The Evening World

STOCKS GAIN AFTER HEAVY BEAR RAID

Leading Issues, Which Had Been Hammered, Rise When Shorts Begin to Cover, and Market Closes with Show of Promise.

NEW YORK CENTRAL SHARES THE FAVOR.

Rock Island, the Tractions, Erie and the Pacifics Among the Best on the List-Pennsylvania, St. Paul and 'Frisco Failed to Rally with Others.

Stocks took an upward turn in the market this afternoon and in the late dealings held gains made after a determined bear raid. Trading was fairly active and the good turn gave brokers hope that the bottom figures in the decline had been reached.

In the early session selling was very heavy and losses in many of the issues were severe. New York Central went a point further down the scale. Pennsylvania lost 2. St. Paul 2 1-2 and Illinois Central 4 3-4, while other active stocks slumped from 1 to 10. The inactive list showed even more sensational declines.

But even under the heavy bear pressure the market was responsive to good movements and quickly rallied on spasmodic coverings by shorts. In the last hour when a show of support was made the list rose steadily and losses of the day were quickly recovered, the gains showing an average of almost a point.

A significant feature of the day's operations was the hold-off attitude of several large commission houses which have heretofore been prominent on one side or the other. These houses discouraged any action by their clients.

The best support of the day came from London houses, buying for that account in the first session aggregating fully 25,000 shares, chiefly Union Pacific, Canadian Pacific and Atchison.

Reports credited the Pittsburg bull party with heavy losses. Chicago, according to reliable information, sold largely on balance.

Wall Street gossips still attributed the declines to Rockefeller operations, the story being repeated that the Standard Oil Interests were after New York Central. Other stories with less semblance of truth, but more entertaining, were also told as explaining Rockefeller's connection with the raid.

Towards the close of the market the shorts became alarmed at the scarcity of offerings and bid with some urgency for stocks, lifting the level of the whole market. Reading and the Eries were conspicuous, and net advances of 6 to one and one-half were made by those stocks, New York Central, Southern Pacific, Atchison, Canadian Pacific, Tennessee Coal and United States Steel.

The local tractions closed higher, with the exception of Manhattan, which closed down 5-8 per cent. Brooklyn Rapid Transit was up 1-4 and Metropolitan 1 5-8.

Baltimore & Ohio was up 1-2, and likewise Norfolk & Western. Erie common was under 1-8, while the first preferred was up 11-4 per cent, and the second preferred 1 point. Amalgamated Copper, Missouri Pacific and Union Pacific each realized a gain of 5-8 per cent. Canadian Pacific was over 11-4, and Rock Island preferred 13-8. Reading closed 11-8 over, and Tennessee Coal and Iron 7-8. Chesapeake & Ohio gained 1, and Missouri, Kansas & Texas 7-8.

Colorado Fuel and Iron, Metropolitan Securities and St. Louis & San Francisco

second preferred each closed with a gain of 1 point.

St. Paul was off 3-8 and Pennsylvania 1-4, while the Rights were down 8-4 per cent. Reading second preferred lost 11-2 per cent, while St. Louis & San Francisco declined 7 points on one transaction at 73. Texas Pacific was down 1-2 and Steel preferred and United States Leather preferred lost 1-8 per cent.

Leather preferred and Wabash each closed 1 point under. Western Union Telegraph was off 3-8, while Wisconsin Central and preferred were 3-8 to 6-8 per cent off.

Illinois Central closed down 21-4 per cent at 129. American Sugar closed at 118, a loss of 7-8 per cent.

American Smelting and Refining, Baltimore & Ohio preferred, Chicago Great Western and Louisville & Nashville were unchanged.

The total sales of stocks were 644,300 shares and of bonds $2,672,000.

The Closing Quotations.

To-day's highest, lowest and closing prices and net changes from Saturday's closing prices or from last recorded sales are as follows.