The Washington times., 1909-04-17
STOCKS RALLY TO HIGH CLOSING
AFTER VERY WEAK OPENING.
SHORTS SCARED.

NEW YORK, April 17.-Close.-To-
days short session was full Of interest
Moreover Il gave satisfaction for the
first haif-hour 70 the bears, and then
for the rest OF the session the bulls had
their innings.
For time prices we're on the slide.
then they rallied and turned upward for
full recoveries. and for better busi-
ness than on almost any day in the
week-for a two-hours' session.
The table of opening. high. low. and
closing prices will show the range of
price changes, which were unusually
large for a Saturday
After the turn for the worse yesterday
afternoon on the continuation of heavy
selling by London an irregular and
more or less unsatisfactory market was
looked for this morning At the imme-
date opening the indications were for
a severe break. but the market had not
gone far on the down grade before tine
proht-taking movement on the part Of
the bears turned the tide and before the
second hour most Of the stocks on the
list were steady and slightly under the
closing of Friday, while many stocks
here and there were off from Il TO an
entire point.
Cover In Reading.
The short selling of Reading yesterday
afternoon was ferocious and the COW
erinE this morning indicated that the
bears were out for a scalp, and had lit
tie confidence in their position. They
broke It 4 point at the opening, and
then when the covering started they
ran the price up a fun point or from
1884, to 1914. The strength of Reading
favorabIy aided the entire list as by the
MIDDLE OF the second hour of the ses-
sion prices on the great majority OF Sc
curfties were practically at Friday
close, and there seemed to be better sup
port in the leaders, while some or the
coalers continued their sensatlopal
gains Central of Jersey rose points,
and other coal roads advanced material
ly-
Punish Shorts.
The turn of the shorts to covering
was followed quickly by numerous buy
ing orders from commission houses and
big brokerage concerns with orders from
insiders" and in the last twenty min
utes Of the session the profits of the
bears vanished. and they were com
PEELED to take losses In order to cover.
Ehere was nothing in the news of the
morning that was unfavorable. On all
sides reports of increased business were
made. and the London contingent was
more satisfied with political situation in
Turkey. but they continued the selling
that was so noticeable yesterday.
Up to the. last day or two the short
interest had been practically eliminated
from the market, and it took the free
short selling of Thursday and Friday 20
give ii generous proportions. The ease
OF the list at the opening encouraged
the belief that II would be a decidedly
easy matter to turn the prices on the
toboggan slide. and for a time IL looked
as IL the bears theory vas corecrt. The
turn to covering disclosed the shortage
OF stock and the quick recovery from
what promised to be a rather bad day.
Closing On the Top.
At the close the price list showed no
declines. All the leaders recovered their
entire declines and an average of a
point additional
In the last salf hour the market was
broad and very strong.
The display of strength in Steel com
mon was a help to the market, the rise
from s9s< to 81 being easily accomplished
while the preferred again turned above
ia by 4 of q point. Copper and Smelter,
which were very weak in the first hour
closed fractionally higher. Many indus
trials were strong. Hooking Coal and
Iron rose IA
In the rails Union Pacific declined to
1s4x and rose 10 1861, q point higher
znan yesterdays close. St. Paul recov-
cred point decline and was more ac-
tive than for some days. Northern Pa
ci7c and Great Northern rallied we'll
Missouri Pacific was steady most of the
day, neither giving nor rallying.