Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-21
Stocks Were Strong Today in Spite
of Bear News.
ADVANCE IN SOUTHERN PACIFIC
Professional Traders Continue to
Boom Special Groups.
GENERAL MARKET REPORTS
,ecisi Dispatch to The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK. July 2I.-opening prices
this morning were generally strong
at fractional gains over the local closing
parity. The holiday in London left the mar
ket solely under the control of the pro-
fe.sional element The familiar process OF
taking up group of stocks at a time was
again In evidence Southern Pacific. after
an unusually long period OF neglect. was
advanced substantially under a good de-
mand The buying was said to be consid-
erably better than that recorded in the
recently active members OF the same group.
The buying of Leather was noticeable.
but not OF a substantial character In the
Traction stocks the covering OF short con-
tracts advanced prices and gave an appear
ance of strength TO that department OF the
market Realizing was conspicuous for
time in Sugar. and the Steel issues reflected
a mixed volume of business.
The balance Of the list was strong in tone,
but lacked an aggressive demand. Senti-
ment-contnues to be hopeful and almost no
attention is paid TO gold exports. and tho
many foreign complications This fndifrer-
ence to adverse news is one Of the chief
features Of the market. In this respect
surface indications are Of character popu-
eNPpooN" ID
genuine bull market. The problem which
now confronts the leaders of the present
movement is the future course OF the pub
lie. 1t is proverbial that the public comes
IN at the top, and now that a few profess
SIGNAL operators have advanced prices in
spite Of all opposition. there is some anxiety
lest the public refuses to absorb stocks at
the present level The advance, to Its pres
ent stage at least, has been adroitly ma
nipulated, but in reducing the profits Of
the tape into hank balances will
superior wisdom
This latter test will either brand the pres-
ent market as an artificial creation or will
show such sound basic condition as to
dispel all doubts as to our financial inde-
pendence. II is significant that the advance
is due to he younger element in the mar
ket. rather than to the older and precedent
worshiping contingent.
The bank statement shows a gain Of
81, i8.o~ in lawful money as the result Of
counting funds received too late for last
weeks report. A decrease of s. ISL 100 In
loans deducted from the increase in cash
should have allowed for a gain of about
SiVso in the deposits. The latter item
SHOWS decrease Of sl,3l5. 100 however. and
all the new cash shows in the reserve in
which the gain has been s4I2I 10 Tho to-
tai surplus above legal requirements is now
S2i.nsl 400. The latter amount should be
equal to any demands which are likely 4,
be made. either by foreign or domestic in
terests.
There is decreasing probability OF large
goid exports during the coming week: many
large foreign houses have revised thor ee,i
mates since yesterday. Final prices today
showed fractional declines from the hest
leNei OUT sentiment was not Influenced
thereby Should London become convinced
that the recent Chinese kilograms are ali-
thentlc 1t Is probable that the local market
may receive some help from that center
during the coming week. II is at least GER
tam That the many pools will make a sp4-
cial effort to support prices during the bal
ance OF the month. since early August div
ldend action is relied upon to prove the wis
profit taking.