The Washington times., 1907-12-05
NEW YORK STOCKS
IN STRONG RALLY
Temporary Weakness on
Kansas City Failure Fol-
lowed by Sharp Recovery.

MT COuunueQ active right up 10 the
tap Of the closing bell. At that time
the nearest approach to an estimate of
the net gain on an average was 2 points
above yesterdays closing figures.
The advance carried the leaders near
~ 5 points up. but the usual proht-tak-
ing In the final hours was attended
with a slight reaction. The Hill shares
continued prime favorites, the Steels
were hard, and the list acting splen-
didIy.
NEW YORK, Dec. 5.-12 80 p. m.-For
a time this morning the bears became
very busy, selling stocks right and left.
They were Influenced by the failure of
a large Western bank, a big. but not
bad. failure. They kept hammering the
list during the first hour and into the
second. and then the oft-pounded worm
turned and madeiit mighty interesting
for the bears. 1t seemed as II the bulls
had the bears on the hip and would
not stop rending them on strong sharp
advances and making them cover more
freely than they have on any day dur
ing the rise.
1t was plainly evident that there was
neither investment or speculative buy
ing of a character to cause such a splen-
did response. and the Street at once
accredited II to short covering. admit
ting that the short interests had not
been sized up correctly and that 1t had
following It's usual custom. tarried over
long, and the penalty was being i'm
posed.
The strength Of the market was most
excellent. highest prices We're reached
about noon. and there was no Indication
at that time that II was time to COM
mcnce profit-taking It is quite likely
that there may be slight recessions
toward the close on the disposition OF
certain traders to covert gains daily
Tho market has been rising with re-
markablc show OF strength in certain
lines, advancing with few reactionary
movements, and il would seem as II the
reaction was about due. True. the de-
cline continued way down without symp-
tom of recovery, and perhaps Il may
continue in the line Of recovery with the
same kind Of persistency.
There were Tumors that the Kansas
City Bank trouble might involve other
banks in Missouri. hut these rumors
were poerlwess 10 halt the bull attack
on the market
At 1890 this afternoon the market was
on edge and running through the mid
season strong with the bears frantically
covering at the expense Of the profits
OF the panic.
The declines on the news from Kansas
City extended in many stocks to a good
two points. and the bears were woriIing
hard to make II even more. On the
rally that came with the middle Of the
second hour Of doe morning, the de-
clines were quickly recovered and be
fore the end OF the hour the list was
swinging into good gains
The Hill shares were prime favOrites.
on intrinsic merit and on rumOrs OF a
melon
The range:
Copper, after breaking to 4SI4. Failed
to 1915. Smelter broke to "a and rallied
10 T6ia Atchison, ia 10 1875 Baiti-
more and Ohio, 81 to 50 TO S4%. Della
ware and Fudson dropped &c 40 and
rose 10 l42. Great Northern, after sell.
ing down 10 us. turned quickly and
whipped the shorts with a 4If-point rise
Northern Pacific. lis. or 2 points of q
1l9A or "a advance over yesterday
closing Pennsylvania lost Ia in The
break and gained 25s in the gain Read
ing barely recovered its decline. TniOr
Pacific lost points to 49,, and recov
cred to 11SiR.
Missouri Kansas and Texas auC
Chesapeake. and Ohio steady Genera
Electric, IL better, Steel Common
point higher, at q; preferred. SSIs.