The Washington times., 1907-11-18
new YORK STOCKS
MAKE BIG GAINS
Result of Treasury Action
and Presidents Letter to
Secretary Cortelyou.
Gain Not Full Held.

NEW YORK, Nov. 1s.-Noon-It is
frequently the case that the unexpected
happens over night. Had Secretary
Cortelyou simply issued mis- note re-
garding the issue Of Panama bonds the
effect would not have been especially
noticeable The surprise came in the
issue OF the 500. 80. 90 notes, and the sen
sation wss furnished by the Prs ident
II his com1endatory note to Secretary
Io-telyou, which was in fact nOtifica-
ton 10 the world, that the Chief Execu-
tive Of the nation believes that there
Is no reason for the existing conditions,
that he has recognized this fact, and
that he Is anxious to restore confidence
~ II takes the whole machinery of the
Government 20 accomplish IL
This is The way Wall Street received
the news. This IS the opinion of dnan-
ciul mel. The bears scurrIed TO cover
their contracts like hares. and the price
list advanced with pound, There
were those who claimed TO see in the
Presidents letter, the end OF boarding,
the Outpouring of money from safety
deposit vaults and the return OF much
capital for investment ii securities
that are now as rarely before. on the
bargain counter.
London Set the Pace.
London set the pace with a to 3
point advance all along the list II is
possible that some of the big men OF
thC street sent orders over with a view
OF bringing a strong opening, but the
news OF the day as all sufficient in it
self 10 turn the tide from the constant
down grade to wei the other way.
As everyone expected the sharp 6d-
vance offered the opportunity that some
lame ducks have Been looking Tor II
offered a market and an hour for the
liquidation OF stocks held as collateral,
and II was also the opportunity for
some quick prOfiJ-turning by traders
who bought on the tap OF the bell
Canadian Pacihc, AJchisOn, Delaware
and Hudson, Great Northern, General
Electric, Northern Pacific, Union pa
eifc, Sugar, Reading, and III eteeis
were the taVOriJes and showed BIG
gest gains of the day. The dove tuln
came about the middle Of the
hour and then, Just before noe
vas a change for the better anI
COVery OF a portion of the lu6f Z
stocks were higher than Saturoa5 au
IN no case was ell OF the advanee tost
Activity From Opening.
During the first hour 10000 shares II
stock were traded in, and it has besn
many DAYS since there was such gcgl
activity IN the market. On the prof
taking declines the market again settlAd
down TO Gullness and for a time there
was but little doing. TIE closing doSn
OF factories and mills and the layt1a,
on OF workmen, reported In all Girte-
tons as Il result OF the tight MON
ana impossible financial conditions is 4
potent influence, rs Il means deereass,l
earnings for railroads and induslIia
companies. Deferred ard reduced dk1-
dends must also be considered.
The Range.
Atchison opened at 701R. gain Of )
points. advanced to TlIs. and on 10 ~.
Baltimore and Chic opened at SoA. De
high for the morning. eased on to "a.
and recovered to So Canadia1 Pacia,
sif higher, at 144Iz, advanced 20 1s5. AID
OF TO 1891 TO a. Delaware and HID
son gained ~ points and held most 81
St Great Northern opened with ~
gam and lost point. General Elect-lC
nearly points up MISSOURI EaclH c
was points higher. Northern Pscli
advanced 4 and reacted nearly = Neu
York Central was ; points up, uuL cas- q
Off nearly . Sugar gained 8, Reading .
hut reacted from s. TO SOS 10 sits- =
Paul did not respond with the fuilness
Of the others II was IA higher al nOoi
Union Pacific 80 higher, 10 points ne
gain at noon.
Copper held a point gain; Steel. com
mon. a. and preferred 2, although
one time points up. Smelter polhu
higher at noon.
ID. m.-During the afternoon the mar
ket continued moderately active anf
very steady at slightly above the moor
range of prices. The tone was en-