The Washington times., 1908-12-22
SHORT COVERING CAUSES GAINS
IN NEW YORK STOCK LIST.
HARRIMANS LEAD.

NEW YORK, Dec. 22.-The covering
movement that started late yesterday
was continued during the greater part
or the session, with the principal ad-
Nances made in specialties, but with
nearly everything on the list making
Som0 bettcrment The street was full
Of rumOrs of various kinds. The denial
OF the illness OF Mr.. Hartman was
made emphatic, n fact that WAS not
necessary as the Union Pacific maSnatc
was not reported in on Wall street.
Even rumor Of his illness would have
given the market a severe shaking,
while the denial, with emphasis, was
rather in the nature of a bear argument
as 1t caused some traders to sell. There
are divers views on the continuation of
the rally, and some evidences Of selling
stocks thereon, although it is quite
probable that the line OF shorts put
out Friday, Saturday, and yesterday
morning may be sufficient, with the
covering that will be done over the
Christmas holiday, to maintain fairly
firm prices.
Gossip on Goulds.
There was much gossip anent Wabash.
which was once more a big leader. the
claim being made that II was likely to
so to the Delaware, Lackawanna and
Western. Another rumor had il that
the Chicago and Alton wanted Missouri.
Kansas and Texas, and that the strong
tone of this stock confirmed the opinion
that some one wanted the property. But
IF the Gould shares are to go with
centrifugal force TO other companies
what is to become OF the famous Gould
Hg.TI
which many advances were recorder
IT Is an easy matter to frame up a
story, but the framing Of a true story
is more difficult until such time as the
magnates have perfected their plans and
the stock market almost invariably has
fully discounted bull news before the
announcement is launched
These seCond-grade stocks have ad-
NanCed far enough They may go
higher, but ii is pure manipulation;
moreover, the disinteEration of the
Gould group does not seem to be near
at hand
Some Of the most conservative brokers
look for this rise to go a little further
and then expect to see the market settle
back, as the outstanding short interest
Is reduced.
Favor Equipment Stocks.
Equipment stocks are likely to come
10 the front soon after the first Of the
year The railroads cannot longer de-
lay the purchase Of equipment and rails
and even II they would delay they must
buy. buy heavily to meet requirements
of business and caH for new equipment,
etc
New York fractions continued mod
erateIy active, both InterDOrO and
Brooklyn Rapid Transit gaining over a
Colorado Southern rernaiDs firm, hut
It should so off, as the news is out and
the rise discounted il, as usual. The
Burlington directors ratified the deal
and paid S24250. 900. buying this amount
of the total 81, 100000 common stock
The Burlington Will put in new Oper-
atinE staff Edwin Hawley, who made
the sale, said that the terms were cash.
May Be Steel Combination.
Mr.. Carnegie's testimony before the
Ways and Means Committee OF the
House Of Representatives has created
considerable comment anent the reported
international combination in the steel
market and the opinion is held that such
an agreement has been entered into and
that an elimination of steel duties is
desired to more thoroughly control the
situation in America.
II is within the probabilities that the
market viii become less active with
the coming Of the holidays, although in
nuences of divers character will in
1lUeECe II one way or the other, should
important developments result The
market IS dangerous to conservative
operations.
Gains Made.
Gains amounted to point on Union
Pacific, New York Central. Southern
Pacific, Missouri, Kansas, ana Texas,
Atchison, Toledo, and a number of
shares, and generally L point in the
rest Of the list.
Moderate activity. with a steady mar
Ect marked the progress Of the list dur
ing the early hours of the afternoon.
The resignation of President New
nan, Of the New York Central, was re-
ported, but the reason why has not