The Washington herald., 1907-10-26
STOCKS MAKE GAINS
Days Dealings Indicate Turn
for the Better.
BORROWING NEEDS ARE MET
Easier Conditions in the Securities
Market Substantially Aids in Trad
ing That Is on the Whole Satisfnc-
tOry-New York, However, L. Slow
10 Follow London Lead.

New York Oct &.-The controlling
factor in the stock market to-day. strict
ly considered as such, was the certainty
that il the day passed without disaster
all reasonable chance OF further trouble
would be averted for at least two days
inasmuch IS the loans made to stock ex-
change commission houses on Friday
carry over until the following Monday.
There was ground for hope thus that in
this intervening period calmness and
self-poss assion would assume their sway
over those depositors who were withdraw
ing money from banks and trust COM
panies. and that the rigors of the finan-
cial situation would cease. There were
during the day several encouraging de-
velopments. Sterling exchange broke TO
a point that seemed 10 make gold i'm
ports in the near future almost inevitable,
and ss S5,000,00O in gold will be laid down
for purchase In the London market on
Monday and the present necessities of
this country are now admitted TO be
greater than that of any other. it is held
TO be altogether likely that this money
will be secured for our use.
What has brought this about is not
merely the higher rates for money that
have recently ruled here and that will be
manifestly continued for an indefinite
period. but the very large purchases Of
our securities that have been made this
week by foreign buyers. 1t was this
genuine foreign buying Centering upon a
limited amount of American stocks in the
London market that put the prices OF
these stocks there before business opened
here this morning at gains varying from
TO AZ points above yesterday after
Moons closing figures here
Market Hangs Back.
Our market was, however, in no mood
to follow this advance. although the first
quotations of stocks We're. in almost all
instances, at higher level than those
OF the preceding day.
Doubt concerning the general situation
was still marked. and under steady sales
quotations of stocks fell if not TO the
very low prices OF yesterday. AZ least
70 approximate distances therefrOm-
While the action OF the principal money
lending institutions yesterday i'm break
ing the deadlock in the money market
was taken as indicating thai a similar
course -of procedure would be adopted
acute on the subject. especially only
dribhling sums of money were lent dur
ing The early part of the day. and mas
much as the general exigencles Of the
situation became apparent in the news
or the suspension of further number of
financial Institutions
When in the last hour Of business on
the stock exchange, there was no doubt
that the borrowing needs of the day
would be substantially supplied, the Sc
curlty market developed strength and
closed with the greater number of stocks
showing net gains.
Union PHciffC Leads.
The leadership of the rise in the market
to-day was assumed by the Union Pacific
shares, although the Copper stocks both
here and in Boston continued 20 ex-
hibit the peculiar hrmness that they had
recently shown, despite the general de
moraHzation Of the security market. This
is doubtless because Of the prevailing I'M
preston in the copper trade that bottom
prices FOR copper metal at last had been
reached. II is worthy Of notice. perhaps
that to-day, for the first time in several
months, copper was quoted on the metal
exchange at a slight advance.
Taking the days events as a whole, IL
would seem 10 many observers as If a
real turn for the better i'm the tide Of
financial affairs had at last been reached
II is admitted that the Withdrawals of
money local circulation through recent
occurrences must be great. and il was
regarded as altogether probable that, de-
spite the receipt by the national banks
OF S25.OoU,110 from the subtreasury yes
terday. these Institutions will show a
loss in cash in to-morrow's bank state
meut and also exhibit reserves at a COM
paratfVely low point