The daily morning journal and courier., 1907-12-06
LATE FEATURES OF
 TIE STOCK MARKET Violent Rise in Prices at Mid
 day. FLOODS OF BUYING ORDERS Great Stampede by the Bears Speculation Broadening.

There was great stampede by the bears at midday. In the great up-rush early losses, ranging from fractions to 2 points, were quickly wiped out and net gains of ? to 1-2 yoints recorded.
 For the principal shares the level of prices was higher than at any time since the panic occurred. The Hill stocks took the lead. From low price of 115 Northern Pacific bounded to 120 IA, compared with IT We'd nesday, while Great Northern pf. rushed up from 11S to 122, three points above Wednesday, Union Pa cific climbed from 115 7-S to 120 If, Its final price Wednesday was 117 7-S. Reading, which sold down early from s4 1-S to 92, scared to s7 IS. St. Paul went from 100 3-4 to 106 IFS. B. R. T. advanced from S7 IF to 40 1-4, Shelters from 74 1-4 to 7S IF, Anal ganated Copper from 4S 1-4 to 50 7-S, U. s. Steel common from 26 to 27 S-4, and the preferred from ST to 90.
 Tn the bear panic the covering of perhaps 100000 shares or more of short contracts in Union Pacific, Northern Pacific Great Northern, St. Paul, and Reading took place. Ac- cording to one calculation outstanding short interests at the opening yester- day amounted to fully 500, GOO shares of various issues.
 On the curb American Tobacco common rose 20 points, Standard Oil was 2 points up, at 437.
 In connection with the sharp rise in the Hill stocks, there was further talk about possible deal to shift con trol of Burlington railroad to the Great Northern. MT. Hills visit to Washington, according to report, had something to do with this.
 The stock market fairly boomed yes ferday at and around midday. A flood of buying orders had poured in and helped the advance.
 The big bank failure in Missouri gave a slight setback when it became knoWr in the forenoon but was soon ignored and prices swept on upward again i Had such a piece of news come three weeks ago the bears would have fair ly danced on prices. Now, with return ing confidence, the bank episode wal regarded complacently as the outcror of past conditions. At the low levels all offerings were well taken, and the market turned, with prices later mak. ing sensational gains in many issues Bonds also strengthened, and the mar ket generally showed tendency tc broaden. As for banking troubles, fl. nancial interests generally declared that most of them had been fully dis counted in the violent collapse in stocks during the last two months.
 The publication Of the first annual report of Secretary of the Treasury Cortelyou proved strong document replete with suggestions of value, One of the most important is that the na- tional banking act be amended so as to leave limitation upon the retirement of circulation to the discretion of the secretary of the treasury instead of limiting this retirement, as at present, to $9,0O00o0 month. The whole sit uation regarding national bank circula- ton should be governed by circum- stances, not by an ironclad rule.
 Other factors that helped the market advance were continued weakness in ! the premium for currency. which has been softening ever since the comp troller of the currency issued his cal for a statement Tor national bank con ditions as of the close of business last Tuesday, and easier rates for cal money. The currency premium drop. ped under per cent as against the Z per cent rate which ruled last Tuesday night. The banks gained further SUD- plies of cash from the sub-treasury with a total gain of more than $7,OOO,. 900 since Friday.
 The Bank of England made a very satisfactory showing for the week, the proportion of reserve to liability rising to 44.02 per cent. from 42SS per cent last week. Notwithstanding the con. tinued American drain the bank was enabled to increase its gold holdings tt the extent of 9513,812.
 American Sugar Refining opened g # point down and declined stilf further ; during the morning as a direct resul of President H. o. Havemeyer's death That the liquidation was not heavy was generally regarded as due to the fact that this stock is very widely dis tributed
 The stock market was quieter late il the day, and after the short interes q covered sagged off quite abruptly There were no fresh news develop # ments to account for the rise. Tha # it was mainly due to a drive at tht shorts seemed to be the general opin. A ion. After advancing steadily to with z in half an hour of the close stockl weakened sharply, losing in the las # thirty minutes two and three points il a number of stocks.
 In Boston New Haven stock sold a # 13S and the rights advanced to g. # and 4. In Philadelphia Lehigh Valley