise. not it's cause,
being merely the traders surmises as 10
the reasons for what they saw but could
not fathon. If there were special reasons
for advance in particular stocks those
who had information regarding them Cid
not divulge it. being apparently unwilling
at the present stage Of the movement 10
take the public into their confidence.
Even In regard TO such leaders as
Reading and Union Pacific. there was
not a single well developed rumor and
the most alert brokers were forced 10
content themselves with the assurance
/ that the ticker tells the tale What
the ticker told Of was great inherent
strength and an absorptive demand that
plainly indicated a marked restoration
Of confidence.
The improvement in sentiment was
/ hardly less marked abroad than here. for
/ British consols. the best barometer Of
conditions affecting the worlds financial
markets. scored an advance OF three
! eighths-an altogether unusual gain for
a short session. making fun point ad-
| vance for the week. which was quite
out Of the ordinary. Foreign houses re-
ported a continuance Of the investment
demand. and this class Of business re
ceived during the day more attention
from some Of them than the purely ar
/ bitrage transactions.
Profit taking in the general list began
with the trading, but all offerings We're
/ well taken. and the upward movement
continued with greater force than before.
There was nothing Ike forced liquida-
| tiOn-only profit taking by speculative
holders who mad got in early IN the move
ment-and despite the covering Of shorts,
the supply Of stocks appeared TO de
crease rather than increase with the
progress OF the session.
Practically every trader was forced 10
recognize the Significance OF the fact
that for the first time In many months
a prominent stock. Union Pacific. had re-
l covered it's dividend on the day Of the
closing of the transfer books, and another
Canadian Pacific. had promptly responded
10 the prospects of rights.
Some sales were met with I'm St Paul
when the price touched par. but the bull
interests were not daunted By this fact
and. after allowing a slight recession
while the weight OF profit taking pressed
upon the market, resumed their onward
.
high record for the present movement
and held IL thereafter in the three-hgure
class
1t was supposed tha, the Standard Oh
interests were for the first time I'm q
long time active In this issue-their Old
time favorite-and there were also indi-
cations that these interests were active
at other points in the market even where
their influence had not before been felt
in any great degree
one Of the news agencies printed 9
story to the effect that two anti-corpora-
tion suits-One 20 disrupt the Hooking
Valley-Kanawha combination. and the
other TO dissolve the International Har,
vester Company-had been allowed e
lapse. If true, the story did not receive
half the attention IL merited