The Washington herald., 1907-02-12
STOCKS STILL STRONG
Market Shows No Trace OF
Saturdays Weakness.
GENERAL MONEY SITUATION
Bankers Express No Concern and
Point to Prevailing Rates as Bet
ter Indication of True state of FL
nanciaI ARairs-The Weekly Bank
Statement Criticised in Wall Street.

New York Feb. u.-There was no trace
ton and weakness in prices shown in the
closing days Of last week. From the out
set certain stocks were particularly
strong. and this broadened finally into d
general movement on the part of specu-
lators to recover holdings previously sold
for both accounts.
prelininarily to-day the market was
under the influence Of the poor bank
statement made on Saturday On the
face Of things a bank surplus reserve
of only a little above $1,000, 600, with the
practical certainty that this viii he fur
thsr drawn down by the government s
call later in the week for the return OF
the second half Of the S12,O0O,o0O deposit
fund left with the banks, brings once
more the general money situation into
prominence as a stock market factor
Bankers to-day, however, expressed no
concern over the matter, and pointed TO
the prevailing rates for the use Of money
as a better indication than any other
Of the true state Of financial affairs at
this center Time money rates were, 1t
is true, a little harder to-day, and bank
renewals Of call loans were mostly COM
mon at per cent. It is getting to be
recognized a. Wall street, however. that
the weekly bank statement is exhibiting
the condition Of only half the financial
institutions in the city, and is often "a
very misleading document in financial
sense: so that while the statement is sull
each week of great interest, it is by no
means regarded as possessing the same
relative degree of Importance il once
did.
Quotations Rise slowly.
Quotations for stocks rose slowly.
therefore. during the morning hours Of
business, under the leadership Of an un-
disguised accumulation Of the Anaconda,
Missouri, Kansas and Texas. and Amer
lean Sugar Refining shares. There is
very little doubt in the financial district
that buying of the common and preferred
shares OF the Missouri, Kansas and
Texas Railway is going on, and has been
for a long time in the interest Of another
railway system.
Strong hopes of an increased dividend
upon American Sugar Refining and COM
mon stock seem TO be entertained, while
the prosperity OF the copper mining
trade is still the one abundant reason
OF a rising market for the stock of the
Anaconda Mining Company. II is ac-
cepted generally as q fair presumption
thata further enlargement Of the Anaconda
dividend rate will be made, In the lar
ter part Of the day. as described, all the
principal stocks Joined in this advance
closing prices being as a rule at the
~ f,ar an
points generally shown. Anaconda
stock made net advance OF 9l2 points
No doubt the chief impulse for the ris'
in the market to-day was offered by tn,
news from Washington, announced dur
ing the morning. that the Secretary o.
the Treasury had offered 10 buy S25,0G00C
Of the four per cent government bonds
maturing on July J. at 1919. While con
Ticting opinions were heard regarding
Tie quantity of bonds likely 10 be turneC
into the Treasury under this proposal
the view commonly taken was that 4
large quantity of public money would b,
released thereby. OF the bonds thus
falling due. s37Co0,C(0 are. it is under
stood held by the baHas as security foI
public deposits, or as basis for not
circulation and S15,0000H are ia the hands
OF people generally.
bonds Held IN 4 rust.
Tt is perhaps conceded that in case
where these bonds are held in trust es
tates those having the care of sue
trusts viii be slow 20 dispose Of then
TO the Treasury on the terms at presen
suggested. Trustees are TRADITIONAL,
loath 90 disturb investments of this kim
or to take advantage of proposals to an
ticipate redemption of bonds; but thes
trustees as well as all holders of tn
bonds In question are face 90 face wit
The fact that the investments describes
must cease TO become such within a fey
months and that at the expiration O
this time reinvestment may not be s.
easily conducted as it can be now.
Another interesting development to-day
Uas the circumstance as rumOred. tina
our bankers did not make any strenuou
efforts to acquire the gold from Sout
Africa laid down in the open Londo
market to-day. owing TO the request O
English bankers that they should not j
SO. Our power to draw gold from Lon
don under ruling conditions was. in othe
words, unquestioned but our forbearanc
IN the matter was asked. Presumabl
this will not long continue, as at the mo
ment over 100000 In gold is on the wa
from South Africa 10 England and wi
all be landed there within the next fort
night
The local banks, it may be noticed
started the week with a gain OF S252 Of
from the subtTeasUTy. which CONTRAST
with loss of nearly 100000 on the sam
day week ago.
NEW YORK MONEY