The Washington times., 1903-07-18

According to the statement of the
head OF a Wall Street banking house. II
is likely that in a day or two official an
nouncemcnt will be made from Wash
ington that no money VIII be withdrawn
from the national banks for the Pana-
ma Canal payment until next January.
and that If the treaty should be ratified
the Treasury Department will take care
of the payments until that time.
The substantial strength that devel-
oped in yesterdays stock market and
was maintained up to the close in spite
of several bear drives directed against
special stocks was In no sense a sur
prise to close observers of the situation,
who as early as the morning of the day
previous had noticed a distinct change
for the better in the markets undertonc.
There were evident on that day, and
moro so yesterday, not only an absence
of the urgent liquidation that had been
seen earlier in the week, but a very
much better kind and class of buying.
with a more limited Offering of good
stocks than for some months. These
further developed yesterday showing
themselves in decided advances all
through the list. with the standard
stocks. such as st. Paul. Pennsylvania,
New York Central. Baltimore and Ohio,
and Missouri Pacific the leaders.
Undoubtedly the market received its
chief stimulus from the news coming
from Oyster Bay that President Roose-
Welt is more firm even than he was when
on his Western tour that a financial re-
lief bill shall be passed at the coming
special session of Congress, If such a
thing be possible. That it is desirable
is becoming more evident daily-has
been this week strikingly impressed by
the evidences that money to carry on
needed improvements and extensions is
not available to large corporations of
established credit at a lower rate than
6 per cent.
or course. no one at this time looks
to Congress to make any sweeping re-
form or to pass such comprehensive
measure that all our financial ills will
once and for all be cured. But It IS
reasonable TO hope that at least some Of
the antiquated laws on the statute books
will be repealed and that the currency
VIII be made sufficiently elastic to meet
the ordinary requirements of the bust
ness needs Of the country.
anI bo,,ees
orally yesterday reported a very good
investment demand for stocks-much
better than for some time past-while
! il was also evident that the speculative
public was coming into the market in
some measure.
Such declines as there were in active
stocks yesterday were all the result OF
| bear operations, designed apparently for
their disturbing effect upon the rest OF
the list.
In Colorado Fuel there was a drive
which forced that issue down over
points. but which dislodged so little
long stock that the issue speedily recov-
/ cred a large part of it's loss.
The sharp break Of over I points fl
Toledo, ST. Louis and Western preferred
| tthe Glover Leaf was on bear drive
which forced some speculative selling by
pool which had bought the stock in the
| belief that there was some basis for the
report that Grand Trunk was seeking tC
obtain control Of the property.
Rock Island was forced down by the
New Street crowd. Inasmuch as some
I Of the Rock Island party is believed tC
! be identified with this New Street ele-
ment the suspicion was that insiders
we're, II not assisting, at least not op-
posing the decline.
There is probably just as much exag-
geration at the present time In regard
to unfavorable news as there was year
ago. when all sorts OF deal" news were
| being circulated. II would seem a wise
measure to refuse TO listen to GOSSIP
which IS unquestionably circulated fol
the purpose OF deceiving. More money
| IS made by buying good securities be-