The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-18
BEARS TAKETOC COVER
Bank Statement Checks De-
clineS i'm Market.
ALL PRICES CLOSE HIGHER
London Market Shows Weakness,
Which Is Reflected i'm Wall Street
Only for the Time BeinE-Taft and
Roosevelt Proposed Speeches Exert
Little influence on the Trading.

. New York, Aug. H-Up to the time Of
there was little to distinguish to-day's
stock market from that of other recent
days. but toward the end substantial i'm
provements set IN, which, in the case OF
many active issues, not only wiped cut
early issues, but left closing quotations
above last nights final prices. In every
case last quotations were practically the
highest Of the day, and covering Of shorts
seemed to be actively in progress when
the session ends.
The markets abroad were generally
weak. American stocks being quoted
almost without exception at declines in
the London market, and in greater de-
sree many Of the issues. like Rio Tinto
and DeBeers. favored by Paris, were de-
pressed on account Of continental selling.
The weakness in London was reflected
here at the opening in a general lower
level Of quotations, declines in many
active issues like Shelters. Atchison,
Canadian Pacific, Brooklyn Rapid Tran
1T and Southern Pacific. extending TO a
point or more, and while a Slight rally
Immediately followed, this was short
lived and gave place to a short decline
at the end Of the first hour, more the re
suit of renewed operations for the fall
than of a further outbreak OF liquida-
ton. Selling of the latter class was as a
matter Of fact notably absent all through
the session.
Bank Statement TO the Rescue.
On the appearance Of the bank state
nent which was better than was expected,
showing an increase in the surplus re-
serve through the reduction Of loans and
deposits on account of the liquidation in
the stock market, the shorts became
eager buyers of stocks. more nervous
ness being shown among what might be
called the well-informed bears than among
the small professional operators who
usually even up their trades over the
week end.
Discussion regarding the character of
the speeches TO be delivered by the Pres
dent and Secretary Taft in the coming
week were sufficiently varied to suit all
tastes, but it is doubtful if it eXerted
much influence on the trading.
The most notable event Of the week from
a financial standpoint was the increase
n the Bank OF England's discount rate,
indicating unsatisfactory money condi-
tons abroad, while next in Importance
was the failure of the Pope Manufactur-
ing Company on account Of its inability
10 borrow money at a time when it was
doing an enormous and highly profitable
business.
Other Bad Features.
The Importance Of the latter occurrence
was greatly exaggerated in the street and
gave rise to many disturbing rumors re-
garding other concerns, while, as a mat
ter Of fact, the failure had hardly any
more significance than the appointment
Of receivers a few weeks ago for the
MillIkenBrOthers steel concern as a re-
suit Of conditions in the money market
that should be thoroughly understood by
this time.
The sale Of New York City per cent
bonds on the curbs at a discount of 3
per cent was not relished by the dealers
IN investment securities, and the decline
IN the prices Of the stocks of some of the
underlying companies of the InterDoro-
Metropolitan Company. as we'll as In the
bonds and stock Of this company itself
induced a recurrence Of the stories of an
alleged intention TO bring about a re-
adjustment OF relations between the local
traction lines.
Fears are entertained that the public
service commission viii force the COM
panies TO make improvements which will
not bring an additional revenue To COM
penSate for the outlay