The Washington times., 1908-11-24
Insiders Get Under Stocks and Shorts Are Forced
STRONG BULL TONE TO STOCK LIST
ON EASY MONEY RATES AND
INSIDE BUYING.

NEW YORK. Nov. 24.-There was a
much better tone to the stock market.
perhaps less activity, but certainly no
aggressive work on the part of the
bears AT the immediate opening they
tested the market ana did not find it to
their liking. Trading was almost wholly
professional and IL was evident that in
siders had decided TO take hold OF the
list for an upturn. The establishment
of good-sized line Of shorts within the
last few days has improved the tech
nical position OF the market and it is
further helped by increasing business.
enormous crops, ~and the certainty Of an
Increase in railroad earnings.
Bond Subscriptions.
The heavy Oversubscription OF the
New York city bond issue exerted a
bulliSh influence on stocks and in
creased the demand. Following a sharp
rise the bears began operation, and
quickly changed front when they found
that the increased offerings Of stocks
We're quickly absorbed.
Business gradually lessened, but the
decreased volume was not attended with
any further raids by the bears and
while the noon prices were slightly un-
der the nigh, the tone was one Of
strength ana not likely to give way be-
fore any limited volume Of profit taking
Money is lla per cent and plenty
In the aggregate the BIDS for the $l2,-
5g0,UO New York bonds tOtaled $751;
The average gains on the closing
prices OF yesterday were 1tIlh points.
This extended to Union Pacific. South
ern, Northern Pacific, Great Northern,
3 x O., Reading and St Paul, while
Copper was point better, Smelter
fraction, the Steels steady and SlOSs-
Sheffield III better.
Heavy Disbursements.
The estimated disbursements on ac-
count Of December dividend and inter
est payments to be made December !.
is placed at S1O5, 10000. II is but fair
to expect that much of this money will
seek reinvestment in stocks and bonds
during the next few days, indeed 1t is
likely that purchases are being made
daily on account Of investors in antici-
patton OF these payments.
Southern Pacific opened at ll64ss eased
off a traction then advanced 10 lisa
net rise of rs points, and reacted 70
ll47s; St Paul rose from 1868 TO l4S and
reacted to l4il2. thus being ~ net inn
provement. Union Pacific turned lS2
again or 2ss rise 10 a reaction to 1875.
l.. & n. was 3 better. Missouri Paci-
ne opened at 6l5s, rose to g and on to
625z, a net rise OF a point Northwest
eTn and Northern Pacific, pcirt up.
pressure TO sell stocks.
Another Rise.
During the noon hour and we'll into
tie second hour Of the afternoon the
buying steadily improved, many traders
who have been waiting for a decided
disposition one way or the other COM
ing TO the conclusion that the bulls are
going to force a higher range and start
ing in to buy advanced the list above
the highest figures Of the morning.
There was also increased trading the
market becoming quite active. The new
high on Union Pacific was 1875 and
l1S1z on Southern Pacific. Reading
topped lSS, and the whole list moved up
= point although the Steels acted a
little slow in responding.
BulliSh sentiment assumed increased
Importance. the undertOne Of the mar
kft was encouraging, and commission
houses renewed their advice TO custom
eTs TO buy
The prospects were good for a strong
closing.