The Washington times., 1907-11-29
NEW YORK STOCKS
IN A FINE RALLY
Market During the Afternoon
Becomes Strong and 2to 4
Points Higher, With
Greater Activity.

NEW YORK, 3 p. m.-During the af-
ternoon the market gained gradually in
strength and activity until II threatened
20 become al runaway with the bears
frantic and rushing in TO cover. thus
adding TO the strength and giving the
bulls new courage. On all sides there
were evidences of investment buying,
and the reported calling of a Sj.O0OOOJ
loan and retirement OF a SIMILAR amount
OF certificates, did not cause the slight
est hesitation in the upward turn.
The plaything of the morning. the
Gould issues were among the hrst 10
indicate an entire change of temper
Rope had been given 10 the bears 10
have all the fun they wanted, and they
were short up 10 their ears on missouri
Pacific, Western Union. and were also
aggressive in Pennsylvania, st. Paul,
and New York Central.
And when the change came and lneFe
was a fierce scramble TO get in out OF
the cold. and the bears over-bid each
other with the result the whole market'
almost without exception was all the
way fro.a one to nearly three points
higher than at the close Wednesday:
At that there was great activity
heavy trading and for the tlrsJ udy IN
months the ticker ran five 10 ten min
utes behind the sales. Ii was like old
times in the volume of the TRANSACTIONS,
500 and 1000 shares not beitg eNcepuonaI
Copper was y higher, Smeiter points
Atchison .. 3. & O., 3; Canadian Pacihc
3; d. * H, 2lz; G. & O., IA; Erie, I,
Great Northern, III; General ElecJIic, .
Reading, 4; Southern Pacific, :; l. q n,
.. Mop. 3 from low.
NEW YORK. Nov. 29.-Noon-It was
something Of a spotty market after the
holiday Of Thanksgiving. Spotty AS to
strength ard spotty as to weakness.
Everyone Was prepared for rally on
the optimistic news Of the morning, the
fine reports OF financial conditions and
the tale Of Secretary Cortelvou's inn
mense satisfaction at the Improvement
shown ali over the country. There
We're handicapS to n rise however, and
they we-s not unexpected. The forced
liquidation of many loans held on until
such tire as the market would take
the stocks without shuddering, was
clearly in evidence. PittSburg dis
tributed many thousands of shares OF
United States Steel stocks, accredited
to Frick, bat probably without founda-
ton.
But the chief trouble with the market
this morning, and fer that matter for
the last two or three days, has been
Goulditis- The Gould shares were be-
ing pounded all around TIE room. The
bears were selling Gould shares for the
effect Of the weakness on the general
list.
The Goulds did not give their stocks
the slightest support, but let liquidation
follow its own sweet way. As a result
viciously. made a new low, and a price
below anything that was current In its
last severe slump in 1898 From 50, the
close on Wednesday, this stock opened
at 5SA, and dropped to o., with only the
slightest recovery. Missouri Pacific, an
other Gould stock, WAS again weak,
despite the repeated contradiction of the
reported physical decay Of the road. II
declined over two points 70 4i1z, and
this with no prospect OF dividend cut or
serious decrease in earnings.
Opening Generally Firmer.
The opening throughout the entire list
with few exceptions was AT higher
figures. The market continued strong
for an hour when the weakness in the
Gould shares caused softening and
there were recessions fractonaNy be-
low the closing figures OF Wednesday.
but in the last hour OF the morning
there were slight recoveries, although
the weakhngs Of the last two or three
weeks, the specially soft shares, were
lower all through the morning session.
. Copper opened at 80 to 491z, declined 10
sS14, and advanced to 4S5z- Smelling ad-
vanced I early 20 66 dropped to 65i4 and
remained around 6OZ4tb512- AtChlSOn
gained u and lost q. Baltimore and
Ohio gained y. Great Northern opened
at 49, a gain of =. but went back 10
113k to 1882. NJ X. & T., y of Mis-
souri, Pacific opened at 46L. a loss Of q
and declined 10 441z, with a = recovery.
Northern Pacific steady. Pennsylvania
lost IA ard recovered half Of the de-
cline. 10SA being the noon price. Read
ing active and nearly a point higher.
Steel common Il up and preferred
steady. Union Pacific ex-dlvidend today
and about STEADY Southern Pacific
firmer. st. Paul Y of.