The Washington times., 1908-01-04
NEW YORK STOCKS
HAVE STRONG CLOSE
No Special Changes Save in
Northern Pacific-Copper
Stocks Strong.

NEW YORK, Jan. 4.-ClOse.-TOday
short session was not particularly in
teresJng either in the volume Of bust
ness transacted or in the price fiuctua-
ions. AT the opening there was a
tendency to lower range. and the pro-
1esslOual elements would have been will
ing TO lend their aid in this direction.
but for the fact that they have found
afternoon rallies rather dangerous for
some time past. and they feared a clos
ing rally, During the greater part of
the session the majority of stocks held
their own at just about the closing Iig-
ures OF yesterday. Union Pacific and
Reading showed slight recessiOns. on
proht-taking, for the movement in these
stocks has been very heavy all week.
and the advances have offered tempt
ing opportunities 10 turn an honest dol
lar.
The Hill shares continued to attract
attention, and both were slightly higher.
1t is said that the investment buy
ing in Great Northern for some days
has been the largest on record-that is
for odd lots 10 be taken out of the mar
kct Northern Pacific did not act near
ly as we'll as did Great Northern. 1t
high OF the day.
The fluctuations in the rails other
than as mentioned were inconsiderabIe,
The inaustrials were generally steady,
with the exception OF Sugar which
dropped a full point. COppers were or
little at The opening. ana generally
steady at yesterdays final figures dur
ing the second hour.
Gossip dispatches from brokers' Of
fees generally dIscredited the charaC-
ter Of the selling movement that started
early as mot strong This was later
demonstrated 20 be correct as there
was nothing like severe pressure on the
list
Rally on Good Bank Showing.
The market rallied to a strong closing
with many stocks above the level OF
yesterdays closing prices, on the pub
liCatiOn OF the bank statement. II was
the first actual good news that the mar
ket has received for some time. The
return OF currency from the interior is
making itself. felt.
a decrease OF S14, 5000 in loans and
increase Of 100000 in specie and legals,
and s., 799 900 in deposits with a reserve
increase OF fully $SsO00,00O turned the
tide for the bulls. and proved the wis
dom Of the bears in going slow in fear
Of closing WhipSaW,
There was not much doing IN the final
hour the days business being light. but
there was latent and some evident
strength. The Hill shares were quite
prominent in the late advances, Great
Northern coming from ll71z to 1lS14. but
the chief strength was in Northern Pa
Cific, where prices advanced from 1l944,
the low of the morning, TO 12S. TeaCting
10 ID as against close yesterday OF
1901.
There was but little in the rest OF the
market calling for comment one way or
the other. Copper gained =, and
Smelter r. The Steels were very steady.
The closing was satisfactory to the
friends OF higher prices and not so very
depressing 10 the bears, save in a few
securities Chairman Knapp. Of the IN
terstate Commerce Commission, eX-
presses himself as believing that South
ern PACING, Pennsylvania, and New
York Central were justified in buying
securities of other railroads had a good
effect in restoring confidence, who now
look for & speedy termination Of the
various cases by the Government. In
vestOTs are Of the belief that this view
OF the chairman Of the commission ap-
plies to the holdings of the Union Pa
cihc Company in Southern Pacific and
other roads.