Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-02-17
Signs of Renewed Operations
to Advance Prices.
EFFECT OF ALDRlCH BILL
Foreign Financiers Influenced by
Senate Measure.
WEAK STATEMENT OF BANKS
WEAK STATEMENT OF BANKS
Influence Felt in the Money Market
The Treasury Offer Relieves APP
prehersion in Business Circles.

NEW YORK. February 16.-Speculative
sentiment was indistincty outlined in the
movement of today's stock market 1t was
in the last fifteen minutes that prices moved
decisively upward to the high level AT
which the market c'osed. Up to that lime
the drift was sluggish and uncertain Ihe
only active operations were in Anaconda.
which exceeded yesterdays new record
level by one-quarter but closed about I'M
changed from last night. The cross cur
rents in the banking operations of the week
were so confusing that no clear conception
had been formed of what the changes IN
the statement of condition would show.
The Improvement N the surplus item was
accepted as removing a danger that the
narrow margin might be encroached upon.
and some buying by traders followed on
this account.
The situation in the money market Is
good deal mixed The effect OF the gov
eminent Withdrawals of deposits from the
national banks will thrown over into
next weeks bank statement. The time
money market. while nominal on Saturday
reported stronger and money brokers
expect higher rates next week. On the
other hand sterling exchange was weak.
and there was increased confluence that
gold would be secured III London for New
York next week
The New Haven Bonds.
The market did not show any immediate
response to the news of the placing abroad
of s20,O00,OO0 of New Haven debenture
bonds. except that the weakness In the
foreign exchange market was attributed to
an expectation that remittances to New
York would follow account of these
subscriptions. The transaction was re-
garded. however. as an important indica-
rNf linz h 0h
grade American securities on the part of
foreigners. Success is reported also in the
offerings abroad of the issues of short term
notes by various corporations. The relief
thus afforded to the apparent lack of avail
able capital here to meet the large cor
poration requirements which have con-
verged upon the supply may have imPor-
tant effect in righting the troubles of the
American markets.
There has been evidence in the market
this week of some renewal of organized
operations to advance prices on a scale
which indicated the activities of forces
which usually attract an effective following
among scattered spectators of a smaller
class. The professional traders the
floor of the stock exchange have been fol-
lowers OF this movement and have helped
to extend its effects. The rise in pr.ces
has driven some of the outstanding shorts
to cover and this has helped also to increase
the effect of the movement. 1t has been
narrow, nevertheless. and has been marked
by caution and frequent digestion of profits
which caused pauSes and setbacks and kept
speculative sentiment unsettled and shift
ing.
There has been no recurrence, however.
of the large and urgent selling which fol-
lowed the disappointment of the failure of
active demand In the January market.
Such liquidation seemed to be completed
for the present and the market has been
correspondngly relieved by the elimination
OF vulnerable accounts held for rise.
Sentiment of Market.
Besides the natural relief afforded by the
completion of necessary liquidation, the SEN
timent of the market has been improved
by the Interpretation placed upon number
OF developments in the general situation.
OF these. the most dweit upon is the
measure for currency reform introduced In
the Senate under auspices believed to Of
fer good chances of It's enactment at the
present session. Foreign financial ma. kets
have been particularly impressed by the
incident and have bought American securi-
ties considerable scale on that account
In financial quarters at home the effect has
been more sentimental indication of
disposition by the legislative author tiles
to move in the matter and thus hold out
promise of successive action of more
comprehensive scope.
The proposed authority to exchange bull
lion certificates of larger for smaller de-
nominations is relied on principally to add
To the convenience of use in the circula tioa.
But good effect on the volume of the cur
rency is hoped for from the extension of
the limit allowed FOR monthly tire ent
of bank notes to S9.G)O go insts i % s2,oU-
900. as the present limitation is believed to
discourage tire issue of notes owing to the
difficulty IN retiring them when not called
for in the circulation.
The authority to deposit customs revenues
well as internal revenue receipts in the.
national banks is regarded of benefit in
the promise of release OF funds to the
money market instead of locking them up
in the treasury, although the actual change
from conditions which have grown I'D in
reaching
The Treasury Offer.
The offer of the Treasury Department tn
redeem s25.OO0.OtO of per cents of 1897 at
10l1a had the effect of relieving apprehen-
sion TO some extent over the withdrawal of
s6.o0o.ooO of government deposits with the
national banks ordered for February Il
although the actual response to the offer
on the part of bondhoders proved small
An important part in the more cheerful
sentiment of the stock market was owing
TO an impression that government meas
ures against combinations of capital were
TO be modified. The source of this impress
sion was vague and undiscosed. and it
was contested by published information
from Washington. apparently from authori-
tative sources. But the impression remain
ed in the financial world that the conse-
quence to capital of the plans OF the gov
eminent was regarded less formida Bile
than formerly in the minds of fnanciers of
consequence.
The impression was deepened by the frank
discussion among railroad authorities
which has become quite general. of the in
tention to attempt an advance in the
charges for freight transportation to meet
the general rise In cost of operation by
higher prices for material, equipment and
labor. This movement is confronted with
q continuing series of measures In various
state legislatures for restriction of railroad
charges and by agitation in various quar-
tiers to the same end. coupled with argu-
meIts founded on the increases in protits
and dividends on railroad stocks. But the
present movement among railroad authori-
ties to enforce an advance shows change
from the former view that the forces OF
opposition to such a purpose precluded the
use of even proposing IL.
The Money Market.