The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-11-23
NEW YORK STOCKS
IN FINE RALLY
Splendid Gains and Change
in Sentiment Noticeable.
Shorts Rush to Cover.
Situation Better.

NEW YORK. Nov. 2S.-Noon-Tnis
mornings market gave indications that
promise we'll There was more conf
denee, more hope, more assurance, and
more aggressive buying on the short
session than there has been since last
Monday, when the Treasury assistance
was announced, There are more people
IN New York and all over the country
who are of the opinion that the worst
IS over than could have been found any
where a week ago. The shorts realized
the stronger tone, and made every efrort
to cover their contracts, with the re-
suit that a sharp advance vas made
right with the opening, and the market
gained IN strength W to the close Of the
session
The summons from the President TO
J. Pfsrpont Morgan TO come to the Cap
Ital was taken to mean that the situa-
ton was such that the Government IN
tended further relief measures, should
conditions. in the estimation OF the
fnancier, require their enactment
Moreover. the shorts had no difficulty
ln recalling the sharp advance Of last
Monday, when much Of their profits
went giimmering, and they were anx-
ious, as a result, TO get In out OF the
some OF the best judges Of conditions
IN this city are OF the opinion that the
worst OF the liquidation is over Ihe
belief is strengthened by the story tnat
prominent parties have been Llded over
and this has made the bears less reck-
less IN their attacks on the market
Another influence that must be count
ed on, is the commencement OF mar 81
buying again Some houses are taxing
trades on margins varying from 10 70
3 per cent. The Steels are faVorltesi
and wOuld-be-buyers may take on sIoSA
at 10 per cent margins Ihls heIps Inc
situation very materially.
The enormous gold import will soon
Mace the banks in position where they
will be able to handle themselves anu
their customers with their usual Meth-
DDS, and the currency premium VIII en-
JiTely disappear.
Bears Shedding Coats
That portion of the bear part that
has covered its contracts 'vin naturally
take the bun side, unless untoward Incl
dent occurs, and by their operations
help along the movement toward a
higher range. The theory that condi-
lions can not always 90 one way Is
generally accepted as correct and the
time the place. and the conditions are
said TO favor a turn for the better.
Union Pacific, Reading the Steels
Copper. and suu9e other stocks are over
sold, and they viii be the fayOTites II
the rally.
There were many buying orders from
nervous people who have come 70 the
conclusion that low Is nearly here. anC
that to further hesitate is 10 turn Inc
deaf ear TO OppOTtunity's knocking.
Some Of the brokers and commission
men who have been beaEish have turned
to the other side, and all In all there
are indications Of a runaway market
Under these Influences the opening o.
the session proved TO be at low anC
the close near the top.
Copper gained 1&. Smeiter nearly
points: Atchison, 81; Baltimore anS
Ohio. IA; Canadian Pacific. "a; North
ern Pacific from an opening at 1857 &
1O7IS; New York Central 10 S41a; Penn
sylvania from an opening ct los TO 10Y
Heading from 1917 to 50; Union Pacih'
from 1898 to 1125s, and other rails II
proportion
Steel. common, touched . and tn
preferred S251.