Show SHORTS BOUGHT BOUGHTIN IN EARLY HOURS Temporary Rally in Prices in inWall inWall Wall Wail Street but Mondays Loss Was Not Recovered New ew York Feb 11 The needs of un uncovered uncovered uncovered covered short Interests interest which began to tomake tomake tomake make Itself felt even before yesterdays y cession of weakness was over asserted I its influence decisively in stock market and effected a substantial but temporary rally in prices Recoveries though material did not cover more Ulan than a part of yesterdays declines and the force of oC the demand was wa decidedly lessened at the higher bicker stases stance of the rally rail and seemed exhausted in III a L final finai reaction The market in fact became profoundly dull In the latter part of the day da and the volume of dealings of the day da before shrunk to about the average of last weeks dull trading Somo of or the rumors which were in circulation In Jn the Immediate neighbor hood hod of ot the stock exchange yesterday esterday looked somewhat absurd in the more I sober ober atmosphere of overnight consid consideration consideration the news publications practically practically cally eally ignoring them thorn by reason of their Unauthentic character A covering movement by the bears was a natural of these conditions There was at the same time a cessation of at I pressure to sell which h looked like liquidation A dation yesterday and was pressed with some urgency The technical condition f of f the market was so tar far altered that unfavorable developments were with without without without out effect in checking the tendency to toward toward toward ward recovery Sentiment on the in industrial industrial outlook was somewhat cheered by Dy quite a variety of UI reports of at u re resumption resumption of work by factories which have hae been closed down by reason of ot the diminished demand for their products These reports were mixed d however with others of at fresh reduction of work working workIng Ing force in some lines as WI for example the reported intention of ot the American i ar Foundry company compan to shut down plants in various states employing ing 15 16 men man I S IThe IThe The stock toek advanced a point in the price at the stock ex cx exchange exchange change There came a report also that the Pennsylvania railroad had 35 per pere e ent of its equipment Idle Pennsylva Pennsylvania nia did not share in the general strength of the market but this was wast partly partI accounted for by the belief that t sales were being made of the stock against purchases of Reading Heading through the same sanie S me firm The Rock Island securities securities ties also showed some unfortunate ef effect effect effet fet of at the heavy cut in earnings re by oy the uw December report The decline in gross earnings with the tide of operating expenses still rising So seemed teemed common to all branches of at this I extensive c system the net result of all lines showing a decrease from Decem December December ber of 1906 of or 52 per cent For the six months from July 1 there Is shown a shrinkage in the net returns of or upward ot of 20 per cent Such exhibits go to explain the weak weakness weakness I Iness ness of the securities affected for some sometime sometime sometime time past and this former weakness also Is the reason for the moderate ef effect effect on Ott values of the actual publication pub publication tion An Incident of ot the day da that was of or considerable Influence in proving sentiment fas as the recovery in the New NewYork NewYork NewYork York City 4 per pel cent bonds on the stock exchange ex hango which gave ga a more hopeful feeling over the prospects for success of at the new Issue on Friday Frida an fl offering of ot greater meater volume by the way than man has nas ever ever before been made at one time Nominal quota quotations Quotations quotatiOnS were made for the new bonds In Inn ina inthe n a the outside market when and as is 15 issued issued V sued at bid and IO asked Tho The I price realized by b the city on the previous previous ous sale of 49 In September was IO 63 The outcome of ot this sale is like likely likely likely ly to have an important effect e t on ac actual thai opinion if it it results in a pro pronounced flOunced success or a marked disappointment v Ant Railroad and ana other oner corporations are in urgent need of new capital to push extension work and even to pay par for new equipment already delivered Their ability to secure It may ma be ot of far tar reaching importance In setting the pe period period of renewed productive activity by industries The holiday to tomorrow tomorrow tomorrow morrow was an Influence toward cur curtailment curtailment curtailment of ot activity in stocks A brief selling movement at the end of ot the day made rapid Inroads on the earlier gains and left the days changes mixed I Bonds were Irregular Total sales par value United States 28 registered declined Jg 8 and the 48 registered advanced 11 pr cent on call caD |