The Washington times., 1907-12-06

NEW YORK, Dec. 6.-Noon.-The
New York Stock Exchange is inclined to
the belief that higher range OK prices
can be established for stocks, regard
less of the little annoyances that a
month ago would have thrown the mar
ket into state OF Generalization. Lit
Ito annoyances in this instance means
bank failures, by no means small IN
Importance, but made little Of by the
traders The failure Of the Pittsburg
hank was known before the market
opened, just as the auspen:sloh o. IN Ilis .
Kansas city financial institution was
yesterday, but lhe eHeO1 Va SV'"
II doesn't seem possible that the bull
market Of today and or the lasl SCI- en-
less violent reaction. Currency is slil
scarce and clearinghouse ceIJnCh1ea
are plentiful. The PittsDurg bank nOS
only strained its credit, bnl IL ll aUu a. -
a weight Of certificates Pittsourg is
I'm . had way. Its stock exchange VIII
not be open for business untn alleI tII0
advent of 1903. II, indeed, IL IS not IN.
definitely postponed even .Nt men .+oioils
wer>, indeed are at this writing very
Tbe Importance Of the operation of
the Goldheld mines is unquesGo one1;;
=
weekly. The presence Of soldiers helpeu
10 advance the prices Of mining shares,
as IT was considered probable that the
mines will be working right along
There has been much speed 10 Ine
inward movement, and nothing material
to the reactions, that is, the upward
movement has been steady and the re-
actions immateriaL
1t is generally admitted that mucn OF
the forced LIQUIDATION is over Ihat
the liquidation OF securities back OF
notes, and in banks that were forced TO
close has practically ceased, Is perhaps
true in a sense. But there Is much STOCK
that the market will have 10 digest yet
stock that has been carried by people
able 10 carry II and that VIII be put
out on every advancing market.
There are some who think that the
market IS going too fast, even while
they admit that the fall was speedy and
awful IL is the kind Of a market that
will take the confidence out OF the
bears, and perhaps therein lies It's IN
herent strength
The country is hating Ii is not going
backward, Just resting, and may start
. again on the forward movement at any
minute That stocks are a purchase on
reactions is perhaps true. That reac-
tiona will come is as certain as doOms-
day The market would seem 70 be ripe
for q reaction right now, and yet there
has been no advance when one COM
pares the gains Of the last ten days
with the breaks Of the last ten months.
The opening OF the market was slight
ly lower. This was natural, and the
bears thinking the time Opportune TO
force the reaction jumped on the list
and found 1t hardening every minute
The early losses extended TO about
three-quarters of a point before they
were checked and the upward trend
again resumed. There were some stocks
that loss a little more and others that
were a half lower only. The strength
that followed was continued unabated
until Just before noon, when there were
some reactions. These perhaps would
not amount TO much more than AQs
Copper. 4s5s TO 49R to 1919: Shelter.
75lA TO u 70 761z. the latter noting a gain
Of =. AtChisOn was weak. but recov-
cred all but = Of its less. b * o. lost
y. Canadian Pacific was steady. g &
O. gained ia. d & II. gained 2 points.
Great Northern started at y decline, or
120 declined 10 1l9A. and then advanced
to 2-1A. going off q. Northern Pacific
gained IA net. to 1872, and held most
OF the advance. Pennsylvania, rs
higher, with = held till noon. Reading
at noon was IL better, at 96A. Union
Pacific. u net gain for the morning. St.
Paul moved up 10 l07. and held a gain
10 1881. or a net point.
Steel common, a. and the preferred =
higher. with the latter slightly lower at
noon.