The Washington times., 1908-03-11
NEW YORK STOCKS
IN A FINE RALLY
Average Gains Nearly Two
Points. Some Even Higher.
Bears Try for Decline
and Are Badly Scared.

NEW YORK. March u.-ClOse-WhIe
theie was some little profit taking IN
the last hour and q reaction Of small
dimensions as a result, the closing was
decidedly stroug, and not far from TOP
prices. II was one OF the best days.
all IN ALL that the Street has enjoyed
tor some time.
NEW YORK, March 1.-THE story
current on the Street at the opening
was that the bears were ready for a
RAID on tie Hartman stocks and that
the reaction would be carried much
further. but. the report added. the
movement is not fathered by strong
people Then came a story OF the bull
movement being fathered by a clique
composed OF Alessrs. Frick, Hartman.
and Morgan, and this report looked
good TO traders, despite the fact that
there was a large following that only
needed a leader TO make determined
bear raid on the list.
There were a number of opinions eX-
pressed by leading operators and Hetds
OF commission and banking houses ac-
credluu5 the advance with having mace
sufficient progress and predicting that
z reaction was past due. The bears
made a slight attack on the oJeeis. I'D
the hope OF starting them on the down
grade for the sake OF the ei-ect On
the list and, failing to make much or
an impression. they decided that the
Steels were so largely distributed that
IL would be impossible TO make prog
Tess unless IN times OF general uneasi-
ness.
These Were JEe Influences just before
the opening. Under these the market
opened soft and there were declines
throughout the list. very moderate TO be
sure, but declines
After an hour the whole situation
changed for the better. The prophets
proved false. save those who had said
that the power back Of the bear rumOrs
was not strong.
Gradually gaining strength. a bull
movement that started IN around u
o'clock reached the noon hour with a
fun swing and with sharp advances all
p along the line, soaring the bears into
cover and encouraging the purchase or
stocks quite freely. At noon the gains
were in the neighbOrhoOd Of one-hair
point on the general list-that Is, as
compared with the closing prices OF
Tuesday.
I.15 D. m,-The market continued
TO gather momentum as the min
utPs rolled Into hours, and with each
gain the shorts showed more nerv-
BUSINESS, showing a nervous feeling and
rushing into cover with considerable
freedom. There We're few stocks that
We're not attractive TO the bulls and
they bought here and there throughout
the list. even the GouIds having their
inning with the others
BY the middle Of tine first hour OF the
afternoon the market was sailing along
with d good deal OF bull EFFORT and the
bears were on the retreat.
The advances continued into the sec
Ond hour and at 1:l5 .. m the gains IN
the leaders amounted 10 2It3 points,
while the average market was up Ia
points.
In this way Reading sold TO 1912.
Northern Pacific to IT. St Paul to 1177s.
Union Pacific TO l20iz. Great Northern
10 l22ik and AJchisOn TO TIA.
The trend at this time was on the up
grade and the prospects were for a
strung close
D. pi.-CloSe: March. I0.4q: May,
1859: July, 1875. The markers a puZ-
Zle, and the cotton crowd Is bearish.