The Washington herald., 1907-03-12
STOCKS RULE STRONG
Advances Made in Principal
Issues During Day.
LONDON ALSO A GOOD BUYER
Before Close of session Many Of the
Gains Are Practically. Wiped Out.
settlement of Labor Trouble BoOms
AmaIEamated COpper-MOney Situ-
alton Begins 10 Create Alarm.

alton Begins 10 Create Alarm.
New York, March IA more cheerful
feeling manifestly prevailed to-day in the
financial district at any rate among pro-
fessional spectators. than it did in the
closing days of last week. This was
based undoubtedly upon some thoughtful
consideration over Sunday of the extent
and rapidity OF the recent decline in
prices of securities. the lessened disparity
that had come to exist between the inter
est return on stocks and borrowing rates
for the use of funds. and because Of vaTi-
Gus indications Of investment buying OF
stocks at the current level
Evidences of this last-named sort were
not so strong as were hopes that at pre-
vaiIing prices support to the market from
this course would be extended. The bond
market was no frmer to-day than It has
been, and while most Of the large COM
mission houses reported the presence Of
buyers OF the bargain hunting" class,
1t would not be said that these purchasers
were as numerous in Wall street as they
have been on many corresponding occa-
sions in past years.
There was noticeable, however, a dis
tinct unwiIlingness on the part Of specu-
lators for the fall, who have recently
been so daring in their attacks upon the
market, TO press their sales with the same
freedom as they did last week; and in
deed, Il was plain to-day that the ma
jority OF these operators were animated
with desire to recover a portion Of the
stocks they had previously sold. The
effect Of these influences were increased
by a better market for American stocks
in London before the opening of business
to-day and by a generally more hopeful
tone in English financial circles regarding
not only our own stocks but home invest
ment issues there showed the net result
Of them ell was a gradual and continual
hardening of prices here until the close
of the first hour Of business in the after
noon, at which time advances of from
one to four points were SHOWN in the
principal stocks. Then the market steadied
and was succeeded in the closing hours
OF business by another change in spec
ulative sentiment.
Gains Are Wiped Out.
Probably the selling Of stock that Oc-
CURED was due only to ordinary profit
taking after the rally in the market, and
represented the underlying feverish AMI
uncertain temper Of current speculation,
However caused, it resulted in wiping
out the great portion of the advances
that had previously been made, leaving
net gains in the active and standard
...y.4
in a few instances. Fluctuations were
wide, as they long have been, in the
Reading common shares.
10 could hardly be said that the news
a. the day such as there was. appeared 10
he factor in the trading. Amalgamated
Copper stocks were helped. naturally. by
thc announcement that there had been 4
complete settlement 5i all matters affeC--
ing vege scales that have recently been
~ process OF adjustment between the
AuaiSdmated Copper and its employees in
Montana, but the Influence OF this was
I-!EimILsd by tug revelations upon the
general subject of labor conditions IN
Butte thJJ were made to-day The miners
there have, it seems acted with relative
-.at-ratiou as compared with the de-
us4ld- made in the district, and thus far
-'freessfuiiy by members e. the other
lsoor unions. Butte. ths leading city Of
t'.. sr.G,u, is "a city where it appears
hrdrar-iers are getting $3.50. plumbers
s.. and day labOrcrs OF the lowest class
3 a Gay. and where. because Of the re-
iUsal and absolute inability of the news
paper propTietOrs 70 pay wages of an
even more exorbitaat sort t. their en-
ployes, the town has been for a consid-
cradle time deprived OF all newspaper
publications whatever
Decrease In Net Earnings.
Conditions not so marked as these, but
approaching them. are obtaining i'm many
other cities and industries in different
sections of the country, and are having
chiefly TO do with that conversion OF
growing increases in earnings into net
decreases that is now the feature of the
operation Of our railway lines Although
the Bank of England secured all OF the
S1.600000 in gold available for purchase
to-day in the open London market. il
was forced 70 buy the bullion at further
advance IN price owing to the bids made
for II by the agents Of American bankers
Il was reported at one time to-day that
our bankers did secure $4,000 of this
amount, and although this statement was
erroneous and was duly contradicted, it is
fact that 81. 100000 gold was at the end
Of last week bought in another European
city for export to this city.
From comprehensive point of view. il
is the money situation that seems now TO
many observers TO be the salient element
IN the general financial situation So far
as the stock market itself is concerned a
great short interest has undoubtedly ac-
cumulated In IL that may be carried into
brisk covering movement at any time
Yet, assuming the possibility and even
the probability Of an advance in prices
CT this nature, the question becomes per
tinent whether a rise in prices proceeding
from such a cause would be permanent
At the moment money conditions in Wall
street are undoubtedly working close.
Time money throughout the last fort
night has steadily, if slowly. hardened and
il has now become clear that not only
have the leading banking institutions at
this center received during the season d
much smaller quantity of funds than
usual in the shape of remittances from in
terror institutions but that these institu-
tiOns arc beginning 10 draw upon their
New York correspondent at an earlier
period than is customary and are in turn
sending money 10 small customers in the
interior Of the country in larger volume
than is ordinarily seen at this time
The winter influx of money from the in
terror of the country has, in other words
Deea smaller than usual and the spring
outgo of funds from the financial centers
f0c zar IN ar q very carly date T+ NIL IA.